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I saw a bank appraisal report for my friend's new purchase at Jericho East Birchwod. The location is middle block, far from highway, Jericho School, 10000 sqft. Appraisal report shows lot value is 325k.
It also shows construction cost for main level is 210/sf; Basement is $85/sf
Anyone share your opinion whether lot value of 325k is reasonable?
Depends on the area in Jericho (location, location ).
Take $325,000 for the land, $420,000 for living space (based on estimates quoted). Probably not a ranch, so let's assume 1,000 sqft for basement, that's another $85,000. Total so far $830,000. Plus possible clearing, environmental, etc.; architect plus incidentals, and you're approaching $900,000.
Oh, and carrying costs while it's being built.
Depends on the area in Jericho (location, location ).
Take $325,000 for the land, $420,000 for living space (based on estimates quoted). Probably not a ranch, so let's assume 1,000 sqft for basement, that's another $85,000. Total so far $830,000. Plus possible clearing, environmental, etc.; architect plus incidentals, and you're approaching $900,000.
Oh, and carrying costs while it's being built.
In great neck, a 5000 sqft lot in 11023 area will be priced at 500k.
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