With investments in stocks and bonds yielding negative returns, commodity prices dropping and construction costs becoming more competitive, is it time to build? Building costs have ranged between $500 to $200 a square foot for labor and material depending on the quality of construction and the site location. If these costs drop 15% to 30%, say an average of 22%, a 5750 sq ft house which would have cost $2,300,000 to build at $400 per sq ft now costs $512,240 less. If you have the liquidity it may be time to make an offer on the large supply of available lots and take advantage of these building savings.
- Dale Potvin, Managing Broker
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