What does it cost to build a single, high-end condominium? There are a huge number of variables in such a question. For one thing, condos come as older buildings which have been rehabilitated, as two-story homes, and in buildings holding only one or two units each. For the purpose of this discussion we will look at a standard condominium containing two single-family dwellings of two stories each. This is the style frequently identified as a Townhouse as well. According to real estate statistics, the size of the average condo as described above is 1200 square feet which assumes a “footprint” of approximately 20’x30′ per unit. The building of single condominium complex would never be a “DIY” project and usually requires a knowledgeable contractor, an architect, a team of subcontractors, and cooperative owner to get the job done in a calendar year.

For the building of a condominium complex of two units, the typical costs include:

• With “lux”-range materials, a normal foundation with full basement, efficient doors and windows, all appliances, and “turnkey” finishing would run at an average of $102,000 to $240,000 per unit to complete. This does not include acquisition of the land, however.

• The above figures place this construction at an $85 and $200 per square foot cost, though national average stands at $125 for most contractors. This pricing structure assumes that carpenters, masons and excavators charge an average of $70 per hour, electricians between $65 to $85 per hour, painters between $20 and $35 per hour andplumbers between $45 and $65 per hour.

• This sort of building, however, would not come in at a simple cost of $85 per square foot due simply to the excessive amount of construction required on the interior. A two-story unit of wooden construction with two condominiums would run roughly $484,500 in total costs. This excludes land acquisition and site improvements like parking, gardens and play areas. Materials would cost around $238,000, labor would cost roughly $238,200, machine costs would stand at roughly $8,300 and the contractor would take in over $67,000 for the project.

Cost breakdown

What is included:

• The basic structure of this building would be best if left in an uncomplicated “four square” design. Most owners rely on both an architect and a contractor, and the architect will require approximately 10 – 17% of the total building budget;

• An architect will:
  • Determine the scope of the project and establish a preliminary budget;
  • Draft list of proposed work, budget, and outline of plans;
  • Create the schematic design and draft floor plans with elevation drawings. Then work with any structural engineers and meet with planning agencies to verify any requirements;
  • Finalize drawings and incorporate all details about materials and finishes, any fixtures or equipment, and all systems in the structure;
  • Serve as the overall manager and review the plans with any required local agencies while also obtaining necessary permits;
  • Serve in an advisory capacity to select contractor and help the client through the bid review process as well;
  • Complete construction documents;
  • Administer the construction, ensure that contractor’s requests for payments are accurate and that all “final” details are corrected or finished by the contractor; and
  • Based on figures given the architect on this project would receive from $48,500 to $82,400 for their services.

• A contractor will:
  • Provide the services and materials required for the entire job;
  • Hire subcontractors according to need;
  • Suggest plans and ideas to owner to help them meet goals;
  • Deliver final cleanup of entire home;
  • Pull all permits for work and utility installation; and
  • For doing all of the day to day management of the project the average contractor earns around $85 per square foot. They might also “mark up” supplies and services as well. For example, on the average home construction described here the average contractor would account for roughly $66,600 in markup and indirect fees.

• A general bungalow construction project will cover:
  • Bath fixtures
  • Built In Appliances
  • Cabinets
  • Carpeting
  • Countertops
  • Doors
  • Excavation
  • Exterior Finish
  • Exterior Trim
  • Final Cleanup
  • Finish Carpentry
  • Finish Hardware
  • Flooring
  • Foundation, Piers, Flatwork
  • Heating and Cooling Systems
  • Insulation
  • Insurance
  • Interior Wall Finish
  • Lighting Fixtures
  • Painting
  • Permits & Utilities
  • Plans & Specs
  • Plumbing Fixtures
  • Plumbing Rough-in and Connection
  • Roofing, Flashing, Fascia
  • Rough Carpentry
  • Rough Hardware
  • Unit Heating and Cooling
  • Windows
  • Wiring
  • and more