$300K - $400K for a 1/2 acre lot?????? Is that on a golf course?

Wow.....I only paid $37,500 for over 8 acres and it has woods, a running stream, a pond with a little waterfall, and a nice hill to set the house on.

$37,500 for 8 acres????? Is that way out in the boonies?

OP- you gotta give us some more info! Right now, I'm going to say no, probably not. Someone who is willing to spend $300-$400K on the land alone is probably not going to be happy with the type of house (although it would be very nice) that would fall under $600K. Really, we need to know how many sq/ft you're going to build, level of finishes, type of roofing, HVAC size/quality, design of house, site plan (how much work, ie $$$, is needed for grading/excavation), exterior veneer material, and so on...
Oh, are there ARB covenants that dictate materials also...with a lot that expensive there probably are.

Chime back in with some real information, and we'll try to help you out. In the meantime, what are comps selling for in the area?

"$37,500 for 8 acres????? Is that way out in the boonies?"

Nope....it's in the middle of Ohio Amish country, about a 1/2 hour drive from the largest city in Ohio. Far enough away to get out of the city noise and sprawl, close enough to be able to take advantage of the things to do in the city.

The last lot on my street--815 sq. m. (8,7773 sq. ft.)-- sold for $915K.

So from my perspective, you've got a bargain lot. But I think would be unlikely for you to build a home the size you're looking for at the price you suggest. Scale back on size.

I'm numb. $300,000 for a lot! You can have a lakeside lot where I live for $100,000 with 2 acres. (Needless, to say I don't have a lakeside lot but just a lakside view.) But wow! After watching HGTV last night on "How much is my house worth", if only I could blink my eyes and move my house up north, my house would be worth over 2 million. But needless to say where it is located, it is only worth about $300,000-350,000.

Here we go again with the price of land. Just under 10,000 square feet in NW Portland goes for about $350,000.

Anyway, I'm sure someone has that house calculator where you punch in your basic information and it tells you low, mid and high end to build it. I'll see if I can scrounge it up for the OP.

Here's the calculator. Dixie is right though, find some comps in the area of the type of house you are looking for.

Here is a link that might be useful: Building Calculator

Thanks for all you guys inputs. I did use the calculator to estimate the cost, which is near $500K for 5000sq. However, I am more worrying other hiding cost which could get the budget out of control.

thanks!

If you are going to hire a GC to build the home I doubt they will bid $100/sq ft for your home. If you tell them you want the cheapest of everything (#3 lumber, 39 cent receptacles, linoleum/vinyl throughout, vinyl siding, laminate countertops, $15 entry locksets, etc, etc then possibly but probably still not likely in Phoenix.

Not saying it can't be built for $100/sq ft but you probably would not be pleased with the results.

FWIW, Phoenix was just named as one of the towns where real estate prices have fallen, and are expected to keep falling...

Sorry..I didn't mean to come off as sounding judgemental about the cost of your land. I've lived in So Cal and it's true that where the land is located makes all the difference into what the going rate is. The house I own right now (typical suburban house with a 5000 sq ft lot) would be in the $750,000 to $1 million range in So Cal, and it's nothing special. Even in our still strong central Ohio real estate market, it's worth about 4 times what we paid for it 20 yrs ago.

I love the Phoenix area, but if I were to move there, I don't think I could afford to build there at those prices.
Good luck on your project, whatever you decide.

So Ohio Amish country is NOT the boonies?
;~)

"So Ohio Amish country is NOT the boonies?
;~)'

LOL! Not to me. "The Boonies" is truly in the eye of the beholder! :) In my opinion, it's not far enough away from the city. But since I have to work to pay for my paradise on earth and I can't afford a helicopter to get there, I had to compromise. This country girl was suffocating in the city.

LOL nycefarm! I'm with you. If you can't walk to Starbucks, it's too far out for me. Everyone has their preferences, each one not better than the other! ;c)

Find a house similar to what you want to build (size, finish level, doesn't have to be exact) in the same general area as where you will be building. Take the total sale price (preferably already sold, not just listed) and subtract the land cost. There is the house cost. It's just a swag, but It will give you an idea.

I bet you can keep the budget under $1m, but you may not get the level of finish you want. Since we have no idea the style house, level of finish, etc., that you want, no one can give you better advice than "maybe, but probably not".

Location ?

The same houses built in various part of Phx area can cost dramatically different amount. The subs/builders just increase the pricing when it is in a "better" location.

To give you an idea I have the same parameters like you for a house on a Scottsdale lot and the spread in quotes I got was $1.1M-$1.5M, the lowest being with a small builder who suggested cutting corners.

So your wish would be my wish but we are 5 years late to the party. Another reason I am renting.

Here is a link that might be useful: {{gwi:1479496}}

I am building in Florida, the average cost of a custom home per sqft is $130-150 for low end and $200-220 for high end. Plus the lot. It could be different in your area, but I don't think so. Construction costs are really high, regardles of the housing slump! It went up quite a bit this year already!

i don't see how you could build anything for that price of a lot for $100/foot. my guess it is going to be closer to $200/foot. most building materials have gone way up in price.

It sounds my plan is not doable at all. I should scratch a plan B with either more budget or less square footage.
thanks a lot!

LOL here! i've been to ohio. twice. can you guys get a big mac at midnight? obviously some of us have very demanding requirements as far as location goes.