$400-$500 sq foot or use an online calculator and double it. Do you live in an area where the cost per square foot at resale supports that? Obviously I’m guessing as you have provided no description of the project.

I’m on Mercer Island. It’s basically a rebuild - my current bids are in the $550+ range and it feels super high to me. Resale may support that but I don’t want to spend that much on the project

Im in the area, 550/sq seems pretty low.. but i havent done any major work for 9 years

Nimi:

You've got sticker shock and you're not the only one. The contractor is just as surprised as you are, believe me.

$550 a square is LOW for an island ”rebuild”. It’s probably more realistic to double that.

To be clear Mercer island is an island but it is connected by 2 bridges.

And to be clearer yet, the average annual household income is US$290,655. It is regularly one of the wealthiest cities in the US.

"my current bids are $550"

I have the solution to saving costs:

you will need to cut scope and/or level of finish

"...my current bids are in the $550+ range and it feels super high to me. Resale may support that but I don’t want to spend that much on the project."

If you have an intended budget for your project (and who doesn't?) the best chance of achieving it is to select a remodeler to work with you and your architect beginning early in the design phase. The remodeler can provide cost estimates to inform the design. With that information, the project scope can be reined in before you pay for a set of more detailed plans for a larger scope of work that won't get built.

550+ overall dollars or per sq ft?

It is well known that renovations start at about double the cost of new builds. And go up from there. It appears that you are shocked at discovering that. Which casual research should have clearly shown you.

Tish, thanks for your comment.