We closed on the sale of The Tear-Down House today…
This was our first new construction project with another good friend/investor in Atlanta, and was a learning experience for both of us (more for me than him :). While I wasn’t in town for much of this project, my partner did an awesome job keeping the build on schedule and well under budget. The total timeline was just over a year, but most of that time was learning the permitting process in Atlanta (and getting through it); the actual construction time was under 4 months, and that included about a month of rain delay.
Total build cost was right about $60/sf, which was better than I would have ever imagined — we were “hoping” to keep it below $70/sf from the beginning.
Here is how the financials break down: