|Re: Estimated Start up costs||<– Date –> <– Thread –>|
|From: Steve Faber (stevecityvisioninc.org)|
|Date: Tue, 5 Jun 2007 08:54:20 -0700 (PDT)|
This may be more general than you are looking for but we are a self- developed project, and here are some of our percentages for our 20 unit, 1 common house, 1 acre development in Michigan:
Our Development Costs (Professionals: Architect, Legal, Accountant, Project Management and Site Development: Utilities, Site Development) accounted for about 8.8% of our Total Project Budget.
Our Soft Costs (Marketing, Financing, Land Holding) accounted for about 7.2% of our Total Project Budget.
For the most part, these were costs that we had to pay out of pocket before we could get Construction Financing. Some of these costs are pretty static whether you are doing 5 units or 500 units, others are going to flex based on the nature and size of your development. Something we noticed was that developers in our area thought we were paying way too much for Architect, but they were worth every penny. Also, some of you legal fees will increase if you have a difficult piece of property.
Hope this is helpful, Steve Newberry Place On Jun 5, 2007, at 11:30 AM, Catya Belfer-Shevett wrote:
sally thompson wrote:Supposing you decide to do the developing yourselves. In addition to the cost of the land, what would be ball park figure for legal fees to set up an LLC, transaction papers acquiring the land, condo association by-laws, etc AND the ball park figure for an Architect to design a community of almost 30 units plus Common House?If you're planning on doing the developing yourself, you should belooking at 20% of the total cost of the project as what you need to comeup with in cash. - catya -- ____ Catya Belfer-Shevett ____\ / Cohousing in MA? catya [at] cohousing.org \ / \/ www.mosaic-commons.org www.catya.org \/ Ready Fall 2008! _________________________________________________________________ Cohousing-L mailing list -- Unsubscribe, archives and other info at: http://www.cohousing.org/cohousing-L/
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