As a real estate agent, and former bond trader, I am always evaluating real estate on many levels. We are currently experiencing a tight real estate market, with houses in town starting to sell over the $1000/square foot valuation. A house on Belleview just closed at $1135/foot on a great lot and consisting of new construction. I can't help but compare that valuation to a great listing I have at 715 Sopris, a move-in-ready house listed at $1,950,000, or $620/foot. It's larger than the max allowable square footage (without a limited head space 3rd floor, or basement) and is beautifully remodeled on a greatly located, quiet street. Replacement value (having spoken to a few builders for their current rates) comes in at around $1,875,000 and that is without the land or architect! Builders are reserving new home building 2 and 3 years out right now, so you would also have to wait - and go through BOZAR approval. Given that lots in town start at around $900,000, bringing your base cost to $2,775,000, I see tremendous value in this listing. Add in present value and you get replacement value around $3 million. Talk about a steal!
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