Epilogue. The owners filed suit against the contractor and entered proceedings to seize his $5,000 bond. The project, already at a halt, was inventoried, reinspected, and evaluated. Subs’ and suppliers’ payment claims were noted, verified, and if validated, paid. The contractor had few assets to be garnered.
The owners now needed someone to complete the project. They hired one of the original bidders. The contract to repair and complete the project was $2.95 million. This was in addition to what had already been paid out. And by the way, total square footage under roof (house, garage, porches, barbecue area) was 7,435 square feet, which translates to $329 a square foot, excluding $165,000 in excavation work and a $95,000 driveway.
Guessing costs without facts, figures, and market feedback can be very misleading and unprofessional. Quoting cost per square foot in today’s marketplace, without an assembly of footnotes, is risky at best, irresponsible at worst. It’s akin to me quoting the cost of a heart transplant to someone I’ve met at a cocktail party!
Dennis A. Dixon is an author, contractor, and speaker with 23 years of experience in the building industry. He can be reached at dixven@aol.com.
