Requires more stakeholder input. Currently unknown.
The cost of implementing a CLT model in Sonoma Valley would vary depending on the type of home that is acquired or built under this model. Here is a list of example costs depending on project type:
New Construction
Land Acquisition: $200,000–$400,000 per lot (depending on location and zoning).
Construction: As of 2024, estimates indicate that construction expenses range from approximately $400 to $500 per square foot.
Total Cost Per Unit: $600,000–$1 million.
Fixer-Upper Properties
Purchase Price: $300,000–$600,000 per property (depending on condition).
Renovation Costs: $150,000–$300,000 per unit (depending on level of repairs needed could be more)
Total Cost Per Unit: $450,000–$900,000.
Market Rate Homes
Purchase Price: $700,000–$910,000 (based on Sonoma's median home prices in 2024).
Renovations (if needed): $50,000–$150,000 for updates.
Total Cost Per Unit: $750,000–$1.1 million.
Tax-Delinquent Properties
Purchase Price: $100,000–$400,000 (significantly below market rate due to delinquency status).
Renovation (if needed): $150,000–$300,000 for repairs.
Total Cost Per Unit: $250,000–$700,000.