per-sq-ft cost estimate for basement renovation

All,
We're refinishing a basement room. 240 ft^2. We are asking the contractor to replace 4 windows, one with a large casement egress window. This will require cutting through the foundation blocks to enlarge the opening and related excavation outside. In addition, we are asking the contractor to frame the room, put up a vapor barrier & insulation, do the electrical (about 6-8 recessed lights) and drywall (ceiling and walls), and trim it out. He will put in built-in shelving / window seat / cabinets along one short wall. Finally, he will install a floating hardwood floor over a portion of the room (about 80 ft^2). We will paint the room. This guy has worked for us before, doing a great bathroom job. What would a reasonable per-sq-ft figure be? We got an estimate which seems really high to us.
Thanks, D. Hill (central PA)
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D. - You are potentially going to get your butt kicked in the forum for asking. There is no really good way to determine. If you trust this guy, has done good work for you in the past, shows up on time and is sober on the job site then pay his rate. Less headaches and money well spent.
Sq. Ft. price? I would say $60 to $125 per sq ft. More or less. If his price is more than that then did you ask for it to be done in a week? Did you give him a lot of headaches on your last project? Is he so busy he doesn't want the work? Did you specify super high end finishes and fixtures? If his price is less than $60/sq ft then I might be concerned he missed something.
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Can't say without seeing it, but this can be $2000 to $8000 right there.
In addition, we

Too vague to say. Shelving alone can be $200 or $200 depending on size, materials, etc.
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Pick up a book on basement remodeling at your local home store. Read it. At some point there'll be a section on estimating materials with formulas to translate wall length, floor footage, etc into raw materials. Find out what the materials cost and do the math.
If you're farming out all the labor, that is difficult. A friend of mine had all the framing in his basement done by a pro. The labor cost was quoted as twice whatever the materials cost ended up.
It is pricey. Why not do some more work yourself?
-rev
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snipped-for-privacy@yahoo.com says...

The only way to find out if the estimate is too high is to get a couple more estimates (for the exact same work) and compare them.
For the work you're having done and jobs I've had done in the past, I'd ballpark your job to cost at least $20,000.
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