To make an album of this sound quality today, you could probably get away with spending a bit less. But not by as much as you might think. My best estimate is that $30,000-$60,000 could get this record made in a similar kind of room with comparable recording talent. This assumes that a pretty decent studio, coupled with an somewhat established producer that has actually worked on a few records you love, will run an average of $1,000 – $2,000/day in 2013.
The costs have dropped a bit— not because the equipment costs that much less, but simply because the paying market for recorded music has shrunk so significantly.