Call us: +1 858-255-1012

1222 Muirlands Vista Way

Before Rehab

1
« 1 of 10 »

 

Rehab Update

8
« 1 of 8 »

Details: 
 
Address: 1222 Muirlands Vista Way, La Jolla, CA 92037
Project Type: Gap Funding for Luxury Ocean View Home Rehab Project in La Jolla, CA
Purchase price: $2,000,000
Rehab cost: $1,125,000
ARV: $4,600,000
Date of Purchase: 06/12/2015
Projected timeline of completion:  12 months
Ground Partner: George Flint
Company: BNF Real Estate Group
Contact details: goflint@bnfrealestategroup.com; (619) 988-5876
 
Documents:
 
 
 
AddressProperty typePurchase PriceRehab costARVDate of PurchaseProjected timeline for
refinance or sale
1222 Muirlands Vista Way,
La Jolla, CA 92037
Gap Funding for Luxury
Ocean View Home Rehab
Project in La Jolla, CA
$2,000,000$1,125,000$4,600,00006/12/201512 months
Date of SaleSales PriceCoCAnnualized
ROI
% Difference of Projected
vs Actual ARV
% Difference of Projected
vs Actual Rehab
% Difference of Projected
vs Actual Timeline
Source of
Funds
 
Timeline:

07/2017

– Under contract with buyer. Contingencies have been removed.
– Expect to close August 15-18.
– We will have substantial loss on this project.

06/2017

– Negotiating with few buyers circling the property. Trying to get offers in writing. Anticipate end of July/early August closing.
– Extending loan and repairing La Cantina doors. 

05/2017

– Restaged & remarketed.
– All repairs made. Property re-inspected with verbal clear inspection. Waiting for final report. Only open issue is La Cantina door repairs. We are forcing contractor to repair.
http://1222muirlandsvistaway.com/

04/2017

Accepted offer at $4.3M NET, but during the inspection two solvable issues (moisture related) made the buyer back out. Issues have been repaired. Property back on market.

03/2017

Two offers on property we are actively negotiating.
Link to property page: https://1222muirlandsvista.wordpress.com/

02/2017

Delays to pictures due to weather conditions. Live launch party scheduled for March 9. Web: https://1222muirlandsvista.wordpress.com/

01/2017

Friday 1/27 home being staged, then pictures and 7-day turnaround for full marketing. Delays to exterior landscaping due to uncommon rain here in San Diego Web: https://1222muirlandsvista.wordpress.com/

12/2016

Schedule: Additional $80k spent to complete project. Delays due to Right-of-way permit. Expect to receive final permit/Certificate of Occupancy on Wed 12/21. Staging will go in after and full marketing will begin. Received offer $3.8M, countered and never received counter/acceptance back. Another buyer interested in offer, but nothing in writing at this time. List Price: Pricing strategy to reduce $10k/week to keep listing at top. $3.99M to $4.58M.
Listing: http://bit.ly/2djFOny or http://1222muirlands.com/

11/2016

Schedule: Team has been working very hard to regain time. Expect to have Certificate of Occupancy (CO) week of Nov 28 and launch marketing later that weekend. List Price: Price reduced to $4.59M on Nov 1 to be very competitive
Listing with renderings: http://bit.ly/2djFOny and pics from 12Nov2016 http://bit.ly/2ghLfoS 

10/2016

Schedule: Latest target completion date Dec 1. All permits resolved. Retaining wall in progress. Drywall near completion. Brown coat on stucco will be on very soon.
List Price: $4.5M – $4.9M (pro forma $4.6M)
Listing with renderings: http://bit.ly/2djFOny 

09/20/2016

Schedule: Insulation complete. Next Drywall (3 weeks) and Exterior Stucco. Expected completion November.
Final permit issue with retaining wall expected to be cleared up shortly.
Pre-listed at $4.15M as we did on Pescas. Goal is to find buyer to buy as-is and complete on their own with desired finishes or pay to have BNF finish.
Listing with renderings: http://bit.ly/2bzb1oR

08/30/2016

– Beginning stucco and drywall towards the end of the week so we are doing decent thus far.
– Pre-listed at $4.15M as we did on Pescas. Goal is to find buyer to buy as-is and complete on their own with desired finishes or pay to have BNF finish.
– http://bit.ly/2bzb1oR

08/09/2016

Expected completion mid-Oct.
Framing near completion. Electrical and HVAC in progress. Expecting permits shortly.
Pictures: http://bit.ly/2bfxERK

07/26/2016

– Projected list price: $4.6-4.8M (Pro-forma $4.6M).
– Based on recent comps, could price as high as $5M, but with timing and carrying costs, plan to list at lower price and push for a bidding war
– Project may be over budget. Additional $100k being borrowed from construction lender to pay for unforeseen west and south retaining walls. If remaining reserves are not used, the overage will be limited to $25k.
– Completion end of Sep/early Oct
– Pictures: http://bit.ly/2a462wA

07/05/2016

Framing is complete with ruff trades started. Our goal is to start dry wall in 3 weeks. We will launch our pre-marketing and sales effort with sales team with the goal to capture summer buyers.

06/21/2016

Framing is basically done, ruff trades are full throttle – window installation starts next week. Targetting to start haging drywall in 4 weeks.

06/07/2016

Moving along nicely. Framing is full throttle, ruff trades right behind. Specs are finalized.

05/17/2016

Concrete inspection should be passed today, thus allowing us to finish up framing. Framing should be done in 3 to 3.5 weeks.

05/03/2016

Passed plumbing inspection. ROW work completed. Concrete work will be finished this week and framing restarted.

04/19/2016

Framing is about 10% done. Ruff electrical, plumbing and AV are about to start.

04/05/2016

Project is moving a long very well. Demo is done, framing has started and concrete work is in full swing. Ruff plumbing and ruff electrical should start in a few weeks.

03/22/2016

Muirlands, demo is 95% done. Framing and concrete has started. ROW permit shall be issued this week, thus ROW work starting next week.

03/08/2016

Demo is complete Framing is starting this week Things are going smooth overall now that we have permits. Once framing is done, we plan to start show the house off market so we can pre-sale it.

02/23/2016

– We have permits!!! – Demo starts this week. – Its go time team…….

02/09/2016

Only have one more department to sign off with permits. Arch is meeting them today Tuesday, should have permits this week.

01/26/2016

Muirlands property is still waiting for permits. We went down to the city to finally resolve the rest of the items and discovered they were not working on them essentially because of the planning department holding up the rest of the departments. We are confident we have resolved this by the end of today/tomorrow and we’ve been told that we can fast-track the remaining departments. (3 out of 4 outstanding indicated this).

01/12/2016

3 departments signed-off with 4 departments waiting for the Right of Way permit to be issued before final sign-off. Again the Right of Way permit holding up the building permit is chronically delayed for the same reasons as Pescas. We are having a lot of problems addressing minor comments with the city and other developers are experiencing the same thing right now. We’ve reached supervisors just to get attention from them for our project. We’ve gone through the full budget many times know and we are confident we will be on-budget and hired an additional construction manager to support the GC in the timely building of this project. We are very confident in this process once we can actually begin at permit issuance. The sales team is working with a very strong cash buyer who is very interested in Muirlands which is great and they plan to launch a full marketing campaign after we get permits and framing done (key milestone for sales team).

12/29/2015

No much to update here – just waiting for permits. We have 2 more comments from the city, waiting for final approval. Once we have permits, we can hit the ground running.

12/15/2015

We only have 4 more comments to respond and correct with the city, then we will finally have permits. City of San Diego is very backed log trying to meet end of the year deadlines and new water requirements. We hope to have permits before Christmas.

12/01/2015

Not much new hear…..still waiting for permits. Everything else is set and ready to go. Fingers crossed this week we obtain permits.

11/17/2015

Arch met with the city today, permits should be issued this week.

11/03/2015

– Permits are due any day now. – Thus we will break ground shortly there after. – Construction rehab refi loan is completed and we were able to do a 50/50 non-dutch interest on it, thus saving us money…

10/20/2016

We we received comments back from the city, nothing really major. Plan to re-submit this week. We should have permits in 3 to 4 weeks. Refinance will be completed last week of Oct/first week of Nov. We have demoed the un-permitted building in the rear so we can get a head start.

10/06/2015

Waiting for comments back from engineering department, once obtained we will adjust plans accordingly and have permits shortly thereafter. Refinance of acquisition loan will take place approx 1 week prior to having permits.

09/22/2015

Still waiting for engineering department to provide comments, they are delaying us. All other departments have provided comments, none of which are a big deal. We are hoping to hear from them next week and should have permits early to mid Oct. We have all bids for ruff trades and are starting to select finishes for spec book.

06/12/2015

Date of Purchase