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6645 Avenida De Las Pescas

Rehab Update

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Details:

Address: 6645 Avenida De Las Pescas La Jolla, CA 92037
Property type: SFR
Purchase Price: $1,700,000
Rehab cost: $875,000
ARV: $3,800,000
Date of Purchase: 10/30/2015
Projected timeline for refinance or sale: 10-12 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
6645 Avenida De Las Pescas La Jolla, CA 92037SFR$1,700,000$875,000$3,800,00010/30/201510-12 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:

05/2017

– Expecting to put under contract end of May
– Repainted exterior & remarketed.
– Awaiting final inspection report. Only open issue is La Cantina door repairs. We are forcing contractor to repair.
http://6645avenidadelaspescas.com/

04/2017

Received a lower than acceptable offer from buyer that was unwilling to come up in price.

03/2017

Still buyers walking, but no written offers. Re-listing with range pricing.
EAC is seeking alternatives to refinance higher interest 1 st loan.
Link to property page: http://6645laspescas.com/

02/2017

Previous buyers that submitted low offer is coming back to property to visit again. Web: http://6645laspescas.com/

01/2017

Property still showing well. We received two offers that were below asking. Submitted counter offers, but no acceptable offers back.
Web: http://6645laspescas.com/

12/2016

Schedule: Open houses weekly and home continues to receive foot traffic. No written offers yet.
List price: Pricing strategy to reduce $10k/week to keep listing at top. $2.99M to $3.54M.
Listing Link: http://bit.ly/2dTE5t4 or http://www.6645laspescas.com/

11/2016

Schedule: Home officially on the market 40+ days (staged & final pics) with initial estimates by our agents of 70 days on market.
List price: Price reduced to $3.55M on Nov 1 to be very competitive
Listing Link: http://bit.ly/2dTE5t4 or http://www.6645laspescas.com/

10/2016

Schedule: Received Certificate of Occupancy Sept 25. Open House held every weekend since then with much interest in new contemporary design. Large Open House Party launch Oct 20. Plan to promote Muirlands with renderings/marketing material at Pescas party.
List price: $3.5M – $3.75M (Pro forma $3.7M. 45 agents provided feedback on price: $3.2M – $3.8M)
Listing Link: http://bit.ly/2dTE5t4 or http://www.6645laspescas.com/

09/20/2016

Schedule: 3-week delay with finishing work due to some quality control issues. Certificate of Occupancy (COO) expected Tuesday. Staging after, clean up, stage, then listing party
List price: $3.5M – $3.75M (received verbal offer for $3.7M)
Update listing & pics (will be updated after staging): http://bit.ly/2cc9wOY

08/30/2016

– Schedule: working through final punch list (finish mid-week), then clean up, stage, listing party, sale
– Re-listed 8/25 with 95% completed project. Once 100% complete, will be updated.
– http://bit.ly/2cc9wOY

08/09/2016

Delayed completion date ~Aug 25.
Completed work: Exterior paint, second level roof, cabinets, countertops, pool concrete
Remaining work: Interior – tiling, cabinets, painting, first level roof, Exterior – Concrete, landscaping, finish pool
Pictures: http://bit.ly/2bfv7pA

07/26/2016

– Projected list price: $3.55-3.75M (Pro-forma $3.7M)
– Project is on budget
– Change of plans with direction from Realtors, is to finish exterior as well prior to list for finished product
– Based on recent comps, could price as high as $4M, but with timing and carrying costs, plan to list at lower price and push for a bidding war
– Pictures: http://bit.ly/2a7M0zz

07/05/2016

We are down to finishes, with flooring being wrapped up this week & tile starting this week. Our goal is to have the house done in 2.5 weeks & then landscape/hardscape will be completed 2.5 weeks after that. Fingers crossed we get a quick offer once we place on the market.

06/21/2016

Down to finishes. Cabinets installed. Flooring and tike starting next week. Targeting to complete house less landscape in 4 weeks.

06/07/2016

Dry wall is being hung. Finish trades are lining up to start work soon.

05/17/2016

Project moving quickly. Should have house completed in 9 weeks.

05/03/2016

Framing will be done this week, ran into a curve ball with the stairs. Over the next 4 to 6 weeks we are going to place effort to “pre-sale” the house, thus we will have the house on the MLS during this time period and show property on apt basis.

04/19/2016

Framing is 90% done. Ruff electrical, plumbing and AV are about 70% done. Roof and dry wall are the next trades to be on site.

04/05/2016

Framing 80% done, ruff electrical, plumbing and AV start Monday the 4th.

03/22/2016

Pescas, demo & concrete work is 100% done. Pool is 80% done. Framing is 55% done, thus ruff electrical, plumbing and AV will start in 1 week.

03/08/2016

Demo done
Framing 25% done
Pool 50% done
Other ruff trades will start in 3 to 4 weeks
Once framing is done, we plan to start show the house off market so we can pre-sale it.

02/23/2016

– Demo is complete
– Pool is dug
– Concrete work is 80% done
– Underground plumbing 50% done
– Framing starts this week

02/09/2016

Demo is complete, concrete work is about 60% done. Framing to start soon.

01/26/2016

Pescas permits were pulled Tuesday and we’ve begun demo and concrete work.

01/12/2016

We have all departments signed off except for 1 which usually handles the building permit issuance, we are also waiting for final approval for the Right of Way permit – something that has been chronically delayed by the city to resolve that is contingent on the building permit being issued.

12/29/2015

Pretty much the same here, just waiting for permits. We are down the last 10 comments from the city.

12/15/2015

We have about 18 more comments to respond and correct with the city. We hope to have permits by first week of 2016.

12/01/2015

Not much new hear…..still waiting for permits. Everything else is set and ready to go. Fingers crossed we obtain permits within 2 weeks.

11/17/2015

Arch met with the city today, there was an issue with the setbacks, so there will be a delay in permits. Should have them early Dec.

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

10/20/2015

We have resubmitted to the city per the comments received. We should have permits in 2 to 3 weeks. Refinance will be completed end of next week or early the following week.

Both projects will be starting around the same time, thus we will have some good economy of scales for cost savings.

10/30/2015

Date of Purchase