Investor / Developer / GC · Manassas, VA · Member since 2013 · 229 posts · 39 votes
Hello BP! Wow it's been sometime since I posted in the Market place but here it goes.
We have a SFH tear down in a high value area of Fairfax County, VA. I'm operating on a large backlog of work and willing to explore the following scenarios......JV or willing to let it go for a reasonable wholesale fee.
Existing home is in fair condition and habitable. Recent renters just moved out 45 days ago.
New 5 br/4.5ba/5000sqft plans are at 75% completion. We have yet to complete grading plan, e&s plan, details/cuts and finishes. Two weeks ago my real estate attorney visited the zoning and building departments; clearing any of our concerns with house placement etc....
Our recent cost estimates are $950K which include acquisition and build. Keep in mind these are my cost estimates. If I wholesale it your cost may vary, do your due diligence.
Investor / Developer / GC · Manassas, VA · Member since 2013 · 229 posts · 39 votes
11y
Thank you to all who've replied. Some have asked me to put up some numbers..here they are:
Purchase $500K, Teardown/Build $450K, Low Sales Price $1.25mm. A more realistic sales price is $1.35-$1.4mm by time we come to market; spring 2016
Wholesale price is negotiatable. Currently you will get this property approximately $45K less than any comprable teardown in this uber hot market of Mclean/Tysons.
Investor / Developer / GC · Manassas, VA · Member since 2013 · 229 posts · 39 votes
11y
I'm glad to say we have achieved full project funding and closed on the property. If any one wants to be kept up to date of our redevelopment progress; send me your info.
And YES, we do have other opportunities in VA and DC! So connect with me on BP or send me an email with your info to [email protected].