New rebuild in San Jose
Greetings my fellow BPers.
Inspired by all the cool diaries here, I'm gonna try starting my own. This flip actually started a while back in late 2013, but I just joined BP. So I have to do some of the catch up.
- First of all, the project is current and won't be finish any time soon (maybe 2-3 months), so I won't be able to share all the detail numbers till I got them straighten out at the end.
- Second, since this is a "catch up" thread, I will be breaking down into mini posts to keep it short(er).
Ok let's get started:
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+ Market Overview:
- Age of neighborhood: ~25 years
- Average house size: 2500-2900 sqft, 2 stories, 4bed/2.5bath - 4/3, tile roof, stucco siding, most houses are still original, but clean
- Comps for the last 3-6 months: original/no remodel: average $310/sqft
- Current listings for sale (original as well): $372/sqft
+ Project Overview:
- Existing house got torn down completely, all foundation and EVERYTHING goes 100%. All left is bare dirt. So other than the demolition, this is pretty much a spec house new build.
- Purchase price: $365k, which includes:
- all building permits and school fees
- demolition cost
- foundation only (raised floor setup), garage concrete floor & driveway are not done
- Lot size: 7400 sqft
- New house size: 2854 sqft + 475 sqft garage
- Budget in a nutshell:
- Land & soft cost: $365k
- Rest of the cost (construction, holding costs, commission, etc...): $435k - $535K
- Sale @ $350-$400/sqft ==> $1.15M - $1.15M
- Profit: $100k - $215k
+ Time line Overview:
- 9/13: purchase
- 10/13 - 12/13: finish foundation piers
- 1/14 - 5/14: Underfloor plumbing, subfloor
- 6/14 - current: Framing, Rough of all trades
+ Notes:
- Big gap in times dues to lack of funding, and interferences with clients' projects
- All plans are final, no adjustment/modification
- Inspections are all done. Ready to insulate & roofing next week.
- Most of in-progress photos taken are lost due to iPhone 6 transitions :) ==> my fault, not Apple.
- Budget estimates are based on a couple of crucial points:
- Conservative on construction cost since I build it myself.
- If market holds or improves +- 5-10% till the time of listing: sale price would be at least this or more :)
Photos will be loaded in the next thread.
Thanks everyone.