The Best View in Morro Bay
WE DID IT!
Close of Escrow is today.
We are grateful for the many hands who have already contributed.
Today we scheduled internet at the property: Starlink (nice!)
We’re going to canvas the neighborhood to let everyone know about this website to track our journey, stay tuned for tours, or let friends know when the house is available for purchase.
After quite a roller coaster, we have finalized financing and insurance (“builders risk”). We’re moving toward legal and underwriting analyses.
We released the architectural engineer to begin finalizing the plans he originally sketched out more than a year ago!
We had the property inspected by an appraiser with deep experience in building and evaluating in this town. He couldn’t say enough about the project. He was excited for us.
The square footage in Morro Bay remains relatively high.
But “Beach bungalow” vs “coastal chateau” depends on two main factors: renovations and vista.
1) Is it fixed up and modernized?
And…
2) Can you see the Rock?
In our case, we will have both: total interior and exterior renovation and restoration PLUS the best view in Morro Bay. Nice.
I’ll list comps as we get closer to the target but we’ll see what happens near us (higher elevation) and closer to the beach (less elevation) over the next few months.
The final tally? 1.45m estimate after repair value. This is a great target to hit for the right buyer who really wants to own this house!
This is it!
It’s about time to get this train moving out of the station.
The Orca St project is moving toward a successful close of escrow. Nothing is guaranteed but we are optimistic.
This property didn’t look easy… it was intimidating.
Soon it will be love at first sight. But for now it was a shocker.
And yet – wow what a view. Every angle – from the loft, the living room, the kitchen – took our breath away.
Wrestling a project like this to the ground takes time.
We entered escrow with high hopes and not a small amount trepidation.
Morro Bay is a cozy inlet in the San Luis Obispo coastal communities.
There are a sequence of risk factors in any restoration or renovation project:
Due diligence and underwriting
Partnerships and capital
Renovation Proper
Marketing and positioning
There are certainly environmental or market conditions we can’t control:
