Closing!

Closing!

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 also scheduled to remove the remaining Poly wrap, begin prep, and set up security cameras and new keys/codes on the door.

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.

Finish Line

Finish Line

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!

Read More

Appraiser is stoked

Appraiser is stoked

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!

Chasing a dream -- making the offer

Chasing a dream -- making the offer

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.

In and Out of Escrow

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.

Read More

Escrow process

Escrow process

Wrestling a project like this to the ground takes time.

We entered escrow with high hopes and not a small amount trepidation.

yard
rear window

Geography

Morro Bay is a cozy inlet in the San Luis Obispo coastal communities.

Tips For Renovation

There are a sequence of risk factors in any restoration or renovation project:

  1. Due diligence and underwriting

  2. Partnerships and capital

  3. Renovation Proper

  4. Marketing and positioning

There are certainly environmental or market conditions we can’t control:

  • Interest rates for hard money loans
  • Average expected returns from investors and capital partners
  • Availability of local top realtors
  • Expectations and demands from sellers
  • Market conditions upon completion of project

Read More