$2M reward for dealing with Bureaucracy

Last I knew, you weren’t allowed to demolish the home that was on this 18000 square foot lot, and you also couldn’t lot split if it required anything other than straight lines.

So… $2M for getting the Bureaucracy to let you demolish and lot split???

Designed review completed by the City for 2 New Homes (2912 Sq Ft 5/4.5)

so plans are also ready?

Good question. You’d think for $2M, they’d throw in some plans.

: ) i should find me some of these deals… I would love to buy the lot, split and build myself. more lucrative that way, but also more effort.

Yeah, well, you had your chance [Orchard Ave was on the market for months]

Also, if you are serious, I’ll let you know when I see them. Last one I saw that is intended to either lot split or build a duplex is this one:

Will apparently go for over $1.3M as that’s the offer the agent already had in hand at the broker’s tour.

I have seen this madison one. I am on hold for maybe a month or two, will decide after :slight_smile:

Ohhh. I wonder if you were there at the same time I was…

This is one of my favorite ones:

At the time we weren’t looking.

Closed at 1.395M. It doesn’t look like a strong subdivision candidate. 80’ street frontage means you end up with two lots with 40’ of street frontage. I didn’t look it up, but the general guidelines is 50’ for starters. Splitting it in 1/2 the other way doesn’t work since it would be alley only access. Subdivisions require street frontage. This can be classified as lot value for a multifamily neighborhood.

There was an older thread that someone started about returns from flipping. You might want to revisit that. The best way to think about it is from the large builders standpoint. That’s exactly what they do on a large scale and their margins aren’t exceptional.

Build for yourself because you need/want to. Don’t do it with the mindset to save money. There are places you can see real world numbers. I think there were some available on the Willow Glen thread? You can find some numbers on cost of construction from
New Avenue -

blog.newavenuehomes.com/index.php/2017/05/08/cost-of-a-new-high-end-custom-home-in-silicon-valley/

In this example, it’s 1.25 for 3k sqft (1M hard costs). It doesn’t include any of your carrying costs and cost of capital. Probably doesn’t include the costs of administering the construction loan. Cost of the loan. Landscaping. Hardscaping. And so on.

Think about the flippers you might know. Most don’t have the big fancy house do they?

I do want to build a house for myself some day. I am aware of the rough costs, but not sure how much time i would have, that’s one of the things. A friend of mine is doing “Project Management” himself but it’s taking him some time.

I looked at Orchard more closely. This is a multifamily zoned area with apartments two doors away. Someone jumping in to develop spec homes here is taking an additional risk beyond the typical spec home builder. The numbers here don’t make sense. It’s going to sit.

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715 back on at 3,900,000.

yup got my attention too. still cheap-ish.