Appraisal Returned

The appraisal came back today and was very near the amount that I needed it to be. This means the bank will loan me the money needed for construction. So, onward toward Building Permits and City Approvals.

The appraisal process was interesting: no buildings in the downtown core have been built, refurbished and then resold. So, what's the basis for the folks performing the appraisal to make their estimates? This posed some challenges. In the end, the building's appraised value = Purchase Price (approved during purchase loan) + Construction Cost.

I've been reassured that NO buildings for sale after refurbishment is a good thing for me as it shows the building is a good investment and will climb in value. I'll know in time.

Demolition is nearly complete. The visual impact of removing the "stuff" is significant. The space looks cool. Very cool. But it also looks empty and the task to make it seem like a home appears more daunting. I'll take some pictures this weekend.