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.

Pre-Demolition Photos

Danny Mac came through with some photos just days before demolition began. Here's the link to all of them. I'll pick a few to comment on, especially as progress gets underway.

This one is from the 3rd floor, front of building looking toward the back. In the far back, left corner you can see a handmade staircase that goes up to the rooftop. The hatch door leaked and allowed rain to come down the stairs. I'm hoping to not find extensive water damage. Of course, the rooftop gets major repair.

The stairway down that you see will be patched and become the approximate location where you will come up from the floor below (opposite direction). I am standing in what will become the hallway. The closet and bathroom will be along the left wall. The bedroom will be in the back. Danny is taking the photo from what will become my office/study/rec room. Somewhere in this space will be a cutout to the floor below, creating a loft. This was located in the front where Danny is standing, but the city won't allow if I intend to apply for tax credits.

Construction Loan Approved

Friday, I got the following from my banker:

Increasing the loan.....was approved contingent upon the building appraising......... I'll get (them) started on the appraisal tomorrow.

I guess I should be concerned the building won't appraise for the loan amount, but that would be valuable (though disappointing) news. So, I'm counting this note from my banker as a major milestone along the project path.

Harrington Bank has been convenient to deal with. These are uncertain times in the US regarding real estate loans. I'm finding Harrington cautious, which they should be, but also liberal. Not having a large governing board seems to allow them to process work close to the customer. I suppose it should always be that way but it isn't. Go Harrington!

Toilets and Dumpsters and Permits, Oh My!

I've been excited to find a toilet before, but never for this reason. The arrival of the toilet and dumpster means demolition work begins full-force......

A Good Week for Travel

I was gone all week for my real job. It was a great week on that front; many positive decisions and a renewed interest for me to focus on "entitlement".

Not much happened at 308westmain though I did receive this positive note from David on Friday:

The dumpster and the out house will be set on site this coming Monday. We will start the demolition full force on Tuesday.

Spot stopped by today. We lucked out and got to tour the Penny Furniture space with Cynthia, the owner. Her place is awesome. Seeing the metal staircase with cable rails helped me to envision how excellent my space will look if I can afford the rooftop opening. The open treads allow light (and dust) to fall through. I hadn't thought of the bonus of metal treads not requiring dusting. I hate to dust.

Spot and I finished up with lunch at Toast-Five Points. Yum!

Work Begins......sort of

Demolition contracts signed. Self-Help consulted and location for dumpster and toilets are confirmed. I'm added as an endorsement to the contractors insurance policy. City plans are being drawn up to decide what portion of the front sidewalk can be blocked for purpose of barricade once the front comes down.

The work that goes on behind the scenes to get to complete major milestones is significant. I'm glad Scott is so diligent and is working on my behalf.

Unknowns that must become knowns before the end of demolition phase.....

• Access to back entrance and rain water management
• Construction loan details
• Where (if) to move the loft space
  

It seems opportunity for tax credits will be reduced if I continue with the plan to cut-out the third floor near the front of the building. Historic preservationist are concerned the "loft" will be visible from the street (it will) which would conflict with the period look. So, I need make some decisions about tax credits and possibility to move the loft to another portion of the interior.

More soon when actual demolition begins.

Demolition Permit Granted

Permit submitted and approved. Demolition contract will be signed tomorrow. Work should begin very soon.

Danny Mac took a bunch of photos today of the interior. I will find a way to host some of the photos for posterity sake. Dan had spent time inside 308 when it was a dance club. There's a photo of he and Kelli on the cover of a local newspaper that I'd love to find. Anyway, he didn't quite remember Ringside looking as it does today. That's unfortunate on many levels. But, mostly today because Ringside was once a vibrant part of the Triangle scene.

Even though I've had a couple of months to adjust, it still seems like a daunting series of tasks to turn this space into a home and business.