7326 Mary Ave NW - Seattle
This is a project that we designed and sold shovel-ready with permits. Initially we intended to build but due to large construction costs and lengthly permitting times we found it more advantageous to sell. We maximized on the small lot to build a large house in the fabric of the city where a general lack of large family higher end houses are rare and therefore in demand. Our design intent was to open up the interior with double height spaces and create a flexible roof top space that captured the views from all directions. The project resold for exactly our projections despite some value engineering that the builder did. Rumor has it that they handled the project in-house and split the profits between their team. We bought the project for $429,5K, permitting, loan, demo, and soft costs $45K, sold permitted project to builder for $575K. The builder built the project for $500-600K and resold the completed project for $1.6M achieving a win-win scenario for everyone.
Before + During
Our work included procuring the site, testing, getting applicable permits, establishing temp power and demoing the existing structure so that our Builder buyer could hit the ground running. Significant savings to our loan payments were due to negotiating closing date extensions while we designed and permitted the project.
