We’re just a week away from closing and though nothing is official until it is recorded at the county office, I am comfortable saying that Sapphire Development LLC’s new rehab project is at 2356 NW Hoyt in the Alphabet District. It is a 1906 home that has been largely untouched and certainly not remodeled recently. It retains much of its original charm.
The house has been the subject of the Buyer Due Diligence series of posts that I have written in the last month. The oil tank is now completely decommissioned but we are still undecided what the overall heating/cooling picture will look like.
I am in the process of writing the application for the State Historic Preservation Office’s Special Assessment program and have met with Earth Advantage at the property (more on that soon).
Unlike many “flips” this project is wholly owned by Sapphire Development LLC, not a person, and the construction loan is in its name, not mine. It’s a very different process than buying a property personally. Me being a Realtor does give Sapphire an advantage as I am not earning a commission and that is reflected in the sales price but the seller nets the same as if I were not a Realtor and a co-op sale had occurred.
Future posts will look at things I haven’t discussed yet, where we are now and where we think we are going.