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2356 NW Hoyt

Dsc_7758We’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.

5 Comments on “2356 NW Hoyt

  1. While walking through your ‘hood the other day, weeks before this house went on sale, I was wondering about the house just to the west of this one. Looks like you may have another potential flip in the future!?!

    Can’t wait to see the progression of restoring this old beauty…

    I know off street parking is at a premium in NW, I would be hesitant to take away from the curb appeal, IMHO. But, then again, I don’t live in NW nor don’t have to try to find parking on a regular basis.

  2. Wow, what a house. Great bones and obviously a great location.

    Can’t wait to see how this goes.

  3. Google drew a blank on the current owner. Will try with a commercial site later.

    2007 Property Taxes $6,411.11

    “is wholly owned by Sapphire Development LLC”

    I think lender(s) would disagree with this statement.

    We will be following this closely…

  4. Thou doest protest too much (or nitpick). My point was that my personal name is not on the deed or loan which is contrary to how many project houses are bought.

    Remember that the tax record is not always correct. Note that it is a 1906 RANCH (it’s the first three story plus basement ranch I’ve ever seen) and that is not the only error on the record.

  5. As one who grew up in the neighborhood (the flats), raised my family just off Westover, and suffered through the time when it was less than ‘trendy’ I appreciate the efforts of those who see the beauty that I have seen over the years.

    What I miss is the economic diversity of my youth. It mattered not where you worshiped (or not), your economic status, or race. The neighborhood that was more than houses – many of whom were modest, we cared about each other.

    This Wednesday the neighborhood filled St. Pat’s to overflowing to honor the life of one of those who made the community special. The recessional piece was “Take Me Out To The Ball Game”. There were few dry eyes in the church.

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