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As long as they are spending less per year than the increase in value of land they can bank indefinitely.
But as this area fills in (very quickly now) the pressure to sell to a developer will increase every year. |
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Anyone have any recent pictures of some recent projects that have started construction? (Battery, X PHX, Hines Tower, Fillmore, Park Central)
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Looks like the Creighton tower crane will be going up this weekend. Sections were getting delivered during my lunch break.
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Some minor updates:
Noticed Breadwinner in the Churchill has also closed shop. They were always the first place to close, I never understood that when on weekends Freak Brother and the Provecho were always busy. On a hopeful note, there was a note indication a new concept was coming soon for that space. The new traffic light at 3rd St and Portland seemed to be working. Liquor license posted for the Grateful House on 6th and Roosevelt. |
I'm always sad to hear about someone's business closing but Breadwinner is very unsurprising. I only went there once and after ordering my salad to go (and paying) I was told it would be 15-20 minutes. I questioned it and he replied back, very curt, "yes, do you see all these tickets in front of you?"
Never went back. Clearly I'm not the only one who had a bad time. |
Some other updates:
- Crane base on site for X -Link is adding a sign -No action on the AC hotel but people trying to get from the APS building to the parking garage are causing traffic issues -Lots of Dirt moving for Battery -lots of dirt moving for Alta -3rd ave jail conversion almost done, It doesn't look as different as I expected -the Frys at block 23 looks to be moving quickly -Hines has no movement yet -Filmore is not making much progress -Columbus and Central is much taller than Alta Midtown -Earl is starting its main building construction with some interesting angled support collums - Cranes on site for Park Central Parking Garage -Ten-o-One has a lot of work going on the inside -Portland street, the hotel and French restaurant Rehab are both nearly complete |
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Historic homes can be completely rehabbed for $50/sf or so. This includes a complete cosmetic overhaul and repair/replacement of most, but probably not all of the major mechanical systems. Obviously, if the home is smaller, the price per foot will go up a bit given some of the systems are fixed in cost. Additions can be done anywhere from 90$ - $150/ft, depending on the level of design and finish. Spending $150/ft on an addition is going to get you a pretty bitchin' house. This isn't to say every home in Coronado is going to pencil out as a flip - but there is certainly money to be had at the right price and I personally feel it's better to keep what few historic homes Phoenix has if it all possible. |
How many homes have you built/rehabbed?
Those numbers remind me of 1995 luxury or 2019 hovel. I mean, a full kitchen remodel using a licensed contractor and high end finishes will set you back $40K alone, more if you start moving gas lines or drains. A nice range is $5,000 before your vent hood. Your cabinets are going to cost $200/lf at least! A 3.5 ton gas pack is going to cost you about $5,000+ upgrading electrical is another $4,000+ you're going to spend close to $15K on the existing bathroom if you do it right and another $400/ft for the one you're adding on. Flooring? MINIMUM $5/ft for porcelain tile, much more if you want hardwood. I don't know a single GC who will do an addition properly for $150/ft. Between pouring a foundation, re-working the roof, upgrading electrical panel, HVAC work, and all the other engineering involved you might spend that $150/ft before you get to drywall, flooring and fixtures. Let me guess, you're one of those guys who would just frame in an enclosed patio and use a semi-flat roof because it's cheaper. Ok, do that and you might get it done for $150/ft. It's a block home, let me guess you think it's okay to build your addition out with wood frame stucco construction? For $150/ft that's what you're going to get. The prices I'm giving you are to do it right, you can always save money by half-assing things. |
I've done enough remodels to know the numbers.
Not sure why you're putting a $40k kitchen with a $5k gas range into a home with an ARV of $500-700k. The numbers are never going to make sense if you're doing that. I have a friend that self-manages new construction infill in Phoenix for $80/ft. Another that has a GC building him a great new build product with custom finishes for $90/ft. These are real numbers. Obviously there are contractors out there who will charge you more for the same quality of work, and that's your decision if you want to pay that. But that's not going to put you in position to make very much money as an investor. |
I guess we just have different standards then.
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Added some notes in bold on some of these:
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1. Which Alta? I think its Alta rail yard? The one on Lincoln and 7th ave.
Alta's are not the highest quality development but they seem to be head of the pack in this town, they built way out on 7th ave west of the action downtown and in midtown just before the rush of new construction and they are now the first to take a risk south of the tracks in any real capacity. So love them or hate them, development follows. 2. Types of cranes. Mobile cranes, you wont get a tower crane for the parking garage those are done via mobile and I dont get the impression we'll see the residential building go up until the med school is finished or near finished. |
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