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  #15181  
Old Posted Aug 27, 2019, 3:48 PM
Obadno Obadno is offline
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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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  #15182  
Old Posted Aug 27, 2019, 9:37 PM
Obadno Obadno is offline
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Originally Posted by RonnieFoos View Post
Add some condo's!
I don’t think that’s happening the building is 83% occupied no way would it be worth all the expense to try to build condos into it
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  #15183  
Old Posted Aug 28, 2019, 5:26 PM
Mr.RE Mr.RE is offline
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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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  #15184  
Old Posted Aug 28, 2019, 6:48 PM
downtownphxguy12 downtownphxguy12 is offline
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Quote:
Originally Posted by Mr.RE View Post
Anyone have any recent pictures of some recent projects that have started construction? (Battery, X PHX, Hines Tower, Fillmore, Park Central)
I was hoping UEB would install a construction camera soon for X
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  #15185  
Old Posted Aug 28, 2019, 6:57 PM
Obadno Obadno is offline
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Quote:
Originally Posted by Mr.RE View Post
Anyone have any recent pictures of some recent projects that have started construction? (Battery, X PHX, Hines Tower, Fillmore, Park Central)
Our community here has a sever lack of photographers
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  #15186  
Old Posted Aug 28, 2019, 8:36 PM
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Quote:
Originally Posted by Obadno View Post
Our community here has a sever lack of photographers
It's not that. We take plenty of pics when it's not 111 degrees or more. It's just too hot to walk around several blocks for pic updates right now.
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  #15187  
Old Posted Aug 28, 2019, 10:57 PM
Obadno Obadno is offline
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Originally Posted by RonnieFoos View Post
It's not that. We take plenty of pics when it's not 111 degrees or more. It's just too hot to walk around several blocks for pic updates right now.
Its only 108 get out there and take some pics
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  #15188  
Old Posted Aug 28, 2019, 11:15 PM
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Its only 108 get out there and take some pics
LOL! I was trying to grab an update pic of Kenect while waiting on the platform yesterday, but the train came to quickly. On a side note, it looks the building is about as high as it can go with the current crane height. I'm thinking it may get raised this weekend.
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  #15189  
Old Posted Aug 29, 2019, 7:44 PM
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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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  #15190  
Old Posted Aug 29, 2019, 10:01 PM
Phxguy Phxguy is offline
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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.
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  #15191  
Old Posted Aug 29, 2019, 10:24 PM
biggus diggus biggus diggus is offline
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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.
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  #15192  
Old Posted Aug 29, 2019, 11:41 PM
Obadno Obadno is offline
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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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  #15193  
Old Posted Aug 30, 2019, 12:22 AM
mutayo mutayo is offline
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Quote:
Originally Posted by biggus diggus View Post
Three of those houses are 800 square feet and the others are between 1000 and 1200. A creative architect could turn them all into modernized livable houses but there's a risk with doing flips like that. A really nice 1400 square foot 3 bedroom house at that location could probably bring something in the $500K range, not sure what purchase and rehab costs they might need but with construction costs around $300/ft the margins get pretty tight pretty quickly. Living space is about $200/ft minimum but kitchens and bathrooms are closer to $400. If I add a nice bathroom and a 200 square foot bedroom I'll have to spend $80,000 in expansion costs on the larger homes, much more on the 800 square foot homes. Add in real estate commissions, landscaping, repairs to the existing structure, HVAC, electrical and plumbing upgrades, and incidentals and this gets to be a huge bite right as all the economic leaders are signaling an impending recession. The risk might be worth taking on one or two of them, but not all seven.

More often than not children who inherit rental property view it as an inconvenience and a scary situation their parents put them in. I'm not surprised they don't want to own them and I'm not surprised they will sell to the highest bidder.

It will be a shame to lose more historic housing but the reality is everything in that block is already medical use and Banner would probably love to have the land for expansion.
I realize this post is a bit old but based on my experience, these numbers are way off.

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.
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  #15194  
Old Posted Aug 30, 2019, 12:49 AM
biggus diggus biggus diggus is offline
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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.
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Last edited by biggus diggus; Aug 30, 2019 at 1:02 AM.
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  #15195  
Old Posted Aug 30, 2019, 1:57 AM
mutayo mutayo is offline
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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.
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  #15196  
Old Posted Aug 30, 2019, 2:48 PM
biggus diggus biggus diggus is offline
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I guess we just have different standards then.
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  #15197  
Old Posted Aug 30, 2019, 3:17 PM
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Added some notes in bold on some of these:

Quote:
Originally Posted by Obadno View Post
Some other updates:

- Crane base on site for X Walked by yesterday. Wondering if 2 cranes will go up for X? Not sure a single crrane is going to reach the other end of the construction.
-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 Had the same problem walking yesterday. Didn't know the sidewalk was closed off. Hopefully they add an option to walk around the construction.
-Lots of Dirt moving for Battery
-lots of dirt moving for Alta Which 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 Article posted this morning now says an October opening date. So moved back from September,
-Hines has no movement yet I'm curious on this one. Nothing moving, however, all the parking meters have been closed off and there are road construction cones and signs in place along the sidewalk. Wondering if garage work is imminent?
-Filmore is not making much progress Phoenix's version of the Pier
-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 Tower crane parts or mobile cranes?
-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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  #15198  
Old Posted Aug 30, 2019, 4:40 PM
muertecaza muertecaza is offline
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Originally Posted by RonnieFoos View Post
Which Alta?
I think that's Alta Warehouse, south of the tracks.
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  #15199  
Old Posted Aug 30, 2019, 4:42 PM
Obadno Obadno is offline
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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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  #15200  
Old Posted Aug 30, 2019, 5:19 PM
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Quote:
Originally Posted by Obadno View Post
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.
I was wondering on the residential myself. You would think that a lot of the Creighton students may want to live right around there and I'm wondering if they plan on trying to have the residential ready for the students?
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