Rehab Project Updates

New Construction #11.1, Acton is moving along now, but that wasn’t before finding out that our foundation was shot and needed to be torn down after we demo’d the house (surprise!). If you remember, prior to demo, our engineer confirmed that the existing foundation would be strong enough to build on. However, after the house was down the movement and instability in the blocks was definitely visible. While I could have opted to add rebar and concrete inside the blocks to tie them all together, I felt that the additional expense of a new foundation could be offset by a slightly higher resale price. I’ve heard from numerous agents that buyers are looking for completely new construction so now they have it on this property! In the end, it cost me $15,000 extra for the new footings, floor, walls and waterproofing. We also lost a little bit of time between the holidays, and with the architect having to revise drawings with the new foundation for the inspector. But in any event, framing is under way and should be finished in a couple of weeks.

My attorney met with the town of Wenham before the holidays to discuss their view on whetherRehab #8 includes 2 distinct lots, and happily they found that it does! This is great news because we have now relisted the property on the market, and were able to exclude the 2nd lot from the listing. My partner on this project had an open house over the weekend and we are getting a lot of interest and expect to have some offers shortly. Now that the town has agreed that we own 2 distinct parcels, the next step is to get the other parcel approved as buildable. This is a longer and more costly process but we think we have a good chance of getting it approved. There are wetlands on a large majority of the lot, so we will have our wetlands expert clearly identify those areas. Next, he’ll have to draw the setbacks from the wetlands and street. Once he’s done this, we’ll be able to identify the space remaining where we can build. A preliminary review shows that we have enough space for a structure. However, we also need room for a septic system. This is where it gets tricky, but my engineer and attorney came up with a great solution. Basically, the empty lot will have an easement to the lot with the house so a septic system can be installed at the front corner of the yard. This wouldn’t at all interfere with the lot with the house but would allow for a septic system to be used for the empty lot. We feel confident that the town will accept this option, but only time will tell.

As I’m writing this, I just received a contract back on another house. Stay tuned for the details and why this is going to my most important project yet…