Author Topic: Costa Mesa  (Read 41426 times)

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Offline graphrix_IHB

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North Tustin?
« Reply #165 on: December 01, 2009, 01:10:02 PM »
Quote from: "freedomCM" date=1259719043
but are they going to be able to get the permits to build on that lot?  I thought that it was in dispute whether the subdivision was legal?

   

   They should be able to get the permits renewed fairly easily, since the city would love to see that hole in the ground disappear. The subdivision was legal and approved, but the basement was not built to code. From what I read on the code violations from the city, they will have to start all over on the basement, or scrap it all together. Structural wise, it would be best to rebuild it, cost wise it would be best to fill it and move on. At $75-$100 sqft. build cost, they could build a nice house and make a decent profit.

   

   
I'm impressed that someone bought 2256 and dumped in the $$$ to finish up the half built project.  I wonder what their acquisition and completion costs were.

   

   Will they make a ton of $ if they sell at $1M?  How low can they go and still break even?

   

   I'm curious too as to how much they paid for it, and what they had to put into it. It scares me that there were serious code violations on the other property and how there are probably some serious corners they cut on that one too. Maybe IR2 or t-man could shed some light on what they bought it for.

 

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