What happens when you jump into a condo conversion on a property built in 1825 that has $350,000 in renovations without ever doing one before? You learn a lot!
We decided to jump into this deal with no real experience in the condo conversion world and we definitely learned a ton through the fire. After almost a year, (and 3 contractors) this beautiful project is finally finished and on the market! One of the two units is already under contract and we expect the other one to go shortly!
This was your classic, New England North Shore duplex. Walking into this property in the beginning was like taking a step back in time. They had 6.5 foot ceilings, small rooms, and even smaller staircases. I felt tall in this house and for those of you that don't know me. . . I am not tall. On top of the very old layout, the structure was crumbling. There were exposed structural beams that were split and cracking ( see picture below). The foundation was also a mess. This was your perfect suspect for a knockdown, but, we're in Newburyport, Ma so under no circumstances were we about to knock down a piece of history in a historical town. So we decided to keep the fire places and the exterior structure as-is. For the rest of it? It all had to go.
When the demo team finished up here, there was nothing left but four walls and a roof (which was replaced). This demo took 8 full dumpsters to haul everything off. One day after the demo, I was standing in the basement looking up 3 stories to the roof thinking to myself, "What the hell did we get ourselves into." Now that everything was gone, it was time to rebuild!
The Final Product:
After a year of ups and downs, we finished the Newburyport project. Seeing the final product made all of the hard work worth it. It was truly amazing to see what we envisioned 12 months ago come to life. We are extremely proud of these units and know that a homeowner will be proud to live there.
Here is a brief overview of the numbers:
Hold Time: 12 months
Re-sell value: $980,000
Profit: Just near break even after paying consultants, agents, and all of our lenders. (Do you count the 1000's of lessons learned?)
If you have any questions about this project, feel free to reach out any time by commenting below!
Here's to building the future!