So my first condo conversion was a horrible disastrous success that I wouldn’t wish on my worst enemy…. I loved it. My contact person at the bank that held the construction loan either quit or was fired right around the time I needed my first draw. More change orders than I can count with my socks on, turned up. An internal fued between the city’s fire inspector and housing inspector, as well as a fire alarm sub which had to try 4 times to get the the necessary decibels in the bedrooms from a failure to account for the heavy insulation in the walls, both helped delay my certificate of occupancy (which in turn delayed a closing). And of course the work took longer than originally planned.
But for all the things that went wrong, there were still some sucesses. I put the properties on the market before they were finished on July 1st and had the last one under agreement by October 2nd, roughly 30 days per unit. The average Days On Market for all 2 bedrooms in Cambridge is closer to 100. And while I did negotiate the final sales prices, I never had to drop my asking price. And all in all we came up with a very nice finished product. All in all, I can’t wait to do it again.