gotmilk - question

[MattTheSkywalker]

hey man

Hope your projects are going well.

You said a while ago you were building some houses out towards Aspen. How's the construction going? Got any pics or anything?

I'm working on a construction project here (I put some pics up on chat) and it's coming along slow...but getting there.

How are things going? Any houses for sale yet? Just like to see how a fellow EF-er is doing.

 

[gotmilk]

There are a lot of things that would have to finalized before construction could ever proceed on this one.

You should see the house in Maine we just finished.

 

[ZKaudio]

^yeah... if you are doing the aspen homes shoot me a pm...

 

[MattTheSkywalker]

There are a lot of things that would have to finalized before construction could ever proceed on this one.

You should see the house in Bar Harbor Maine we just finished.

Are you dealing with municipality issues?

I would love to see the Maine house. Congrats on finishing. My project down here is ongoing, but I'll get there.

 

[gotmilk]

Are you dealing with municipality issues?

I would love to see the Maine house. Congrats on finishing. My project down here is ongoing, but I'll get there.

Pitkin County wants nearly 70 of the 170 acres so they can protect Hunter's Creek and the hiking trail. They are willing to pay $8 Million for it. There's no bargaining either.

Then you have construction issues revolving around what style can be built. The Town will only allow 10 homes, which is cool because that's more than enough. We'll gross $5 to $6 Million per home anyhow.

Then, I have the right to build a chalet style building near the tennis courts. However, they will only allow it to be three stories high. Cool, but sucks because that cuts out 3 units I could have added.

$25 Million property cost, $8 Million back plus tax incentives, and the guy I was going to partner with went on vacation to Europe and decided he was going to wait till he came back to sign the final paperwork.

I'm about to cut him out and go with another guy since he never signed a binding agreement before he left.

http://img225.imageshack.us/gal.php?g=maine215hn.jpg

I put the pics in backwards. And the fucking green room is being pulled apart. The idiot designer didn't listen when I said I hate green carpet. That whole room is being completely redone at this moment. I came back after three weeks to find some ass ugly colors in the house. I should have asked Velvet to come up and fix it.

The downstairs is amazing except the blue couch which I dumped off at the local flea market. The upstairs was a friggen nightmare with foofy-foofy crap everywhere. I changed the flooring, ripped out the wallpaper, and dumped some of the cheap ass furniture they used.

 

[gotmilk]

^yeah... if you are doing the aspen homes shoot me a pm...

I have a pic of one that was built on the West Aspen property we had last year. It's in my gallery. The house is for sale now.

The developer is selling these faster than he can finish the homes. There was $1.1 Billion worth of home sales in Aspen between 1/1 and 6/30 alone.

Last year, we had land on the backside of Ajax, and sections throughout town.

Stupidly, we sold it to a developer who went in and built the homes himself. This time, I'll make sure to develop it with someone.

 

[ZKaudio]

the fam is now buying outside of aspen... seeing as how the condo we sold in aspen will get us a 10 acre ranchette 15 mins outside the city... plus we can have a runway on the property! siiiick

 

[MattTheSkywalker]

Pitkin County wants nearly 70 of the 170 acres so they can protect Hunter's Creek and the hiking trail. They are willing to pay $8 Million for it. There's no bargaining either.

Municipalities are assholes. It's all part of the fun. Can you give them a long term lease or swap the land for something else you want? Florida is big on swaps, not sure how they are up there.

Then you have construction issues revolving around what style can be built. The Town will only allow 10 homes, which is cool because that's more than enough. We'll gross $5 to $6 Million per home anyhow.

In an upscale market, it's the custom details that matter, and the finishing is as pricey as the buyer is selective. You know this....so how much can you bring each house in for? In FL, construction is not too bad - materials are what they are, but labor is cheap and you can build year round. I would think the construction costs in CO are much higher.

If you're grossing $5.5M per house in FL, you've either got oceanfront property (land costs = high, construction costs = high), or riverfront / marshfront / exclusive community. (Land costs = moderate but construction costs high)

In CO I would guess building is more expensive, especially roofing and foundations / masonry. Can you make money at that gross? I am sure you thought it all through. I guess it depends on your land costs.

Interesting stuff though.

Then, I have the right to build a chalet style building near the tennis courts. However, they will only allow it to be three stories high. Cool, but sucks because that cuts out 3 units I could have added.

Municipalities suck.

$25 Million property cost, $8 Million back plus tax incentives, and the guy I was going to partner with went on vacation to Europe and decided he was going to wait till he came back to sign the final paperwork.

I'm about to cut him out and go with another guy since he never signed a binding agreement before he left.

Isn't there some risk in burning a bridge? Won't it be hard to get financing if you have pending litigation?

http://img225.imageshack.us/gal.php?g=maine215hn.jpg

I put the pics in backwards. And the fucking green room is being pulled apart. The idiot designer didn't listen when I said I hate green carpet. That whole room is being completely redone at this moment. I came back after three weeks to find some ass ugly colors in the house. I should have asked Velvet to come up and fix it.

The downstairs is amazing except the blue couch which I dumped off at the local flea market. The upstairs was a friggen nightmare with foofy-foofy crap everywhere. I changed the flooring, ripped out the wallpaper, and dumped some of the cheap ass furniture they used.

Is that your residence?

I like the property a lot. Interior is not my style, but there's no accounting for taste, is there?

Good luck on it.

 

[gotmilk]

We can't swap land. They offered tax incentives but it's a joke. The alternative is watching the County seize the section they want. So basically, the offer on the table is the offer to accept.

We're lucky in Aspen because we know exactly what to design on the exterior. We leave the insides pretty basic so that the buyers can have the interior finished how they want. Otherwise, one wants hard wood floors...no wait...carpet..no wait...

I almost emailed Velvet and asked if she wanted to do some design ideas for the interiors.

We're putting anywhere between $1.5 and $2 Million into each home for starters. We use the best stone, masonry, roofing, etc. The rest depends on how the interiors end up. Like you know, you can't even fully finish a place without the buyers wanting to rip stuff out. Property costs average about $1.7 million a parcel. However, you're getting 10 acres per home and you can shoot the Jerome Hotel from where we are at. It's the closest property to downtown that can be bought.

The moron who left for Europe is a moron. There's not much of a bridge to burn because he burned it awhile ago. He can't sue me because he decided to ignore the paperwork for 2 weeks and never made a written or even oral agreement. This is one of those wealthy guys who thinks the world waits for him. I should have sued him before because he cost me a REBCO oil deal that would have paid me $2 Million a month for 24 months.

The house in Maine is not mine. Great location near Acadia National Park. Great exterior and design. Ass ugly upstairs that I ended up redoing. The interior is the style for downeast Maine. Ocean views, lots of porch space.

I have another house too but only the exterior is finished. The waterfront needs to have rock removed to create a cleaner beach area. Unfortunately, Maine law only allows a certain amount to be removed and it has to be approved. So in the meantime, the beach is like a Colorado boulder hike.

 

[gotmilk]

the fam is now buying outside of aspen... seeing as how the condo we sold in aspen will get us a 10 acre ranchette 15 mins outside the city... plus we can have a runway on the property! siiiick

I laughed when I saw how much Guber's ranch went for. I'd love to get my hands on his property.

I'd be content with selling everything I develop and buying something in West Aspen. Live in a fat $10 Million home and pocket the rest.

 

[MR Pink]

Pitkin County wants nearly 70 of the 170 acres so they can protect Hunter's Creek and the hiking trail. They are willing to pay $8 Million for it. There's no bargaining either.

Then you have construction issues revolving around what style can be built. The Town will only allow 10 homes, which is cool because that's more than enough. We'll gross $5 to $6 Million per home anyhow.

Then, I have the right to build a chalet style building near the tennis courts. However, they will only allow it to be three stories high. Cool, but sucks because that cuts out 3 units I could have added.

$25 Million property cost, $8 Million back plus tax incentives, and the guy I was going to partner with went on vacation to Europe and decided he was going to wait till he came back to sign the final paperwork.

I'm about to cut him out and go with another guy since he never signed a binding agreement before he left.

http://img225.imageshack.us/gal.php?g=maine215hn.jpg

I put the pics in backwards. And the fucking green room is being pulled apart. The idiot designer didn't listen when I said I hate green carpet. That whole room is being completely redone at this moment. I came back after three weeks to find some ass ugly colors in the house. I should have asked Velvet to come up and fix it.

The downstairs is amazing except the blue couch which I dumped off at the local flea market. The upstairs was a friggen nightmare with foofy-foofy crap everywhere. I changed the flooring, ripped out the wallpaper, and dumped some of the cheap ass furniture they used.

Nice house...if I become a millionair and want to buy a house in the US you got yourself a job

 

[NorgePrecision]

I'll contact you in about 10 years for a dream home in Aspen, gotmilk. Are you still going to be developing then?