Would appear I jinxed myself with my overly positive post last time. As it wasn't but a few days later when we had anticipated closing on the construction loan that I get a call from my banker saying that due to a FDIC consent order, they can no longer loan out money. Its a lengthy explanation, however, basically, the bank is not doing well, and they can't lend.
So much for being ahead of scheduled and things running smooth. After a couple of days of calling other local banks, began to get the back-up financing in place. I was really never worried about getting approved - however, it was more of a question of timing - as in how long would it take to jump through the customary hoops to approval.
So far, it appears we will lose 2 and 1/2 weeks total - as we got derailed Oct 4 and hope to be back on site Oct 19-20. So not terrible - but given the time of year - far from ideal. We won't close on the loan for another 14-18 days - but it has been approved and through the underwriting hoops. Hopefully the weather averages hold to form, and the first measurable snow (1+ inch) doesn't hit unitl the avg (Dec 5th) or later.
In the end, the new bank will likely work out better than the other, as they are more local and it just seems to be a better arrangement
No pics, as no progress.
Monday, October 18, 2010
Wednesday, September 29, 2010
Teardown/Excavation
After what was a lengthy permit process - 5 weeks...finally had permit in hand last Wednesday. Had banked on getting the permit that day, so had sewer and water guys lined up to disconnect sewer /water on Friday. Demolition was scheduled for Monday, with excavation starting Tuesday/Wednesday. Seems the second time around, have already learned how to run things a bit more efficiently. The largest efficiency gained is in minimizing my subs - as in, rather than have a different guy for each trade, my concrete guy, for example, also is demolishing the house, excavating, pouring the concrete walls, damproofing and all my flatwork. So far, it has made it much easier than the last build - as one guy is on the site and can move from job to job as he finishes. No need for me to try and schedule a demo guy, then an exacvator, then a concrete guy, then a damproofer. Potential to lose 2-3 weeks of time in that process. So, maybe if I did 5 of these, I would become super efficient.
And lucky for me, this is my second build, as the city of Naperville managed to overcharge me on my permit by $3,000! Seems they failed to give me the appropriate credits they give for existing things on the site. Had I not noticed the large increase from the house we finished 13 months ago - I would have had no clue, and would not have bothered double checking. Thankfully, I compared it to my last permit and questioned the city. They agreed with me, and are cutting me a check for $3,000.
The boys got to see about 45 minutes of the demo on Monday morning - they would have preferred to see it all, but school was waiting. They got a chance to run around the now empty lot that night, which was their only shot, as the lot is now a 9ft hole.
Excavation went flawlessly today - as no large rocks were down there, nor do we come across any water, which was my biggest concern, as downtown Naperville generally has a higher seasonal water table in this area (hence, reason I am putting in two sump pumps). However, the lack of any visible water is a nice sight.
Overall - the hope is to have footers in by Friday and have the concrete form walls in next week - with framers starting in about two weeks or so. Last time, we tore down in November and did not even start framing until early January - so early on, pace is looking good.
Naperville requires televising of the sewer pipe to ensure it is in good shape (inspector viewing it in photo). Amazingly, the very old clay pipe to the main in the street is in top notch shape and does not to be replaced.
Boys had a front row seat to the demo...
Carter was intrigued, but preferred to keep his distance from the "digger".
The demo guy noticed some old tools in the attic - a pick ax, and some other things...I told him they were his to keep.
Literally, within 90 minutes its about down...stands for 70+years, comes down in mere minutes.
Carter, from the safe seats in the car.
Granted, there are colder climates than Chicago, however, just like the last teardown, there is virtually no insulation in any of the walls.
Unlike last time, when I was the first on the block to demo a house...you can tell from all the photos, I am one of the last this time...many houses around me have already met their fate. Needless to say, had my lowball offer on this lot not been accepted, we would not be doing this again, nor our are pockets deep enough to live in this area, basically in the center of downtown. So the down market, does have some advantages. Two years ago, this lot was $400,000 - we paid less than half for it. In the past 8 weeks, two other demolitions have occured on Jefferson a couple blocks away. Despite the worst housing market in 70 years - I counted 13 active teardowns yesterday in the downtown area. When I was building 18 months ago, there were maybe 3 or 4.
By 1:30 - the crew was gone.
By time I got home from work today...entire foundation was excavated...I don't get how they can move as fast as they do.
And lucky for me, this is my second build, as the city of Naperville managed to overcharge me on my permit by $3,000! Seems they failed to give me the appropriate credits they give for existing things on the site. Had I not noticed the large increase from the house we finished 13 months ago - I would have had no clue, and would not have bothered double checking. Thankfully, I compared it to my last permit and questioned the city. They agreed with me, and are cutting me a check for $3,000.
The boys got to see about 45 minutes of the demo on Monday morning - they would have preferred to see it all, but school was waiting. They got a chance to run around the now empty lot that night, which was their only shot, as the lot is now a 9ft hole.
Excavation went flawlessly today - as no large rocks were down there, nor do we come across any water, which was my biggest concern, as downtown Naperville generally has a higher seasonal water table in this area (hence, reason I am putting in two sump pumps). However, the lack of any visible water is a nice sight.
Overall - the hope is to have footers in by Friday and have the concrete form walls in next week - with framers starting in about two weeks or so. Last time, we tore down in November and did not even start framing until early January - so early on, pace is looking good.
Naperville requires televising of the sewer pipe to ensure it is in good shape (inspector viewing it in photo). Amazingly, the very old clay pipe to the main in the street is in top notch shape and does not to be replaced.
Boys had a front row seat to the demo...
Carter was intrigued, but preferred to keep his distance from the "digger".
The demo guy noticed some old tools in the attic - a pick ax, and some other things...I told him they were his to keep.
Literally, within 90 minutes its about down...stands for 70+years, comes down in mere minutes.
Carter, from the safe seats in the car.
Granted, there are colder climates than Chicago, however, just like the last teardown, there is virtually no insulation in any of the walls.
Unlike last time, when I was the first on the block to demo a house...you can tell from all the photos, I am one of the last this time...many houses around me have already met their fate. Needless to say, had my lowball offer on this lot not been accepted, we would not be doing this again, nor our are pockets deep enough to live in this area, basically in the center of downtown. So the down market, does have some advantages. Two years ago, this lot was $400,000 - we paid less than half for it. In the past 8 weeks, two other demolitions have occured on Jefferson a couple blocks away. Despite the worst housing market in 70 years - I counted 13 active teardowns yesterday in the downtown area. When I was building 18 months ago, there were maybe 3 or 4.
By 1:30 - the crew was gone.
By time I got home from work today...entire foundation was excavated...I don't get how they can move as fast as they do.
Wednesday, August 25, 2010
Tree
Well, today was the first day of any real action at the lot. Regrettably a 75-year old tree that resided smack dab in the middle of the front yard needed to meet its demise. It was simply weaker and would not survive long term once all the utility trenching that is to be done right through its root base.
So needless to say, I was the jackass of the neighborhood today, as many were passing by curious to what was going on. However, the other option would have been to trim it back extensively and watch it slowly die over the next 4 years. You see it so often on these teardown lots...everyone does all they can thinking they can save a tree...only to have to take it down a couple years later, as it can't survive the shock that construction put on it.
So needless to say, I was the jackass of the neighborhood today, as many were passing by curious to what was going on. However, the other option would have been to trim it back extensively and watch it slowly die over the next 4 years. You see it so often on these teardown lots...everyone does all they can thinking they can save a tree...only to have to take it down a couple years later, as it can't survive the shock that construction put on it.
Soooooo, we took it down versus having to do so at a greater cost down the road. Had it been in the parkway or more off to one side, it may have had a chance...but location was so bad n relation to utilities and house.
It does look pretty barren now...but thats all part of the process. Had same tree crew out that worked with me on the previous build...they do a great job and at a great price.
Got there by 8:30 and bottom portion of tree was already gone. Even then, you can see how close it was and the overhang on a small 70 yr old, 1 story house. Much less a 2 story, 3,000+ sq ft house that will go in its place.
Yes, that is the tree guy hanging out up high. Crazy how fast and nimble, and fearless, these guys are.
Sadly, took 75 years to grown, and only 4 hours to get to this point.
Carter, trying to help move the trunk...crazy how big those things are...and now you get a nice view of a house that was priced at $400,000 36 months ago (we did not pay even half that)....but still, crazy to pay that money to put a wrecking ball to it. You can see both houses to the left and right have come down long ago...as has the one behind. Currently, there are 3 more coming down within about a block of this one. So while real estate market is not good...teardowns continue to trek along.
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