Friday, September 11, 2015

Mid Century Modern to New Century Modern Pt. 2

In part 2 of our latest renovation project we take a look at the addition and all the options that it presents for the property.  The 3 bed 2 bath 1100 sq ft main house is in excellent shape just needing cosmetic updating. 95k would be a reasonable price for just that unit alone.  But this property just gets better and better! There is a 675 sq ft addition that was very well constructed.  It was permitted as a finished porch presumably because it doesn't have a central AC unit installed.  A little bit of flooring and replacing of paneling with drywall will make this an incredible space and add a ton of value to the home.  Last but not least, it's on a waterfront conservation lot.  Take a look at the video and see all the potential that this home has.

Wednesday, September 9, 2015

Upcoming investment project: Mid Century Modern to New Century Modern

I'm back at it again!  While we are putting the wraps on Jon and Kindra's reality home (final finished product to be shown here soon!) we decided to pick up another investment property.  This is an old mid century modern design in a B- neighborhood that is just crying out to made amazing again.  The home was inherited by a couple in their late 70's and they have no use for the home.  They don't want to live in it, they don't have any family that wants to live in it, they don't want to be landlords and rent it out themselves, they just want to be free of the property.  They have been paying insurance, yard maintenance, and taxes on it for the past year and had listed it with an agent who was less than stellar and overpriced the home.  I met them while finishing up our Forest Hills investment property and things took off quickly.  What went from me auditioning to simply list the property for them turned into me making a cash offer to take it off their hands in short order.  We will be closing in a couple of weeks.

Some facts about the home.  Main house is a 3bd 2ba 1100 sq ft with a carport.  2 permitted additions were done that add another 675 sq ft in the back.  The possibilities are endless as the back unit could easily be turned into an attached 1/1 inlaw suite or integrated into the main house to make a large 4/2 or 4/3 1775 sq ft house.  The house was immacutlately maintained but never updated so it's like taking a trip to "Grandma's House".  We have a lot of decisions to make regarding the renovation but I want to preserve as much of the original mid century style while simply modernizing with latest and greatest appliances and amenities.

As for the neighborhood, I call it a B- neighborhood because its an area of smaller homes that didn't have too many updates and you can tell it was hit hard by the foreclosure crisis of 07-10.  It's a perfectly safe neighborhood it just has homes that are in need of updating and it's finally starting to happen as the rest of the surrounding areas have already been improved or never really went downhill.  The best part is that in spite of the immediate area being a little more rundown than desireable, it's still in an area that is zoned for very good schools so this will surely attract plenty of prospective renters or buyers should we choose to sell.

Original birch cabinets with legs are a classic

putting new counter tops and modern appliances could really bring these old cabinets back to life

Green bathroom is probably a little too vintage the vanity and the medicine cabinet could be cleaned up and tied into the mid century design

Just isn't mid century if we don't have pink!

Beautiful terrazo floors, high ceilings and huge windows

Addition waiting to be brought to life

Addition waiting to be brought into the 21st century

Tuesday, September 1, 2015

Reality Home Pt 2 - The Rebuild

It's been a very busy few weeks here in Tampa.  We had 2.5 weeks of unprecendented monsoon rains that really put a lot of delays on several projects.  The sun is back out and we are moving along so it's time to catch up with my friends Jon and Kindra and see how their "reality home" renovation is coming along.

This home is a 2400 sq ft 3 bed 2 ba 2 car garage pool home in the Lake Magdalene section of Tampa.  It also has an enclosed sunroom that represents about another 300 sq ft.  It was built in 1978 which is older by Florida standards but all things considered still a very modern home.  PVC and Copper plumbing, no lead paint or asbestos issues, etc.  These older homes are popular because they sit on much larger lots than modern day new construction subdivisions.  Lets take a look at the before pics.
Beautiful mature trees and landscaping

A well cared for but HIDEOUS kitchen.  The cabinets appear to be the original ones just repainted numerous times.  Notice the soffit all around the kitchen.

another view of the kitchen, the french door fridge is great except that the bottom freezer opens up right into the peninsula!

Living room with blue gray slate tile and popcorn ceiling!

View from the living room into the sunroom.  Sunroom was created within the last 10 years and was constructed fairly well.


Pool and backyard landscaping

Huge backyard

Laminate flooring in the bedrooms and office areas.

This home was listed at 249k which quite frankly was a pretty solid price.  It's not the most stylish home but the laminate flooring was newer and in great shape, the square footage is tremendous and it has a pool and big well landscaped yard.  To be under $100 a sq foot is a steal.  The problem this house had is that buyers looking at homes of this size are really looking at a home they are going to live in for the long haul and they want it to be beautiful, not mediocre.  Buyers in this neighborhood generally aren't willing to do the work involved in updating a home despite the fact that they may be able to afford to.   

Insert Jon and Kindra.  In true HGTV Property Brothers type fashion, they understood that they would get far more long term value plus the ability to customize to exactly what their tastes are if they bought a fixer upper rather than inheriting someone elses style (or lack thereof).

Chip and Hammering up the Tile
The kitchen is no match for teenage angst!

Pups want in on the fun!

Scraping 2400 sq ft of popcorn ceiling!

Bye Bye Soffits, Hello Pot lights!

Opening up a pass thru from the foyer to the kitchen

relocating the water line to make the kitchen larger and flow better

New Floor tile has arrived!

Bowser the Pug says "If you won't let me inside to do demo, I'm gonna demo the entire back yard"

Stay tuned! There is lots more to come as this reno kicks into high gear!