Development Journey: The Beginning

I’m looking forward to sharing progress reports as 1105 Wildcat Canyon Rd in Pebble Beach becomes a gorgeous modern home.

 

Identifying this opportunity was somewhat easy because the land and concept drawings were posted on the MLS. The listing sat dormant for four months. As luck would have it, once my partners and I started digging into the opportunity, others also took interest. In the end, we became the owners.

 

The property has been through the planning stage. This means that the town of Pebble Beach and the county of Monterey have reviewed and approved the concept for the home. We are creating a contemporary three bedroom, three and a half bathroom home with an ADU suite and a cool loft that one will be able to access through a secret door in the office. My kids can’t wait to see that door in action.

 

Now, we need to engage the architect and a team of engineers to develop construction drawings. The building department will review these detailed plans to hopefully issue permits. The general contractor will solicit bids for materials and subcontractors. If all goes as planned, we anticipate the project will be “shovel ready” in about three months.

 

We have also engaged a construction lender to help finance the development. With a construction loan, we still make a down payment, but we are able to borrow money to build the property. The lender monitors the builder’s progress, and we approve draws on the loan on a monthly. A key component of a construction loan is that we pay interest only on the funds drawn. In the beginning, our interest payment will be low because the project is just starting.

 

If you have ever been curious about the process to build a house, please follow along as I share the joys and frustrations of the creation process.

 

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