903 Loyola transaction has continued to progress smoothly. We continue to stay in close communication with all parties and are hopeful to be able to release details of the deal within the next week.
Sold: 901 Loyola Dr, Los Altos, CA
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This newly to be completed modern home by renowned builder, Aron Developers, is located next to the prestigious Los Altos Golf and Country Club. Two levels - including basement area, 5 beds, 5 baths, 4565 of living sqft & lot 9241 sqft. Custom hardwood 9" wide planks line the flooring throughout upper & lower levels. DSC alarm system + Nest cameras. Estimated Completion 2/2017.
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903 Loyola is currently pending. We are working extremely closely with our listing agent to ensure a smooth transaction. As we near the closing date, we will publish further details regarding the sale.
As our email earlier in the week described, 901 Loyola has sold and we are now negotiating offers on 903 Loyola. This weekend had another strong turnout of potential buyers. We will let you know as soon as anything comes to fruition.
I wanted to give you a quick update on the Loyola project.
We closed the sale transaction on 901 Loyola Dr. Los Altos yesterday.
On 903 Loyola we are negotiating with two buyers, however we don't have a signed contract yet.
As of this morning, we have initiated a complete return of the Principal amount of the Preferred Equity Investment into the project.
If you had invested via ACH, you will be receiving the amount via ACH in the next few days. If you had written a check, you will receive a check in the mail shortly.
I'll keep you informed on the progress of 903 Loyola Dr. Los Altos. Interest and profit share payment on the Preferred Equity will be made once 903 Loyola is sold, all accounting is done, and the project is completed.
Let me know if you have any questions.
901 Loyola final inspection passed this week and we have received occupancy certificate. We are in the process of closing and will provide an update at the appropriate time regarding the details of the transaction. On 903 Loyola, we are currently negotiating offers. We are wrapping up the last of the loose ends and will be calling for final inspection next week at 903 Loyola.
We are currently one inspection away from receiving Final Permit and Occupancy Certificate on both 901 and 903 Loyola. Upon closing out the permit, we will be completing the pre-sale of 901. On 903, we are currently featured as a "Hot Home" on Redfin (https://www.redfin.com/CA/Los-Altos/903-Loyola-Dr-94024/home/108432207) and have been gaining steady foot traffic and interest.
On both 901/903 Loyola we are finishing up the interiors. We are installing baseboard, hardware, closets, appliances, and finishing the decks. We hope to start the sewer connections early week and finish by end of the week so we can proceed with the driveways, front hardscaping, and landscaping. For those of you who are not aware, we are in contract on 901 Loyola and doing everything we can to get occupancy certificate by end of the month in hopes of closing escrow as soon as possible. On 903 Loyola, we are hosting an open house this weekend to hopefully pre-sell the home prior to occupancy certificate.
The stucco on both homes is now complete. Starting next week, the driveway site scaffolding will be removed and we will begin utility trenching. On the interior, cabinets are installed, tile is almost complete, paint is done, and hardwood flooring material is now on-site in preparation to begin the installation.
901 Loyola walls are now primed and tile has started in the bathrooms. Cabinets will be delivered next week and then finish coat of paint will be applied. 903 Loyola painting is nearly complete and waterproofing for the tile work just passed. Stucco has one more coat before scaffolding around the exterior of the homes can be removed.
As the update earlier this week communicated, 901 Loyola is in contract and as of yesterday, contingencies have been removed. Close of escrow will take place upon the certificate of occupancy. 903 Loyola will be going back on MLS starting middle of April. As for the construction, 901 and 903 drywall is complete and stucco is underway. The site work is also making progress.
We have passed all trades inspection in both 901 and 903 Loyola. Spray insulation is complete in 901 and just started in 903. As soon as the team is done spraying insulation, batt insulation will begin followed closely by drywall. In 903, all remaining windows and doors are now installed, we are waiting for the final delivery for 901 in order to complete installation. The rear retaining wall behind 901 garage and between 901 and 903 is going to be poured 02/25. This offers a great visual for the end buyer which we are hoping will help the pre-sale effort.
Both 901 and 903 Loyola went live on MLS this week. We have been pushing both 901/903 Loyola extremely hard to get to the finish line as soon as possible and to best prepare the site to go on market and showings. Rough work in both the homes is nearing completion and we are striving to hang drywall starting the last week of January.
Window and door installation is almost complete on both 901 and 903 Loyola. HVAC rough-in is nearing completion. Roofing is almost complete as well. As soon as the structure is completely weather tight, we will begin electrical and low voltage. The garage footings have been poured and we will be pouring the slab early next week.
Framing has completed and we are currently working to install the windows and doors. With the wet weather, we are eager to complete the building envelope and have a dry working environment in the interior. Drainage in the backyard is complete and the detached garage pads are ready to be poured. As soon as they are poured, framing will begin.
901 Loyola and 903 Loyola were put on MLS last Tuesday. We are constantly trying to push and innovate our pre-sale effort and we are very proud of the work that the team has put in to try to make it happen.
Sheathing inspection has passed and we are currently finishing framing. Rough trades are inside each of the houses completing layout. We are also working in the back of each home to complete drainage. As soon as drainage is complete, we will begin preparation to pour the detached garage slabs.
901 Loyola - The walls have been poured on 901 and we have stripped the forms. Waterproofing is almost complete. The vertical drains will be placed next followed closely by drain rock and backfill.
901 Loyola - Rebar is about 50% complete. Rebar will be continued to be tied and placed throughout this week in preparation for the slab being poured.
901 Loyola - Drain rock, forms for the slab, and waterproofing are now complete. Rebar is currently being fabricated and bent off site and is scheduled to be delivered beginning of next week. We are hoping to pour the slab end of next week or beginning of the following week.
901 Loyola - We have finished all under-slab plumbing and drainage and soil has been backfilled and compacted. Forms have been confirmed to be in compliance with all setbacks and we can now begin to place drain rock in preparation to form the slab.
901 Loyola - Due to site constraint, we are using that space to provide access to 903 Loyola. We will build a ramp next week in order to create easier access for both lots, after which, work can be done simultaneously on both lots. We will begin form-work and plumbing for the foundation next week.
We were informed last week that the front setback for the two homes was not compliant. It needed to be 30ft instead of 25ft in the approved plan - a mistake made by the County Planning. We worked diligently with our civil engineer, structural engineer and architect over the long weekend to update the plans and move the homes back to comply with setback requirements, and the updates to the plans are expected to be approved by Monday. Had we not reacted and resolved the issue so quickly, it would have been very expensive to address later.
Since the appraisal was higher than expected, we were able to raise more money from our debt provider, hence allowing us to raise less than the original goal of $1M in preferred equity, while still maintaining a healthy cash flow to complete the project. We raised a total of $775,000 via preferred equity investments.
- We have retained Lea & Braze Engineering as civil engineering for this project.
- Architecture plans are being finalized.
- We have met with planners at Santa Clara County to review our proposed plans, and incorporated verbal feedback to civil engineers and our architect.
- We are submitting building site approval application before Thanksgiving