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LOFTY PURSUITS MARK SCHUSTER. TIMBER RIDGE  CONDO CONVERSION (1997)  100 UNITS  $10,000,000 PROJECT  PROBLEM  SALES DROPPED IN 6 MONTHS TO ZERO 

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Presentation on theme: "LOFTY PURSUITS MARK SCHUSTER. TIMBER RIDGE  CONDO CONVERSION (1997)  100 UNITS  $10,000,000 PROJECT  PROBLEM  SALES DROPPED IN 6 MONTHS TO ZERO "— Presentation transcript:

1 LOFTY PURSUITS MARK SCHUSTER

2 TIMBER RIDGE  CONDO CONVERSION (1997)  100 UNITS  $10,000,000 PROJECT  PROBLEM  SALES DROPPED IN 6 MONTHS TO ZERO  SALES DEPART. CAN’T SAY WHY  CLOSE INSPECTION BY MARK  UNSOLD UNITS DIDN’T LOOK FRESH WORN OUT CARPET BURNED OUT LIGHT BULBS CAULKINGS PEELED OFF

3 TIMBER RIDGE  SOLUTION  PAY ATTENTION TO DETAILS  MARK GOES TO WORK AFTER HOURS CLEANS THE CARPET RECAULK THE COUNTERTOPS PAINTS THE DOOR TRIMS  HARD WORK PAYS  ALL UNITS ARE SOLD  FIND A JOB THAT YOU ARE PASSIONATE ABOUT  BE ON TIME AND KEEP YOUR WORD

4 KEEPSAKE STORAGE  FAILURE: EVERYONE EXPERIENCE IT  CONDO OWNERS WANTED MORE STORAGE SPACE  BOUGHT LAND AND DESIGNED THE STORAGE BUILDING

5 PROBLEMS  HAD TO CHANGE ARCHITECT  A LOTS OF TIME DUE TO MANAGEMENT OF THE FACILITY  HAD TO LEARN MYRIAD OF LEGAL PROCEDURES  COSTLY EVICTIONS  4 OTHER MINI STORAGES POPPED OUT  TOOK 3.5 MILLIONS TO FINISH  CAPITAL CALL LETTER:I SCREWED UP

6 SHOULD HAVE …..  MADE A SMALLER STORAGE FOR THE AREA  DESIGNED DIFFERENTLY  THREE STORY BUILDING IN THE MIDDLE  SHOULD HAVE GOTTEN MORE HELP FROM EXPERTS IN THE FIELD  HIRED A MINI STORAGE MANAGEMENT COMPANY

7 MOSLEY LOFTS

8 =1&address=2720-3rd-Ave-#711-Seattle-WA-98121

9 MOSLEY LOFTS $ 559,000

10 PROJECT  YEAR BUILT2008  CONTRACTOR: JE DUNN  OWNERFRED SHIPMAN  DEVELOPPER :SCHUSTER GROUP  OWNER: MARK SCHUSTER  ARCHITECT:  MITHUN ARCHITECTS 42 UNITS X 5 DESIGNS = 210 DESIGNS YOU NEED TO LEAD THE SUBCONTRACTOR AND USE THEIR EXPERIENCE

11 MARKETING  BUYING PROCESS: 2 YEARS FROM START TO END  KEEP THE ENTHUSIASM  BUYER EVENTS EVERY 3 TO 4 MONTHS KEEPS BUYERS INFORMED GET TO KNOW THEIR NEIGHBORS THE MOVIE: THE INCONVENIENT TRUTH BY AL GORE

12 PROBLEMS  DELAYS  EXCAVATION  CONCRETE PLANT STRIKE  MEP: MECHANICAL ENGINEERING AND PLUMBING COORDINATOR  TENSION BETWEEN THE SUBCONTRACTORS  COST OVERRUN: 3.3 MILLION DOLLARS  MEETING WITH BANK:LARRY AND JOE YEARS OF EXPERIENCE UNDRESTOOD THESE THINGS HAPPENED BUT TRUST IS ESSENTIAL

13 PROBLEMS  CONSTRUCTION LOAN NEEDED EXENSION  200,000 PRICE  TOO MUCH TIME WAS NEEDED  THERE WERE OTHER PROJECTS A GOLF COURSE RESORT A SHOPPING CENTER AND TWO OFFICE BUILDING RENOVATION  HAD TO HIRE AN OPERATION EXECUTIVE  CONTRACTOR WAS NOT AS PRESSED AS US  HIRED A PRICEY SCHEDULING CONSULTANT  WE THOUGHT WE NEEDED 4 MONTHS  WE WERE TOLD WE NEEDED 9 MONTHS

14 FINISHED PROJECT

15 THANK YOU KIANOUSH ZADEH


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