lofty pursuits mark schuster. timber ridge condo conversion (1997) 100 units $10,000,000 project ...

LOFTY PURSUITS

MARK SCHUSTER

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

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

KEEPSAKE STORAGE

FAILURE: EVERYONE EXPERIENCE IT CONDO OWNERS WANTED MORE

STORAGE SPACE BOUGHT LAND AND DESIGNED THE

STORAGE BUILDING

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

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

MOSLEY LOFTS

MOSLEY LOFTS

http://search.idxnw.com/flyer.html?id=10049850&ln=288634&ff=1&address=2720-3rd-Ave-#711-Seattle-WA-98121

MOSLEY LOFTS

$ 559,000

PROJECT

YEAR BUILT 2008 CONTRACTOR: JE DUNN

OWNER FRED 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

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

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

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

FINISHED PROJECT

THANK YOU

KIANOUSH ZADEH