I put in a bid for a different loft today. This is a loft in a small downtown financial district building. Very different from the original loft that I was (and is?) working on. It has its own character. But let's not get too excited until the offer is accepted first! The offer is a little tricky because the developer has priced out the unit as a finished unit. I wanted to buy it as a shell so that I can finish it. So I need to figure out what the sell price would be and go from there. i.e. I need to figure out how much money he was planning to put into finishing the unit, subtract that from the asking price, and that would be the starting point. Then I have to decide to make an offer how much below that. Typical situation, faxes got delayed, phone tagging back and forth, and not until very late in the evening the seller broker got hold of the seller, so I won't know until tomorrow.
New Candidates
There are more news on the Harrison developer -- he was written up on South End Newspaper a few weeks ago. Just read it. Not sounding good. I started looking around and found a few interesting places. Problem is that they are all straying from my original "want" list. The most interesting place is interesting because it is a penthouse, it is big, but absolutely no parking, and not much light although it as windows front and back. Also the ceiling height is not 12 ft. Mind you, 12 ft is very tall. You will be amaze what 12ft ceiling really feels like. 10 ft is good height. So decisions, decisions...
Bad News
Just heard from the developer's agent. He has been trying to get in touch with the developer and not suceeding. The new contractor seems to have stopped working on the building. This is not good...
Initial design is Done
We have finished the initial design of the layout of the loft. (What is the correct architectural term here? spacial program? floor plan? ..) This is a major milestone in the design process I think, and we have taken record time to do this -- meaning getting to such a great solution in such a short time. We achieved the goal of having a big open space (19x20ft) for doing tai chi, swords, etc. We also have a great audio/video/entertaining space that is good for both private listening/viewing and movie nights. The overall loft is extremely open but without being too sterile. Everything seems to be falling into place now.
Meanwhile, for some reason we have to get the building's architect to approve our changes to the interior, and we just got that approved, at least on the rough drawings that we sent them. The next stage is detail engineering drawings to get final approval.
sofa
I found a really great sofa system by Cassina. called K11 frame. The entire setup is configurable, from back to side to table services. They also have a matching bed as well. Chaise today, loveseat tomorrow. The picture does not do the system justice. Also check out the wink and the dodo chair while you are at their site.
Audio Video Space
I am researching the setup requirement for a good A/V space. A good reference site to start with is SoundStage. Let's start with audio (2 channels) speaker placement. Center of the woofer should be RW x .276 from side wall, RW x .447 from rear wall, to minimize reflection. RW = room width. This means a normal 10 ft wide room will push the speakers 4.5 ft into the living space. Difficult to accomplish I'd say. It's all about minimizing reflection. Glass (windows!) is bad. Padded walls? Unlikely either. This is not going to be easy.
Supplier Links
Home Lighting Control Lutron -- RadioRA for existing retrofix, HomeWorks Interactive for more powerful and flexible controls.
Field Verified
Yesterday was the most fun day of this loft hunting saga to date. Selina and Steward, the architects, came and visited the site, field verified all the measurements, and we spent a lot of time discussing the design. They came up with some very clever designs. That's why calling in the professionals are better! Some very small changes on the interior space results in some great improvement over the original intended space planning I think. After thinking about the various proposed design in my head all day and night, I think I am coming up with a theme for the project as well. More details to follow. I also got one of the big questions answered finally regarding this process. I keep hearing from the developer that they have to finish the interior to original specification before deliverying the unit to me. i.e. they cannot left the interior unfinished, in case we have to tear down everything to start over if we are going to use our own contractors. They used to say that the reason is the need to obtain a OC (occupancy certificate), which is not true. Finally we got the reasoning today. Because they borrowed money from the bank, they cannot close their own mortgage if the building did not have the right amount of interior work done, i.e. the units have to be worth what their development loan covers.
Mis-communication and house tour.
I went to the South End Historical Society annual house tour today. It is always fun to see nice homes. This time they included Lester Thurow's house, which was just featured in the Boston Globe. That definitely was the highlight. One idea that I can borrow from one of the house is as follows: They have a marble topped kitchen work table (8 ft x 3 ft'ish) that is set on wheels. So in theory it can be moved. So can I have a dinner room table / kitchen island setup this way? Back to mis-communication. I ran into the seller's broker at one of the house tour houses. I thought I was waiting for his call to setup a meeting with the contractors. He said he was waiting for me to call him to visit the site with my architect. The contractor don't want to meet first. They just want to see my architect's plan and give me an estimate. Oh well. Almost two week wasted on this arrangement.
Still Waiting
Finally I heard that the seller's agent gathered all the architectural drawings and about to send it to my Architect. That took a long time. Meanwhile on the attorney front everything about the P&S should be negotiated except for one thing -- whether I can put something there about the developer doing the custom work using their contractors. We worked out some language to put into the P&S and now lets see if they will agree. I was hoping to get this done this week -- "buying a loft for my birthday" as Karen put it. But that is unlikely to happen and I have to wait some more.
P&S Negotiation Preparation
Had a conference with my attorney on the P&S. Of course it is completely one sided benefiting the seller. I always wonder about this type of negotiations. Are there some standard dance that the attorneys on both sides go through?Does anyone get away with the first draft? What is the percentage that someone ended up getting caught by wrong language on the P&S?
One funny thing. All the discussion with the attorney has been via phone and email (yes -- email, which is important for me). We have never met.
Meeting the Developer and Future Neighbors
I went to the building site right on time. I am the first one there. The seller's Agent recognized me and introduced me to the developer. We walked around the building and my unit, and he gave me a good sales pitch as to how things are going to be fine now... The seller's agent actually bought one of the unit. I think they are making that the demo unit because in a week according to them, the new construction company built out his custom internal. It looked good. I also realized why he had that unit. That part of the building has 20 foot ceiling. It is a lower floor, but the height is great. Of course, there is less external light and view, but the height...
One surprising thing that the developer said is that they are willing to do custom build out, within reason, if I can get the plans to him within the next few weeks. That seems unusual, but of course I will now push for it. I think what he is thinking is moving a wall or two and stringing more cat-5 cables only. We will see.
The building site looks good. It is clean and organized. At least on one side all the windows are in. The heating and cooling systems are in. The elevators will be working in two weeks. While some of this maybe for show, it seems like there are real progress.
I met five or six other owners. They all bought way at the start of the project and have been waiting for the completion. They seems happy, partly because the paid a little less at the beginning perhaps and are happy that the unit appreciated. Also the mortgage rates are lower now if they need to get mortgage.
One of the unit that I saw was again on the lower floor with the double height. They put two units together. This will be a 3000 sq ft unit with 20 ft height. Good to know that there are more expensive units in the building, beside the penthouse units.
I was a little surprise that no one is doing it, but I was planning to do it anyway -- I collected email addresses from all the owners I can find at the site and will start a mailing list for the building. Hopefully we will get better leverage in negotiating with the developer with more information shared. The guy does seem to be quite reasonable today.
New Refridgerator Arrives
I have a new fridge for the current house. The old one has been dying for 1 year. I was hoping that it will last until I move to the loft, since I definitely won't need the same fridge for the loft. But it died, actually, on Friday the 13th last week. I went to Sear and bought the cheapest possible but still reasonable fridge on the next day. The sales rep arranged delivery on Tuesday. Not bad, except she made an error on the delivery address.
So the fridge finally arrives, bright and early, Sat morning. How many fridge have you bought in your life? Not too many. These things last forever. Technically this is only the second fridge I bought, not counting one for the tenant at the condo. I guess I should savor this moment, unpacking a brand new fridge. Working out where all the shelves should go. Assembling the butter compartment.
Almost giving up
I moved the initial P&S signing date from two weeks ago to this thursday hoping that we have more information on the building. The seller's lawyer sent over a standard, i.e. one sided, P&S for review. My lawyer of course picked out a lot of issues. The seller lawyer also mentioned to my lawyer something about problems with the contractors, there are possible lawsuits, and also some issue with a silent partner in the developer's partnership. So everything looks bad and I am thinking about giving up. In fact I asked my agent for a current list of everything available to get ready to move to plan B. Almost at the same time, the seller's agent faxed over a letter inviting the "owners" to a general meeting with the developer this Saturday. He informed us that they have switched over to a new contractor firm, and things are moving. So maybe there is hope? I asked the lawyer to ask for another extension on the P&S date, waiting to see what I hear on Saturday. In fact I am as interesting in meeting the other owners as meeting the developers.
Architect or no Architect
I have to decide whether to enlist the help of a professional to design the interior of the loft. The obvious cons is cost. I also have to negotiate with the developer to see if I can do that, meaning stopping their standard build out, and hopefully get some cash credit back for not using their stuff. At this point I have no idea how that kind of arrangement will work. I have always thought my next house would be a custom design house. So designing the interior of the loft would be the closest thing to that. Why custom design? Well, the current house at the farm is semi custom designed. Just not by me, but by the original owners. It indeed is a very special house. It has nothing to do with its size, but the layout, and all the little touches that make it both a very livable house and a good party house. Then there is the surroundings and the location. Everyone who has visited the farm loves it.
Back to the loft -- what is the look that I am after? I have given this a lot of thought for a long time. What kind of building interiors I always like? Library, gallery and museum, dojos, Japanese tea house, hotels. A peaceful but functional space. Space. Openness. Light. Natural light.
Talking about light. I need windows. This loft has windows on almost all the living space. Only the kitchen and bathroom areas are against a solid wall. A corner unit loft. That is very important. There are 11 windows.
I got the right unit (phew)
Went back to look at the lofts this afternoon, and.... I was right about the unit selection. The 11 windows (layed out 2,3,2,2,2) really makes a difference. And the largest window does offer the unit half a view to the unobstructed viewpoint. I can see the pru and the John Hancock buildings. Not bad huh? Oh, did I mentioned that all the units in this building have double steel front doors? I always wanted a double door as my front door. Didn't think I would get that on a loft, but, here they are.
This is it!
Just around the corner from the first loft that I like is another development. I remembered looking at this place two years ago when they first started the project. Revising the specs from their website, it looks like it fits my requirement quite well. After my realtor made some inquiries, we are off to see it today. A lot of the better units are already sold. There are two units available that seems very nice. Lots of big windows in these corner units. The ceiling height is 12.5 feet, which is even higher than the others. 11 loft size windows for 1400 sq. ft. I think this is it. The only catch is that they are still under construction and won't be available for another 6 months. But I think I should just put in my bid now. It's now Thursday. Natalie my realtor calls me before I get to call her. This is the unit I told her. Paper flows starts on the offer. She suggested that I should try to bid below asking, although the selling agent told us that they are to be sold at asking only. We tried, they refused, went back to asking price, and offer accepted !
The only funny thing here is this: There are two units that I liked. One is slightly larger and have a better view, not obstructed by the buildings next door. The other unit is very similar, but has two bath rooms layed out and less dead space. When I got back home and studied the floor plans, I want to go for the second unit. Only thing is, I am going by my memory of what I saw when I was at the building. I hope I picked the right unit. So I asked to go back and see the building tomorrow, after the offer is accepted...
Negotiation
Unit on Market January for Y49,000.Gone off market. Relisted in July for X49,000, where X=Y-1 My offer: X10 Buyer B offer: similiar, probably X415 Seller counter both: X44 I counter offer X40 Buyer B offer: above X49 Buyer B got the unit. Fair enough.
This unit was very close to idea, with one big exception -- although it is a loft, the layout is such that there is not an open area that is large enough for comfortable tai chi practise, because there is a post and brace, and a very nice and large kitchen island that is in the way. Ideally there should be an empty rectangle that is 20 x 15 or so. So, keep looking! And we are coming to the slowest time in the real estate market, end of Aug, where all good brokers take vacations with all the big commissions that they earned.
Very expensive Dinner
Just went down to check out an neigborhood that is new to me but has a (actually two) interesting lofts that is available. Walked around. Had dinner. I am now sold in the area and are going to put an offer on one of these lofts. So this is one expensive dinner!
Loft hunting, second round
Today I went loft hunting again, with a different realtor that was recommended by my favorite realtor in my town. We saw something like seven lofts in different parts of town. The good news is that there are several that I like. Each one is different. Each one has its good and bad points. What to do... what to do? Several of the units offer the opportunity to build out the loft per my own need / design. That is an attractive opportunity. However do I want to get involve with that management headache? Or just move into a perfectly good condition reasonable setup place? Decision decisions...