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      03-24-2021, 03:13 PM   #45
DETRoadster
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Drives: M2 MG 6MT / Moto Guzzi V7
Join Date: Jul 2016
Location: Seattle

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Well gang, update time. Our feasibility study period ends this Friday with closing on Monday. We had one final zoom meeting with our "team" today (architect, project manager, builder, real estate agent) and reviewed all of the documentation we've assembled thus far. Bottom line, the property is viable and we can build on it what we want. We've mitigated as much risk as possible and have a good grasp on the costs to develop the land. With those costs in mind, went back to the seller to renegotiate our offer, dropping it by $75,000. We provided supporting documentation to back that number up including confirmation from the city, in writing, that the driveway will need to be widened to 18', confirmation from the fire marshal that the house will need a fire suppression system as it's more than 300' from the nearest hydrant, and a bid from our builder to do the driveway work which involved a large retaining wall and removal of several 100+' tall trees. Also wrapped up in all of this is the city re-assesed the property at the sellers request and dropped the value of it significantly. So we rolled all these points up into a packet that justifies our price drop. We feel good about the new offer and are now just waiting to see if she goes for it. Fingers crossed!

Interesting side note, the letter from the fire marshal indicated that we are too far from the nearest hydrant, thus requiring the suppression system AND they will expect us to pay to upgrade the 2 nearest hydrants (the ones we wont use because we are too far away) with quick connect/disconnect valves. Apparently there's no money in the city budget for these upgrades so every time someone applies to build a new house in the area, the fire department demands the owners upgrade a few hydrants. It's a total shake-down. I hate it, but I also strangely kinda respect it.
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