Project on Hold

I haven't written for a while because I've been busy working on cost estimates and working with Countrywide Loans on the financing. The project costs look to be in the $1.1M range, which is $200K more than expected, and what I had worked out with Countrywide last summer. Since our house didn't sell, CW would have to loan us 100% of the land purchase and construction costs. Last summer, when we were talking about $900K and before the sub-prime problems it was feasible that if our house didn't sell we could get a bridge loan. But in today's mortgage market this is hard to do.

So, we are busy fixing up the house to try and sell it again. We are putting in new granite counters in kitchens and all bathrooms. We are also painting most rooms, and have move the office (computer equipment) from the living room to further reduce the house clutter. We expect to put house on market in April.

Once the house is sold, we'll start the new house project up again.