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Comps

August 18, 2019
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As as we chip away at the process of acquiring a construction loan, there are a few essential boxes that we have to check. We have gathered our personal financial statements, receipts for what we have already invested and proof of insurance. Fortunately, those are things we have that we can submit. Another box is more challenging. The bank must see more than one comparable property or ‘comps’, that have recently sold for more that what we are asking to borrow. We bought the BAB during the peak of the recession, and at the time, very few ‘creative’ properties were sold for what they would have cost to build. Thankfully now, our bank found two properties that they accepted as comps for our project. Check!

One was a former general store, 900 Hickory Street. My favorite part of this building is the roof deck with an enviable view of downtown. This one seems more like a large house than what we are envisioning, but it was well executed.

900 Hickory

The second property is 1856 Menard Street. This comp is bitter sweet.

1856 Menard

Phil Durham transformed this building into his home and studio. We met in architecture school and worked together early in our careers. I would seek him out at industry events, enjoying his running commentary on the state of the profession or on the people in the room. This property was sold because Phil died. Phil was a character. Sardonically funny, exceptionally talented, there are many colorful stories about him. He once told me that he didn’t think he would be a famous architect because ‘Phil’ isn’t a famous architect’s kind of a name.

It is sad to think that this essential comp became available to us because of Phil’s death. I imagine it as a serendipitous gift he has left to us, to encourage us to ignore the normal people and do this crazy thing. Thanks Phil.

2 Comments leave one →
  1. Chris Hammer permalink
    September 2, 2019 12:12 pm

    Hi Sue, sad news about Phil (I might have met him at HOK?).

    So true (ignore the normal people)!

    Wishing you lots of luck with bank loan! Chris

    • Sue permalink*
      October 24, 2019 11:37 am

      Thanks Chris! I hope you had a chance to meet Phil- special guy.

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