Tuesday, March 24, 2015

"Crowdfunding"House Under Construction On NE 45th Street Near St. Stephens

 home under construction
 front of house from NE 45th Street

west side of house

Another home is under construction in the neighborhood a few doors down from St. Stephens Church at 4847 NE 45th Street.

Seattle Curbed wrote this about the house:

Crowdfunded Seattle 4-BR House Fully Funded in Six Days

In case you were wondering if crowdfunding real estate could work here in Seattle, well, how could it not? That kind of thing is right up our alley (perhaps literally...).  
Real estate crowdfunding company Fundrise took that bet and ended up seeing their upscale single family home project at 4847 NE 45th St. in Laurelhurst get fully funded in six days.  
The $250K raised will be turned into a newly-constructed 3,300 sq. ft. 4-BR/3.5-bath built by local developer Build Urban with an expectation to be 5 Star Built Green.  
So what will the investors get? Fundrise expects investments to return 16% annual (8% paid current & 8% accrued) once the project is completed and sold.

The Laurelhurst Blog Staff contacted, Jeff Weggener, with Build Urban, who confirmed that they  "utilized the Fundrise platform to crowdfund $250,000 for the project."

In December, neighbors reported a fire at the house, which the Blog Staff asked Jeff about and he said:
We allowed the SFD to use the home for what they call "destructive training".  The firefighters tore into the old home and practiced accessing rooms as if they were on fire.   
We also allowed them to do this on another home we're building in Laurelhurst at 5126 45th Ave NE. Both homes were vacant before this training occurred.
Jeff said the home will have the original carport tucked behind the home, so the home will be not as elevated as most new construction homes with the garages typically built below the home.  Jeff said the front door and front porch are  approximately three feet above the ground. 

"This design concept is to highlight the porch and entry details and minimize the presence of the garage at the public edge," he added.   
The new home, which will be 3,512 square feet, will "maintain a traditional form," Jeff said.

He added "we are excited to design and build a quality home in this great neighborhood."

The home is scheduled for completion in late July.


1 comment:

Allen Marco said...

crowdfunding services is also useful for building a house?
I never knew about this