Vision to Sale – Real Estate Developers – a Breed of their Own …
DelCurto Brothers Construction, a small developer and contractor, is developing land and building single family residences (SFR) in Hollister, California. These houses eventually become homes for families. The DelCurto’s are not unlike other developers; they have a vision, they seek financing (either private or conventional), typically use fund control to monitor their projects, build-out the homes, and then put them on the market to sell. They envision building something … somewhere, and then the dream comes to fruition, and finally they can take a photo with a SOLD sign in the front yard.
Big or small, developers are risk-takers! This really became a reality in 2008 when the housing market crashed! Many of the homes in progress did not get completed, until the resurgence of the housing market, and some were completely lost. Or, a subdivision sat for a few years without a final map. This was the downside for these dreamers. It takes creativity, determination and tenacity to make it in this business.
Over the years, as a construction fund control agent, I have worked on the lender’s behalf, to manage and monitor thousands of developments and developers to success. It is a cyclical business but I am grateful for their continued willingness to build homes for families to live and grow. I have the highest regard for these professionals. Kudos to all of you who keep on going in spite of the public agency delays, cost of permits, difficulty in acquiring financing, soaring insurance costs, failure of contractors and subcontractors to perform, and most importantly, the length of time a sale may take to be consummated. Keep hanging on and eventually the economy will improve and you will be flying once again.
Financing programs are available through ConstructZoom lenders
Hollister Project
Gloria Manchester – President of ConstructSure, LLC, a construction risk management fund control agency in California. Go to www.constructzoom.com or call -800-606-4227.