This property suffered from the effects of an extremely steep site, including shifting soils and years of neglect. Underground utility pipes were fracturing, roofs were far past their useful lives and wood balconies were badly deteriorated. Reserve balances were almost zero. Wooden parking structures with concrete topping slabs cantilevered out over the steep sloping site and were separating from their footings, nearing collapse. The pool was oddly positioned on a hilltop location accessible only by 100 stairs and was cracked and in terrible condition, never used. This was a very difficult funding challenge due to the small size of the property and the vast need. Ultra creative solutions were required, sequenced carefully as access was limited to one narrow common driveway similar to the famous Lombard Street in San Francisco. We saw the value in the views and quaint “bones” of the property. Renderings of the possibilities were generated so stakeholders could envision the end result.
Results: The project was completed successfully and values skyrocketed. This was 10 years ago. Today their property remains a thriving, high value property in the area, indicating there are viable strategies for small properties.