Bellaire Estates Developer: Aryeh Rifkin

While living in Tiburon in 2004, I noticed the genetic potential of the prestigious Bellaire subdivision. I felt the superior location and large buildable lots deserved a complete redesign, and with 181 total properties I saw tremendous potential. After arranging the financing, I quickly purchased and started construction on the first 5 properties. Acquisition costs ranged from $750,000 to $1,050,000. Improvement costs ranged from $400,000 to $600,000 and the final values ranged from $1.5 Million to $1.8 Million. The homes were a huge hit, and our first open house received an unprecedented 450 visitors.
I handled every aspect of this project from vision, acquisition, permits, construction management, finishes, staging, and marketing. I personally designed, submitted and obtained approval for each design review and building permit. Known to be one of the strictest building departments, my construction drawings usually passed first review.
The project came to an abrupt halt when the Real Estate crash of 2008 caused property values to drastically decline and there was no financing available to potential buyers.