Our Strategy is Our Philosophy
A simple philosophy underlies everything we do in assessing and executing renovation projects for Turning Point Properties and its investors:
We recognize, respect and approach the potpourri of South Bay property values and styles through the filter of our long and unique history of renovation in the area. For example, a renovation may be contemplated in the coveted 90266 zip code, with hopes for a valuable outcome. Knowledge of detailed neighborhood history, past renovations or adjacent commercial development, however, could predict a disappointing value/investment performance and prevent a renovation disappointment.
We carefully evaluate the actual and projected costs. The process begins with a critical assessment of what the finished project will be worth when we take it to sale, and then we back that up with a calculator and pencil in hand — based on today’s market. Turning Point Properties will not wager on future appreciation.
Our focus, as it should be, is a value-add, so we take a hard look at the current condition of a prospective project. We then estimate what it will take to update and renovate and add square footage if required, as well as what it will cost to carry the project and for what duration.
Because we’re embedded in the community, we see deals that others don’t and are uniquely positioned to take advantage of them. We have a proven track record among brokers, lawyers, CPAs and financial advisers — and our careful “pencil work” plays a most important role.
*Love What We Do
As the work begins (and as it progresses), Turning Point Properties applies its broad expertise or adds that expertise to the team to consider every relevant aspect of the actual or possible use of the acquired or renovated a property. This is not a “set it and forget it” business. Even after the numbers are crunched, the design imagined and the contractors hired, it takes an almost daily progress pulse to identify that the project is running smoothly or if unforeseen structural, aesthetic design or governmental issues could delay or stop the project. Management of the certainty and uncertainties in the project, and being nimble enough to shift, if necessary, are key to a successful project. This hands-on management process does not stop at completion of construction; it carries through to marketing, disposition and final closure of the project.