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What sacrifices would you make in pursuit of your ideal home?
Would relocating to another country cross your mind? Perhaps reimagining a space never intended for habitation?
For the individuals who welcomed CNBC Make It for an Unlocked tour, unorthodox thinking was the key to transforming unusual locations, such as abandoned lighthouses, dilapidated baseball stadiums, and neglected properties in Italy, into their dream residences.
Join us as we explore some of the most extraordinary homes visited during the tour and discover the stories behind their creation.
Transforming a baseball stadium into a $14 million luxury apartment complex
The Stadium Lofts complex features 138 residential units alongside the adjacent Stadium Flats, which encompasses four buildings with 144 apartments.
According to Michael Potter for CNBC Make It, when Michael Cox first proposed the idea of converting a disused baseball stadium in Indianapolis into a 138-unit apartment complex, many considered the concept unrealistic.
After an impressive $14 million facelift, the Stadium Lofts have emerged as a distinctive living space in the area. The historic stadium, once home to the Indianapolis Indians from 1931 until 1996, had fallen into a state of decay and was at risk of demolition before Cox intervened.
Together with partner John Watson and his sons, Cox acquired the iconic venue for a mere $1.
Renovations commenced in August 2011, taking nearly two years to complete. By the grand opening in July 2013, all 138 apartments were leased. The layout includes 95 one-bedroom apartments, 26 two-bedroom apartments, and 17 lofts, with rent ranging from $900 to $1,700. Each unit is equipped with a washer and dryer.
Preserving elements of the stadium’s legacy, the developers retained features like the original scoreboard, classic ticket booths, and the press box, even reinstalling bases on the field. “We aimed to create an environment that offered a historical stadium experience rather than a conventional apartment atmosphere,” Watson stated.
Turning an old school into a 31-unit apartment complex
The transformation of “Bowtie High” into a 31-unit residential building exemplifies creative redevelopment.
Jesse Wig hadn’t planned on embarking on a school renovation project, but an unexpected off-market opportunity in 2019 piqued his interest in the abandoned property.
Partnering with investor Adam Colucci and developer Dan Spanovich, they acquired Bowtie High for $100,000 and engaged in an 18-month renovation process that kicked off in 2020.
Despite the renovation’s cost rising to $3.3 million, they quickly found success, achieving full occupancy within just six months of commencing leases.
One-bedroom units start at $1,400 per month, while two-bedrooms begin at $1,600. The property retains charm, featuring original chalkboards in some classrooms, and enjoys ample natural light from large windows.
Additionally, the units come equipped with modern stainless steel appliances, in-unit laundry facilities, and generous closet space. Following this project, the team opted to buy and revamp a neighboring abandoned school, transforming it into a 33-unit apartment building complete with a rooftop deck and parking facilities.
A pilot’s $4,000/month home in a residential airpark
Sobczak purchased his home for $698,000, resulting in a monthly mortgage of $4,000.
The need for a space that accommodates his aircraft was paramount for test pilot Joe Sobczak during his home search.
In 2017, he discovered the perfect fit at a residential airpark at Pine Mountain Lake Airport, acquiring his three-bedroom, seven-bathroom home, complete with a 3,600-square-foot hangar.
This community features numerous residences with hangars, providing direct access to taxiways and runways at the Tuolumne County airport.
Primarily operating out of San Francisco International Airport (SFO), Sobczak prefers flying to work, significantly reducing his travel time to just 45 minutes compared to a long drive.
Having owned three homes, he considers this his favorite. As a veteran of the U.S. Air Force, he embraces the rural lifestyle and has no immediate plans to relocate. “I intend to stay here for a long time,” he remarked. “Living here allows me to fly, breathe fresh air, and access Yosemite in half an hour. It’s all the justification I need.”
Reviving an abandoned lighthouse into a home for $300,000
The Fairport Harbor West Lighthouse in Ohio provides a picturesque view of Lake Erie.
Sheila Consaul’s unexpected journey to finding a second home began in 2009. Initially on the lookout for a conventional house, she soon became captivated by the prospect of acquiring a lighthouse auctioned by the U.S. government.
This initiative was set in motion by the National Historic Lighthouse Preservation Act of 2000, which designated certain historic light stations as excess properties available for public adoption.
Having previously restored a historic home, Consaul sought the challenge presented by a lighthouse renovation.
Constructed in 1925, this three-story lighthouse boasts three bedrooms and three bathrooms across its nearly 3,000 square feet. Consaul is the first inhabitant since its abandonment in the late 1940s.
She utilizes the lighthouse from May until October and leaves it empty while she returns to her main residence near Washington, D.C.
Beginning renovations in 2012, she has invested more than a decade into the project. “It has been a long and challenging journey,” she reflected.
Because the property is remote, transporting appliances required to use a boat and crane. Despite exceeding her initial budget of $200,000, Consaul feels the effort has been worthwhile. “The challenge was rewarding, and I cherished every moment,” she concluded.
Investing in an abandoned Italian home for just $1
Rubia Daniels has ambitious dreams that include a vacation home, a restaurant, and a wellness center.
The opportunity to purchase a property in Sicily for just 1 euro thrilled her, although it came with significant issues, including extensive mold, water damage, a termite infestation, and a collapsed roof.
This initiative was part of an Italian program aimed at attracting international buyers to towns facing population decline. Buyers who acquire these houses must commit to renovations within three years.
Rather than seeing a daunting task ahead, Daniels envisioned transforming the three dilapidated buildings into her dream retreat. Her plans encompass a charming vacation home, a delightful restaurant, and a wellness center to share with others.
With significantly lower renovation costs available in Italy compared to her hometown in California, Daniels looks forward to spending her retirement dividing time between California and her new Sicilian home.
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