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Purchase Format
These 57 lots are the largest lots in the subdivision. Thirty have already been sold to a select group of custom builders. These builders have their own portfolio of homes, and all of them are available to build out your custom plans at cost +15% (or at a fixed fee). No floorplan can be built a second or third time without significantly changing the exterior elevation.
The remaining 27 lots are available to the public for customized construction. They are priced on a 5-to-1 ratio [meaning the final appraised value of your custom home should equal between five and six times the cost of the lot]. These are the generally approved ratios for banking your construction funding.
These Estate Lots can be purchased with a $10,000 non-refundable deposit on a 45-day contract. You would then have
two years dated from close to begin construction on an approved set of plans. Submittals for architectural review and approval would have to be completed within the first nine months, dated from close. Most lenders will allow you to fold the cost of the original lot loan into the subsequent construction financing, so long as you stay within this contemplated twelve month timeframe.
(We have expanded this timetable for construction for all lots purchased in
2009.)
If you fail to begin construction within that two-year timetable, then you would forfeit the right to build within the subdivision and the lot would be repurchased at the original cost minus a $10,000 penalty, and no one is allowed to assign or re-sell a purchased lot to third parties without first offering it back to the Seller at 95% of the original price, minus all transaction fees.
You can purchase a six-month extension for a $10,000 fee, but you are only allowed one such extension. In sum, the lots are not a speculative investment; they are reserved for owners intent on building a custom home. Lots that are not sold to the public will be sold to builders.
We can assist buyers who do not have custom plans on hand. The total cost for such a process should run between $5,000 and $10,000 for a plan of 4,000 SF to 5,000 SF. You have to be prepared to do most of the work yourself, but we can give you professional advice through the course of three or four meetings.
You will have to review plan selections culled initially from the available on-line market. Such plans carry copyright protections, and are usually purchased on a computer disc format @ $1,200 to $1,500. You buy them with the purchased right to modify them. A chosen plan is then edited or "red lined" to suit your personal objectives, and accordingly re-drawn on computer for 25 cents psf by an experienced Cad operator.
Once finalized, the plan is submitted for architectural review and approval. This entire process requires a serious time commitment by the buyer. The builders themselves do not generally get involved in this process unless you have a prior contract that includes them on a fee basis from the beginning. |
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