Partners Needed For Metro Atlanta Subdivision Development
I am involved in an investment group and we have a contract on a 6.5 acre parcel of land that will yield 13 buildable lots with the current zoning. The other subdivisions within a 2 mile radius have homes from $300k up to $700k. The property is located in a very desirable school district and close to shopping, restaurants, 3.5 miles to Emory Eastside Hospital (which is great for doctors or medical professionals who need to be close to work), etc... Lots can sell for $150k to $200k, We are looking for money partners to fund aquisition and development (estimated at $1,000,000) Joint venture, or will consider selling the project . I have a package available for any interested parties.
That's a big spread in new construction values ($300K-700K). What do you think the new homes on their lots would sell for on the site? Also, the $150K-200K for lot prices--is this the price for end users or to builders, is it for approved but unimproved or for finished lots?
There are several subdivisions in the area. The prices usually vary depending on the amenities or the atmosphere of the subdivision. The prices of the homes from the $300k's and up represent an area of upper middle class and greater in the metro Atlanta area
The homes could sell anywhere from $500k up to $750k as there are new home located 1/2 mile in that price range. This could be a great gated community which would give it greater appeal.
The price is based on an approved, but unimproved lot. These prices are for end users or for builders, unless a builder wanted to take down several lots or all of them.
Sounds like an interesting project. I do know any investment group thats looking to invest funds in GA. Send me a package and Ill see if they can help you out.
Are we talking Gwinnett County? What road? What is the price per acre? Send me an with some specifics. Are you a listing agent or a principal in the deal? do you have phase I, rock, topo, and boundary? Has the site received preliminary plat approval or just zoning? [ Edited by joel on Date 01/19/2005 ]