Ocean Isle Parcel
Sauce Pan Creek Subdivision
Ocean Isle NC
Subdivision development for sale 230 acres on the water in Ocean Isle Beach
$20,000,000.00 Sales price
Total Sell-Out Value Lots: $40,000,000.00
Net sales lots only $20,000,000.00
This parcel is located on Brick Landing Road across the Street from Brick Landing Golf Course. This 74 acres tract has been subdivided and meets all local zoning for the proposed plat. Total Lots 230.
Our ability to sell lots at the much higher appraised value is available. Being that Lennar has agreed to purchase 6.5 million in lots in a timely manner, the average lot price has been reduced to insure the purchase.
Plans are to sell the minimum number of lots required to pay off debt servicing netting remaining lots for future sale profits.
We are requesting to obtain a loan which requires us to pay off the property utilizing a 6 month note which can be converted or paid out by a lot acquisition provided by several interested national builders.
We have completed the Preliminary site plan and verified zoning. Our plot plans meet all requirements of Brunswick County. We have obtained a letter from Lennar Home Builders stating their interest in the parcel. Once the Land is closed, Lennar will provide sales contracts for specific lots equaling the Land loan payoff plus infrastructure cost.
We have agreed to provide a $2,000.00 golf course membership fee for Brick Landing golf course as an amenity and to increase desire for the location. In addition to the membership fee, Brick landing has agreed to allow us to attach to their sewer system which will save addition development cost.
Many of these lots are located on water view lots which are selling for more than $250,000.00 in this area. We have obtained comparables of site within the area and have reduced our estimated lot price on all lots to insure feasibility.
LAND DEVELOPMENT COST ANALYSIS Total Acreage 72 Land 72 acres $20,000,000.00 Survey/Development Layout $200,000.00 Permits & Infrastructure 230 @ $18,000.00 $4,140,000.00 Financing interest $1,200,000.00 Total land development cost $25,540,000.00 LAND/LOT SALES ANALYSIS Lot Sales #Lots 45 @ $349,900.00 $15,745,500.00 #Lots 26 @ $239,900.00 $6,237,400.00 #Lots 159 @ $149,900.00 $23,834,100.00 230 Total land Sales $45,817,000.00 Net Land Development Sales $20,277,000.00 HOME SALES ANALYSIS Average Home sale #Lots 45 @ $650,000.00 $29,250,000.00 #Lots 26 @ $450,000.00 $11,700,000.00 #Lots 159 @ $350,000.00 $55,650,000.00 230 Total Sales $96,600,000.00 Sales Profits 30% Net Home Sales Profits $28,980,000.00 TOTAL HOME AND LOT SALES PROFIT ANALYSIS Net Development Profits $49,257,000.00