Ashford Lakes Deal Sheet and Financial Summary

Deal Description

Ashford Lakes Estates

68 Fully Developed Lots

Ormond Beach - Flagler County

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Property Summary

  • 68 single family residential lots are available
    • The total subdivision includes 77 lots with two existing and occupied attractive homes that represent the quality and look we anticipate for the community.
    • This is part of the Hunter's Ridge master planned community
      • Phase I of the community has been developed totaling 975 lots and approximately 725 constructed homes.
    • Estate Lots:
      • Lot widths are approximately 85' to 100'
      • Lots are wooded providing mature trees and natural landscaping
      • 36 of the 68 lots back up to water or conservation land
    • Minimal estate lot product available to compete with in this market.
    • This subdivision has access to master HOA amenities: tennis courts, swimming pool, tot lot with picnic tables, fishing dock, clubhouse and walking trails
  • Located in Ormond Beach, FL
    • 2 miles west of I-95
    • 12 minutes to the beach
    • 15 minutes to Daytona Beach & Regional Airport
    • 10 minutes to the I-95 and I-4 Interchange
    • 45 minutes to Orlando
    • 70 minutes to Jacksonville
  • The Resource Group has met with the largest local builder in the region that has built more homes in the Hunter's Ridge community than any other builder, Venacore Homes. The fact that there is no available inventory of estate sized lots in the Ormond Beach market coupled with these lots being part of the established Hunter's Ridge community and the amenities that are already in place, Venacore Homes indicated that he and other builders would pay $70,000 for these lots and $85,000 for the lots that are waterfront.
  • The lots are still in their natural state and need to be cleared and filled so they are closer to finished grade in order for a builder to pay those prices. The clear and fill is $10,000 per lot and will be done by TRG prior to selling to homebuilders. The clearing and grading of these lots will be completed in increments of approximately ten lots at a time to minimize upfront costs yet provide enough inventory of lots available to builders.
  • HOA docs will be implemented for Ashford Lakes Estates establishing minimum square footage requirements along with style and quality control for all homes built in the community.

Exit Strategy

  • The Resource Group will contract with multiple builders to buy lots on a takedown schedule and has validated demand and pricing with builders and will continue to do so in order to receive maximum consideration from builders.
  • There will be a model row in the community allowing each builder in the builder program to construct a model and staff it with their own sales representative to help promote activity and providing home buyers a variety of builders and home styles to choose from.

Market Overview

Ormond Beach is located on the northern end of the greater Daytona Beach resort area in Northeast Central Florida. The area is known for its famous drive-on beach, one of the few available in the world as well as its proximity to the Daytona International Speedway which attracts millions of visitors each year. The region has attracted a diverse group of residents for its hard, white sanded beaches, temperate weather, relatively low cost of coastal living and convenient proximity to numerous Florida cities.

Ormond Beach is primarily located in Volusia County. A portion of the City, including the subject property is located in Flagler County but the subject property is zoned for Ormond Beach school system which is highly regarded. The population of Ormond Beach is approximately 38,140 with a median age of 51 with a median owner occupied household income of $59,000.

The area west of I-95, where the subject property is located, has become one of Ormond Beach's most desirable active markets for both new construction and resale homes. Home buyers of all types are migrating away from the beach side and toward the I-95 corridor for easy access to economic hubs of Central and Northeast Florida. The scarcity of building lots makes Ashford Lakes an immediate option for builders to take down lots. KB Homes, ICI homes as well as strong local homebuilders are actively constructing in nearby subdivisions with diminishing finished lot inventory.

Ormond Beach is an active commercial and residential market in the Deltona-Daytona Beach-Ormond beach MSA. Manufacturers enjoy a healthy business climate and engage in global marketing. Ormond Beach Business Park and Airpark, a foreign trade zone, is home to 29 companies that provide more than 2,000 jobs.

Seven colleges and universities in the area and the Advanced Technology Center support business needs with career advancement, workforce development and research. Education, health care and government are the area's largest employment sectors.

Below is a housing chart from the US Census Bureau as of 2010. This chart reflects this is a primary home community with a diverse range of family and nonfamily households. As of 2010, the most recent housing information from the US Census Bureau, the 19,576 homes in Ormond Beach, 87%, were occupied, 3% were vacant for rent, 2% for sale, and 5% were seasonal secondary homes.

HOUSEHOLDS BY TYPE # %
Total households 17,062 100.0
Family households (families) [7] 10,781 63.2
With own children under 18 years 3,430 20.1
Husband-wife family 8,490 49.8
With own children under 18 years 2,370 13.9
Male householder, no wife present 623 3.7
With own children under 18 years 292 1.7
Female householder, no husband present 1,668 9.8
With own children under 18 years 768 4.5
Nonfamily households [7] 6,281 36.8
Householder living alone 5,172 30.3
Male 1,871 11.0
65 years and over 722 4.2
Female 3,301 19.3
65 years and over 2,064 12.1
Households with individuals under 18 years 3,805 22.3
Households with individuals 65 years and over 7,204 42.2
HOUSING OCCUPANCY # %
Total housing units 19,576 100.0
Occupied housing units 17,062 87.2
Vacant housing units 2,514 12.8
For rent 603 3.1
Rented, not occupied 26 0.1
For sale only 382 2.0
Sold, not occupied 60 0.3
For seasonal, recreational, or occasional use 943 4.8
All other vacants 500 2

Competitive Market Analysis

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ICI Homes - Breakaway Trails Subdivision:

  • $230,000 to $430,000 home sales price range on 60' to 100' wide lots

KB Homes - Deer Creek:

  • $183,000 to $205,000 for home sales price range on 45' to 60' wide lots

Venacore Homes - Il Villagio:

  • $198,000 to $325,000 for home sales price range on 50' to 60' wide lots

Venacore Homes - Westland Village:

  • $156,000 to $190,000 for home sales price range on 40' to 60' wide lots

Project Maps & Photos

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Property Description

Listing ID:
LC-1307-001353
Utilities:
Please contact County Assessor

Financial Information

100% Owner Finance Advantage:
- Minimum or NO Downpayment
- NO Credit Check, everyone can buy it
- Bad Credit Score "OK'
- No Pre-Payment Penalties (can be paid off at any time)
Processing Fee:
$ 499.00
Monthly Processing Fee:
$ 1.99
Monthly Processing Description:
Monthly processing fee which includes monthly statement, invoice, tax reminders and service fees.
Cash Price Discount:
We offer 30% discount for cash buyers from Finance Amount
Additional Financial Info:
We are flexible to offer different Finance terms up to 60 months, feel free to ask for details. Also, if you would like to add annual taxes in monthly payments, please request it.

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Map Location

Contact Information

Contact Phone:
1-888-LAND-WEB (526-3932)
Contact Email:
sales@landcentury.com

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Disclaimer

Disclaimer:
This information is deemed reliable, but not guaranteed. Neither (LandCentury.com nor their Associates) are responsible for the accuracy of the information. The buyer is responsible for verifying all information with the county. The land is being sold "as-is" with no warranties either expressed or implied as to the location, condition, accessibility, terrain, build ability, or information contained in this listing. Sizes advertised are approximate. Buyers are required to perform all due diligence prior to bidding. By buying you are acknowledging that you have completed all due diligence and that you understand legal commitment to purchase.

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