Update on 2929 North Ocean Blvd
This lot is one of the most valuable Single Family Residence building lots in all of the Delray and Gulf Stream ocean front buildings. We also own and control the four others of this unique quality and are not easily letting any of them go cheap or below full accruing investment returns for you.
The lot is now permitted and build approved and high season is upon us Dec. 1, so showings and buyer meets are revving up.
We are going to achieve full payouts by being judicious. You are currently accruing full returns here at 14%, 15% or 16%, depending on the number of units purchased.
If the lot doesn’t go under contract in the next 60 days now that the busy season in Delray is here, we will begin building it contrary to just the original land flip plan, as well as paying out an added 1.5% accrued from day one annualized return.
The now fully prepared lot could still go land flip, because we have a lot of activity on it, but we are also now planning a full build here to enhance your investment and provide our fully expected rate of return PLUS THE 1.5% INCEPTION TO DATE ACCRUED RETURN BONUS. Although return of capital will be longer out 14 more months, you will be accruing full annualized returns here from day one plus bonus. If the lot does not flip now building it is for the good of our investors, and for the purpose of insuring full valued 14%, 15% and 16% respective returns to you PLUS 1.5% BONUS ACCRUAL FROM DAY ONE which this location will.
The lot is now zoning, site plan, and build approved for the home. Building plans are done.
The 2929 home is about a $17.5 million re-sale when finished (7468 x $2350 PPSF sell out), and a $300-$350 a foot build cost. So plenty of margin for full annualized accrued payouts AND 1.5% ADDITIONAL BONUS. It’s an $11 million pure lot re-sale now in its finally build ready state.
The lot has been approved by the town of Gulf Stream Architectural Committee as well as approved at the planning commission and has obtained full zoning site plan approval for building. The DEP has required town approval letters that all zoning setbacks are met for final CCL Permit issuance which is imminent. All structural and MEP drawings are completed so when the DEP CCL is comes in these next 60 days we will be ready to build if these are not sold as build ready lots by that time.