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1/4 acre, Upscale Marina development on Gulf Coast of Texas. 15K under current market price.
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Details
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We have a nearly 1/4 acre building site at a new Marina Development on the Gulf Coast area of Texas. It is approximately 1/2 way between Galveston and Corpus Christie, in an area protected by barrier islands. Our site is in the second phase; and, is one street away from Marina Front. Subdivision is elevated above flood plain, allowing for conventional construction/foundation. First phase is nearly complete on infrastructure; and, Marina has just been filled in. Clubhouse and amenities are under construction; and, second phase infrustructure is progressing. Current pricing on \"non-water frontage\" lots is approximately 15K above our asking price. Purchase transaction activity on development is approximately 10+ transactions per month. Actual private home developments in project should commence later this year; with, full infrastructure completion about June/July 2008. Market comps and expectations indicate that future increase on \"raw land\" property value of this development should increase another $50+K, at least, over the remainder of the development phase. Anticipated \"home value\" of completed development and residential structures, should approach/exceed $850-$1M. Due to family and business financial distress, we need to liquidate this investment, immediately.
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