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Loon Lake Area 51

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Small Developement

Small Developement


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Transcript

  • 1.  
  • 2. Loon Lake Presentation
  • 3. Loon Lake Area 51 The Homesteads The Homesteads at Loon Lake
  • 4.  
  • 5.  
  • 6.  
  • 7. Added Value for FC Investors
    • Survey! (13 parcels 22.3 to 22.6 acres)
    • Run Power & Phone (10,000 ft @ $5.00 ft)
    • Drill a well or two
    • Sell properties $40’s to $80’s range
    • Budget approx. $75,000
    • Time frame 3 to 4 months
  • 8. Value added
    • Unimproved Lots
    • Average $42,500 net
    • Total $550,000 net
    • FC min $440,000
    • Improved Lots
    • Average $58,000 net
    • Total $754,000 net
    • $204,000/$75,000
    • $2.72 return on every dollar invested.
  • 9. Projected Costs
    • Survey “paid prev yr” $11,500
    • Power $40,000
    • Phone “intial bid 4K” $9,000
    • Well $7,500
    • State Highway access $500
    • CCR’s & Utility ease. $500
    • Utility access $10,000
  • 10. Well Lot 13
  • 11.  
  • 12.  
  • 13.  
  • 14. Complications
    • Survey OK
    • Run power & phone
      • Need hwy access completed for 911 addresses
      • County won’t issue 911 unless you pay taxes in advance for 1 year
      • Hwy dept needs access easements in place
    • Utility access not acceptable to Power and phone company
    • Power and Phone company won’t/can’t work together plowing the lines in “must dig our own trench” rebated $7,000 from Power Co.
  • 15. Complication Cont’d
    • Power Co. becomes total nightmare! Too wet, too rocky, etc
    • Raked two miles of ditch and picked rock
    • Not good enough
    • Had 20 loads of sand delivered from a company out of Spokane
    • Rock pit 3 miles away
    • Power Co. “not sure if that’ll do it”
    • Power Co. “line is in the phone co. will install soon”
    • Power & Phone line crisscrossed thousands of times
    • Power Co. warns of metal theft
    • Find contractor to fill in ditch “almost done”
  • 16. Almost done!
    • Need the 6 new access’s black topped “too busy but will get it done”
    • 3 rd extension from Highway dept….
    • Black top installed
    • Access’s inspected and approved
    • Wood cutters move in and start cutting/dragging dead wood “leave 10lbs of aluminum cans behind for me to recycle
  • 17. Actual Costs
    • Survey $11,500
    • Hwy Permit $500
    • Easement/CCR’s $500
    • Access work 1 st $15,000
    • Access work 2 nd $8,100
    • Power $33,000
    • Phone $9,000
    • Sand $1,150
    • CAD side delivery $2,775
    • Well drilling $16,400
    • Asphalt access’s $13,400
    • Fill ditch $3,900
  • 18. Total Project Costs
    • $115,225
    • $40,000 over budget
  • 19. Lessons learned
    • Project took 13 months
    • Land appreciated 20% during development
    • FC road engineer saved me
    • Contract road engineer threw me under the bus
    • Don’t develop out of your network area
    • Have project in full swing in April “NEWA” WX
    • Start several projects and allow ample time.
    • Double projected costs to cover all the unknowns
  • 20. Expected Outcome
    • Three lots closed @ $73,500 net $220,500
    • Anticipate remaining lots to close @ similar price
    • 10 lots @ $73,500 = $735,000
    • Total $955,500 net
    • Value added $405,500/$115,225
    • $3.51 return on every $1.00 invested
  • 21.  
  • 22.  
  • 23.  
  • 24. Questions