Retail Value of Notchland Crossings

Land: 23 acres with 1,260 ft on Mt. View Road
             x $21k/ac (see graph) =                                  $483k

Improvements:
Six duplex cottages: 9,830 sq. ft x $135/sq. ft =    1,327k
       Furnishings for 10 units:    38k
Clubhouse: 2,126 sq ft. x $80/sq. ft.                         170k
Cook and Grillhouse: 864 sq. ft x $50/sq ft.               43k
       Swim pool: 25ft. x 55 ft with 1,350 sf. ft apron        110k
       Four clay tennis courts:                                            84k
       Engineering and survey + approval process            32k

Total Land and Improvements: $2,287k

Wholesale Value of Notchland Crossings

Wholesale = Retail value x 45%: $2,287k x 45%:  $1,029k 

Financial Summary
(see our Power Point and pdf files for details)
Cost of Development

Purchase price for Notchland Crossings:           $1,029k
Updates and Upgrades at $49/sf. ft.                        482k
Selling and commission costs @ 6% of $2.450M*    147k
Closing costs @ 2% of selling price                          49k
Financig costs @ 8% x 65% x selling price      79k

Total Developer costs:                 $1,786k

Credit for 5 ac. land for Phase II     -144k
Adjusted total all costs, Phase I:          $1,642k


Profit and Return on Investment (ROI)

Profit: Selling Price - Costs = $2,450k - $1,642k    $808k
Profit as % of Selling Price: $808k/$2,450k*            33%
Profit as % of Costs: $808k/$1,642k (ROI)        49%

      * The average selling price of the converted Notchland condo is assumed to be $245k, keeping it below the $275k-$600k resort prices in the area in a soft market.
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