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Oct 27 '09, 08:07 AMIt's a riverfront subdivision located in Kingsland, Georgia, which is approximately 50 miles north of Jacksonville, FL. It is comprised of 96 lots, 17 of which are on the river with ocean access. 54 acres in total. Appraised in July, 2008, for $10M retail, and $6.5M wholesale. Will consider all reasonable offers, including joint ventures, equity sharing, seller financing, etc. Also, the bank will allow the existing note, (approximately $3M at 6%), to be assumed. Meaning someone can purchase this property without needing to get new financing and with not much cash out of pocket. Possibly as little as $500K to take title. We are open to all possibilities with any serious buyer.
The property is zoned both residential and multifamily. This would allow for up to 450 condos/townhomes, or some combination of multi units and single family properties. For example, the 17 waterfront lots could be used for high end single family houses, while the interior of the subdivision could hold condos/townhouses. This property is located approx 9 miles west from Kings Bay Naval Base, which will provide a steady supply of renters and buyers.
All infrastructure has been placed underground for all lots, including city water and sewage, electric, cable and fiber optics. All roads are paved with curbs and gutters, all street signs and lights are in place. All that is needed is for the houses to be built on the individual lots. Access is good to schools, employment, and shopping. The demand for single family homes is good and is expected to increase as new subdivisions and housing are planned for this area. The city of Kingsland is pro development and has some impressive plans in this regard. In fact, here is an article on that very subject that you'll find informative:
http://www.georgiatrend.com/our-state/11_07_camden.shtml
Appraisal documents as well as city approved layouts and photos are available upon request.
PM me for more details
