192-lot single-family home subdivision property is ready to build
ORMOND BEACH, Fla. (Aug. 10, 2018) – SVN Alliance principals Chris Butera and John Trost, CCIM, collaborated on the sale of Pineland, a fully entitled, 192-lot single-family home subdivision site in Ormond Beach. The 157-acre tract, which borders Interstate 95 on the east and is just north of Airport Road, sold for $2.5 million.
The seller was Ormond Pineland LLC, a Volusia County investment group, and the buyer was Forestar (USA) Real Estate Group, an affiliate of national homebuilder D.R. Horton.
“This property is in a high-growth area with upscale subdivisions being developed by national, regional and local homebuilders,” said Trost, who has more than 30 years of experience in commercial real estate transactions. “A key factor for the buyer was that this land is ready for immediate construction.”
The inventory of single-family lots in this corridor is depleting quickly and no new development is coming, Trost said. The average house/lot price for new construction in the area is greater than $275,000, with some topping $1 million, he added.
SVN, a commercial real estate brokerage firm headquartered in Boston, is one of the industry’s most recognized brands based on the annual Lipsey Top Brand Survey. With more than 200 locations in 500 markets, SVN Commercial Real Estate Advisors provide sales, leasing and property management services to more than 5,550 clients worldwide. The Florida team consists of more than 110 advisors serving locations across the state. SVN advisors represent clients in office, multifamily, retail, industrial, self-storage, hospitality, marina, mobile home park and land transactions. All SVN offices are independently owned and operated. For more information on SVN Florida, visit www.svnflorida.com.
John Trost, CCIM, principal, SVN Alliance Commercial Real Estate Advisors / 386-295-5723 / [email protected]
Chris Butera, principal, SVN Alliance Commercial Real Estate Advisors / 386-453-4789 / [email protected]
Ken Zeszutko, Z-Corp PR and Digital Marketing, 321-213-1818 / [email protected]