RIKER RANCH - APPROVED 21 LOT TENTATIVE MAP

Transcription

1 RIKER RANCH - APPROVED 21 LOT TENTATIVE MAP 9230 ADLAI ROAD - LAKESIDE, CA Rare Development Opportunity Near Lake Jennings All Environmental Permits are Expected to be Approved by March ,000 to 16,009 SF Lot Sizes Area of New Home Prices From $650,000 to $750,000 ASKING PRICE: $2,395,000 $1,995,000 Lindo Lake Park 67 Tierra Del Sol Middle School LAKEVIEW RD Lakeview Elementary EL CERRO DR E LAKEVIEW RD RD LAS POTRAS WAY SUBJECT PROPERTY ADLAI RD

2 RIKER RANCH - APPROVED 21 LOT TENTATIVE MAP 9230 ADLAI ROAD - LAKESIDE, CA PAGE CONTENT 3 AERIALS 6 LOCATION MAP 7 PROPERTY INFO 8 DOCUMENT LINKS 9 IMPROVEMENT COSTS 10 IMPACT FEES 11 TENTATIVE MAP 12 PARCEL MAP 13 PRICING ANALYSIS VECINIO DEL ESTE PL LA FAMILIA CT ADLAI RD E LAKEVIEW RD RD No warranty or representation is made to the accuracy of the foregoing information. Terms of sale, lease and availability are subject to change or withdrawal without notice. 2

3 RIKER RANCH - APPROVED 21 LOT TENTATIVE MAP LA FAMILIA COURT VECINO DEL ESTE PLACE AERIALS 9230 ADLAI ROAD - LAKESIDE, CA E LAKEVIEW ROAD ADLAI ROAD 3

4 RIKER RANCH - APPROVED 21 LOT TENTATIVE MAP 9230 ADLAI ROAD - LAKESIDE, CA BUBBLING WELLS RD AERIALS EL CERRO DR E LAKEVIEW RD ADLAI RD 4

5 RIKER RANCH - APPROVED 21 LOT TENTATIVE MAP 9230 ADLAI ROAD - LAKESIDE, CA AERIALS Lindo Lake Park AVE JULIAN Lake Jennings Tierra Del Sol Middle School LAKE PARK RD JENNINGS LAKEVIEW RD Lakeview Elementary ADLAI RD E LAKEVIEW RD 5

6 Adlai Rd RIKER RANCH - APPROVED 21 LOT TENTATIVE MAP 9230 ADLAI ROAD - LAKESIDE, CA LOCATION MAP LAKESIDE SUBJECT PROPERTY LAKE JENNINGS SANTEE Lake Jennings Park Rd SUBJECT PROPERTY E Lakeview Rd Lakeview Rd Hwy 8 Business 6

7 RIKER RANCH - APPROVED 21 LOT TENTATIVE MAP 9230 ADLAI ROAD - LAKESIDE, CA PROPERTY INFO Location: Jurisdiction: APN #: Acreage: Topography: Zoning: General Plan: Minimum Lot Size: Project Status: Improvement Costs: Impact Fees: Located at 9230 Adlai Road in the rustic Lakeside area, the property features expansive surrounding mountains while maintaining immediate proximity to Lake Jennings as well as, commercial and retail developments that include: upscale grocery, restaurants, and shopping. Approximately 2 miles southeast of Highway 67 and 1/2 mile northwest of Interstate 8, this site will provide commuters with quick, convenient access to all of San Diego County. County of San Diego Lakeside Community Planning Group 6.24 Acres Generally Flat RS (Single Family Residential) VR-4.3 (Village Residential) 10,000 SF On August 7, 2015 the San Diego County Planning Commission voted to approve the Riker Ranch 21 lot residential subdivision Tentative Map The owner has obtained the California Fish and Game permit and anticipates both the Army Corp. 404 and Regional 401 permits by March No architecture has commenced or been approved to date. Approximately $76,520 per lot Approximately $33,799 per lot LOS COCHES RD EL CERRO DR School District: E LAKEVIEW RD LAKEVIEW RD ADALAI RD Lakeside Union & Grossmont Union High Lakeview Elementary API Tierra Del Sol Middle School API El Capitan High School API Services: Water Helix Water District Sewer San Diego County Sanitation Dist. Gas/Electricity SDG&E Fire Lakeside Fire Protection Dist. Police San Diego County Sheriffs Dept. Asking Price: $2,395,000 $1,995,000 7

8 RIKER RANCH - APPROVED 21 LOT TENTATIVE MAP 9230 ADLAI ROAD - LAKESIDE, CA DOCUMENT LINKS CLICK TO VIEW DOCUMENT LINKS CONDITIONS OF APPROVAL GENERAL PLAN - LANDSCAPE USE ELEMENT GEOTECHNICAL REPORT PRELIMINARY GRADING PLAN TENTATIVE MAP ZONING CODE - R-1 8

9 RIKER RANCH - APPROVED 21 LOT TENTATIVE MAP 9230 ADLAI ROAD - LAKESIDE, CA IMPROVEMENT COSTS ESTIMATED IMPROVEMENT COSTS Construction Items Total $ $/Unit Erosion Control $ 44,623 $ 2,125 Demolition $ 32,500 $ 1,548 Grading & Site Prepo $ 201,961 $ 9,617 Storm Drain $ 161,672 $ 7,699 Sewer $ 69,110 $ 3,291 Water $ 90,150 $ 4,293 Paving $ 227,188 $ 10,818 Dry Utilities/Joint Trench $ 72,486 $ 3,452 Landscaping $ 70,513 $ 3,358 Bioretention/Hydromodification $ 159,880 $ 7,613 Bioretention Access Road $ 32,000 $ 1,524 Utility Conversion Cost - Pole Relocation $ 111,350 $ 5,302 Subtotal Construction Costs $ 1,273,433 $ 60,640 10% $ 127,343 $ 6,064 Total Construction Costs $ 1,400,776 $ 66,704 Plan Check, Deposits, Reimbursements & Bonds Total $ $/Unit City/County Inspection Fee $ 33,772 $ 1,608 City/County Final Map Fees $ 33,772 $ 1,608 Mitigation Purchase for Wetlands Creation $ 59,800 $ 2,848 Mitigation Purchase for Non-Native Grassland $ 10,500 $ 500 Utility Deposit $ 100,707 $ 4,796 Utility Reimbursements $ (75,150) $ (3,579) Bond Fees $ 24,000 $ 1,143 Subtotal Plan Check, Deposits, Reimbursements & Bonds $ 187,401 $ 8,924 10% $ 18,740 $ 892 Total Plan Check, Deposits, Reimbursements & Bonds $ 206,141 $ 9,816 Total Construction Costs, Plan Check, Deposits, Reimbursements & Bonds $ 1,606,917 $ 76,520 9

10 RIKER RANCH - APPROVED 21 LOT TENTATIVE MAP 9230 ADLAI ROAD - LAKESIDE, CA IMPACT FEES ESTIMATED DEVELOPMENT IMPACT FEES Development Impact Fees $/Unit Drainage Fee ($.83/SF) * $ 2,075 Park Fee $ 4,294 RTCIP & Traffic Impact Fee $ 4,199 Fire Protection Fee $ 1,410 San Diego County Sanitation District - Sewer Connection Fees** $ 2,336 Helix Water District Installation Fee (3/4" Meter) $ 230 Helix Water District Capacity Fee (3/4" Meter) $ 6,842 S.D.C.W.A. Capacity Fee - System (3/4" Meter) $ 4,840 S.D.C.W.A. Capacity Fee - Water Treatment (3/4" Meter) $ 123 Grossmont Union High School District Fees ($1.00/SF) * $ 2,500 Lakeside Elementary School District Fees ( $1.98/SF) * $ 4,950 Total Development Impact Fees $ 33,799 NOTES: * Assumes 2,500 square foot single family residences. ** Includes $336 annual fee for 1st year of service 10

11 TENTATIVE MAP 11

12 RIKER RANCH - APPROVED 21 LOT TENTATIVE MAP 9230 ADLAI ROAD - LAKESIDE, CA PARCEL MAP 12

13 Riker Ranch Preliminary Pricing Analysis ANTICIPATED RETAIL SALES SUMMARY Revenue By Phase Phase 1 11 Homes 7,962,987 Phase 2 10 Homes 7,466,036 Total Gross Revenue 15,429,023 Average Price Per Home 734,715 Prepared by CADO Real Estate Group February 20, 2017

14 RIKER RANCH PRICING/REVENUE MODELING Market Pricing Today Market Introduction Phase 1 Phase 2 - Lots 1-8, 20 & 21 Assumes a 3% Appreciation Lots 9-19 Assumes Additional 2% Increase PLAN # SQUARE PRICE / PRICING REVENUE PRICING REVENUE PRICING # REVENUE PRICING # REVENUE FEET SQ. FT. 1/6/2017 BY PLAN 11/20/2017 BY PLAN 11/20/2017 BY PLAN 5/20/2018 BY PLAN 1 5 2, ,900 3,299, ,697 3,398, , ,039, , ,386, , ,900 4,801, ,477 4,945, , ,825, , ,161, , ,900 6,479, ,497 6,673, , ,965, , ,781,635 Base Sales Rev 14,579,900 15,017,297 7,830,987 7,330,036 Premiums 58,000 58,000 22,000 36,000 Upgrades (excluding flooring) 210, , , ,000 Gross Sales Revenue 14,847,900 15,285,297 7,962,987 7,466,036 Average Sales Price/Home 707, , , ,604 SUMMARY Revenue By Phase Phase 1 11 Homes 7,962,987 Phase 2 10 Homes 7,466,036 Total Gross Revenue 15,429,023 Average Price Per Home 734,715 Model Assumptions Homes introduced to market in approximately 9 Month Period 4% Annual price appreciation in local housing market No appreciation given for upgrades and premiums Marketed in 2 Phases Plan plotting not available; product allocation across phases approximate Project sold and closed out in 1 year from introduction CADO Real Estate Group February 20, 2017

15 Exhibit 1 PRELIMINARY PRICING RIKER RANCH NEW HOMES AND NOTABLE COMPS PRELIMINARY PRICING FOR RIKER RANCH COMMUNITY NAME PLAN BEDRM BATH STORIES GARAGE SQUARE PRICE / LOT SIZE BASE QUANTITY SALES FEET SQ. FT. PRICE REV RIKER RANCH S , ,000 MIN 659, ,299,500 RIKER RANCH B , ,000 MIN 685, ,801,300 RIKER RANCH L , ,000 MIN 719, ,479,100 NOTES RIDGELINE L , CONDO 502,395 Base Model Available RIDGELINE L , ,400 SF AVG 554,990 Upgraded -Model Home RIDGELINE L , ,400 SF AVG 555,999 Active - Resale RIDGELINE L , ,400 SF AVG 600,632 Upgraded New RIDGELINE L , ,400 SF AVG 537,195 Base Model Available RIDGELINE L , ,400 SF AVG 559,093 COE 12/2/2016 RIDGELINE 3 3+L+D , ,400 SF AVG 553,960 Base Model Available RIDGELINE 3 3+L+D , ,400 SF AVG 599,000 Active - Resale RIDGELINE 3 3+L+D , ,400 SF AVG 677,184 Upgraded -Model Home RIVER VILLAGE D , ,000 SF AVG 667,990 KB - Santee Base RIVER VILLAGE L , ,000 SF AVG 677,990 KB - Santee Base RIVER VILLAGE 3 4+L+F , ,000 SF AVG 695,990 KB - Santee Base TREVI HILLS , AC 740,000 COE 8/9/2016 TREVI HILLS , AC 649,000 COE 9/3/2015 TREVI HILLS , AC 730,000 COE 9/3/2015 TREVI HILLS , AC 915,000 Available TREVI HILLS D , AC 895,000 Available TREVI HILLS D , AC 879,500 Available TREVI HILLS , AC 875,000 Available CANTON HILLS , ,249 SF $745,000 COE 10/24/2016 CANTON HILLS , ,431 SF $749,000 COE 7/13/2016 CANTON HILLS , ,902 SF $680,000 COE 10/14/2015 GREEN HILLS , ,066 SF $558,777 COE 3/30/2015 GREEN HILLS , ,314 SF $650,000 COE 7/1/2016 BASE SALES REVENUE WITH PRICING ASSUMPTIONS BASED MARKET PRICING TODAY 14,579,900 AVERAGE BASE SALES PRICE* 694,281 * all figures represent initial base prices without lot premiums or upgrades based on introduction to the market today CADO Real Estate Group February 20, 2017

16 Exhibit 2 COMPARISON OF PRICES OF SELECT NEW HOMES $950,000 $900,000 $850,000 $800,000 Sales Price $750,000 $700,000 $650,000 $600,000 $550,000 $500,000 1,800 1,900 2,000 2,100 2,200 2,300 2,400 2,500 2,600 2,700 2,800 2,900 3,000 3,100 3,200 3,300 3,400 3,500 3,600 Unit Size (Sq.Ft.) RIKER RANCH RIDGELINE RIVER VILLAGE TREVI HILLS CADO Real Estate Group February 20, 2017

17 Exhibit 3 COMPARISON OF PRICES WITH SURROUNDING NEWER RESALE $825,000 $800,000 $775,000 $750,000 $725,000 $700,000 $675,000 $650,000 Sales Price $625,000 $600,000 $575,000 $550,000 $525,000 $500,000 $475,000 $450,000 $425,000 $400,000 1,800 1,900 2,000 2,100 2,200 2,300 2,400 2,500 2,600 2,700 2,800 2,900 3,000 3,100 3,200 3,300 3,400 3,500 Unit Size (Sq.Ft.) RIKER RANCH RIDGELINE CANTON HILLS GREEN HILLS CLOSED DET LAKESIDE: Median Size: 2,174 Sq.Ft. Median Sold Price: $542,000 Median $/SF: $246 Median Year Built: 2005 Median DOM: 19 Number of Listings: 18 CADO Real Estate Group February 20, 2017

18 Exhibit 4 CLOSED RESALES Lakeside Sold in the Last Year Excluding Notable Comps Listed Elsewhere Built Since 2000 STREET ADDRESS BED BATH UNIT SIZE SOLD PRICE SOLD $/SF DAYS ON MARKET YEAR BUILT COE El Monte ,450 $520, /3/ Serena 4 3 2,700 $500, /19/ Serena Ln 4 3 2,700 $614, /15/ Hi Ridge Rd ,938 $630, /31/ Micaela Court 4 3 1,840 $527, /16/ Wildcat Canyon Rd 3 2 2,025 $415, /12/ Gay Rio Ln ,021 $535, /13/ Chase Creek Ln 4 3 2,244 $673, /16/ Via Brittany 4 3 1,824 $549, /5/ Creekford ,380 $533, /8/ Foothills River Lane 4 2 2,000 $532, /24/ Chase Creek Lane 6 3 3,493 $800, /1/ Pinery Grove 4 3 1,868 $562, /16/ Vista Laurel ,174 $459, /31/ Laurel Country Way ,014 $530, /31/ Muth Valley Road ,297 $750, /18/ Creekford 4 2 2,173 $575, /7/ Frankie Court ,940 $580, /22/2016 UNIT SIZE SOLD PRICE SOLD $/SF DAYS ON MARKET YEAR BUILT MEDIAN 2, , ,005 AVERAGE 2, , ,006 MINIMUM 1, , ,000 MAXIMUM 3, , ,016 CADO Real Estate Group February 20, 2017

19 CMA Summary Report RESIDENTIAL Summary Statistics High Low Average Median LP:$829,900 $425,000 $614,664 $569,900 SP:$800,000 $415,000 $599,657 $563,750 RESIDENTIAL - Sold Number of Properties: 26 Num MLS # Status Style FllAdd ZipArea Beds TotB COEDate LotSFApx EstSF DOM LP $/EstSF SP $/EstSF SOLD DET Wildcat Canyon Rd LAKESIDE (92040) 3 2 5/12/ ,799 2,025 7 $425,000 $ $415,000 $ SOLD DET Vista Laurel LAKESIDE (92040) 4 3 8/31/2016 6,278 2, $455,000 $ $459,000 $ SOLD DET Serena LAKESIDE (92040) 4 3 2/19/2016 2, $519,900 $ $500,000 $ SOLD DET Cuyamaca Drive LAKESIDE (92040) 4 3 9/9/2016 2, $564,990 $ $518,000 $ SOLD DET El Monte LAKESIDE (92040) /3/ ,068 2, $499,000 - $539,000 $ $520,000 $ SOLD DET 9371 MICAELA COURT LAKESIDE (92040) 4 3 5/16/ ,732 1,840 5 $519,900 - $534,900 $ $527,000 $ SOLD DET Laurel Country Way SOLD DET Foothills River Lane LAKESIDE (92040) /31/2016 6,700 2, $530,000 $ $530,000 $ LAKESIDE (92040) /24/2016 2,000 7 $550,000 $ $532,000 $ SOLD DET 9004 Creekford LAKESIDE (92040) 4 3 9/8/2016 2, $545,000 $ $533,000 $ SOLD DET Gay Rio Ln. LAKESIDE (92040) 4 2 5/13/ ,443 2,021 6 $535,000 $ $535,000 $ SOLD DET 9346 VIA BRITTANY LAKESIDE (92040) 4 3 8/5/2016 1, $529,000 - $549,000 $ $549,000 $ SOLD DET Cuyamaca Vista DR LAKESIDE (92040) /2/2016 1, $559,990 - $569,900 $ $559,093 $ SOLD DET Pinery Grove LAKESIDE (92040) /16/2016 6,480 1, $569,900 $ $562,500 $ SOLD DET Mystic Way Lot 43 R/L LAKESIDE (92040) 4 3 2/14/2017 2, $569,990 $ $565,000 $ SOLD DET 9075 CREEKFORD LAKESIDE (92040) 4 2 3/7/2016 2,173 3 $569,900 $ $575,000 $ SOLD DET 9069 Frankie Court LAKESIDE (92040) 4 3 9/22/2016 1, $588,000 $ $580,000 $ SOLD DET Serena Ln LAKESIDE (92040) 4 3 4/15/2016 2,700 4 $635,000 $ $614,500 $ SOLD DET Hi Ridge Rd LAKESIDE (92040) 3 4 8/31/2016 2, $649,900 $ $630,000 $ SOLD DET SOHAIL ST. LAKESIDE (92040) 5 3 7/1/2016 3, $669,000 $ $650,000 $ SOLD DET Chase Creek Ln LAKESIDE (92040) 4 3 5/16/ ,795 2,244 2 $675,000 $ $673,000 $ SOLD DET VIA TREVI LAKESIDE (92040) /20/ ,401 2, $764,000 $ $740,000 $ Information Provided Courtesy Of: Catherine D Nicholas Search BRE Lic#: CA SureSell Real Estate - Office: /22/ :44 PM Information is not guaranteed. Copyright SANDICOR, Area (Minor)=92040 AND Class=RE AND Close of Escrow Date=02/19/ /20/2017 AND County=SanDiego AND Beds>=3 AND TotB>=2 AND EstSF= AND YrBlt>=2000 AND Status=SOLD

20 SOLD DET LOS RANCHITOS ROAD SOLD DET Rose Meadow Road SOLD DET Muth Valley Road LAKESIDE (92040) /24/2016 6,249 3,192 5 $739,000 - $780,000 $ $745,000 $ LAKESIDE (92040) 5 4 7/13/2016 3, $749,000 $ $749,000 $ LAKESIDE (92040) 3 3 4/18/2016 3, $795,000 $ $750,000 $ SOLD DET Rio Maria LAKESIDE (92040) /19/ ,432 2, $779,000 - $819,000 $ $780,000 $ SOLD DET Chase Creek Lane LAKESIDE (92040) /1/ ,339 3, $799,900 - $829,900 $ $800,000 $ Avg $614,665 $ $599,657 $ Min $425,000 $ $415,000 $ Max $829,900 $ $800,000 $ Med $569,900 $ $563,750 $ Information Provided Courtesy Of: Catherine D Nicholas Search BRE Lic#: CA SureSell Real Estate - Office: /22/ :44 PM Information is not guaranteed. Copyright SANDICOR, Area (Minor)=92040 AND Class=RE AND Close of Escrow Date=02/19/ /20/2017 AND County=SanDiego AND Beds>=3 AND TotB>=2 AND EstSF= AND YrBlt>=2000 AND Status=SOLD

21 Local Market Update for January 2017 Provided by the North San Diego County Association of REALTORS Lakeside East San Diego County Detached Single-Family January Key Metrics Percent Change Thru Thru Percent Change New Listings % % Pending Sales % % Closed Sales % % Days on Market Until Sale % % Median Sales Price* $450,000 $438, % $440,000 $460, % Average Sales Price* $447,663 $442, % $444,897 $469, % Percent of Original List Price Received* 95.4% 93.4% - 2.1% 97.3% 97.2% - 0.1% Percent of List Price Received* 97.0% 96.6% - 0.4% 98.0% 98.4% + 0.4% Inventory of Homes for Sale % Months Supply of Inventory % * Does not account for sale concessions and/or downpayment assistance. Percent changes are calculated using rounded figures and can sometimes look extreme due to small sample size. Attached Single-Family January Rolling 12 Months Rolling 12 Months Key Metrics Percent Change Thru Thru Percent Change New Listings % % Pending Sales % % Closed Sales % % Days on Market Until Sale % % Median Sales Price* $196,500 $225, % $178,000 $210, % Average Sales Price* $194,500 $220, % $189,470 $221, % Percent of Original List Price Received* 102.5% 96.1% - 6.2% 98.7% 97.3% - 1.4% Percent of List Price Received* 98.8% 96.9% - 1.9% 98.2% 98.2% 0.0% Inventory of Homes for Sale % Months Supply of Inventory % * Does not account for sale concessions and/or downpayment assistance. Percent changes are calculated using rounded figures and can sometimes look extreme due to small sample size. Median Sales Price Detached Single-Family Median Sales Price Attached Single-Family Rolling 12-Month Calculation Rolling 12-Month Calculation East San Diego County East San Diego County Lakeside Lakeside $475,000 $300,000 $450,000 $425,000 $250,000 $400,000 $200,000 $375,000 $350,000 $150,000 $325, $100, Current as of February 4, All data from Sandicor, Inc. Powered by ShowingTime 10K. Percent changes are calculated using rounded figures.

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