The $800,000 sale closed October 29, 2013.
The development is located on the mainland side of Vero Beach, east of I-95 a few miles from the Vero Beach Outlet Mall. Several homes were started but never completed in the development which made the sale difficult.
According to Stigliano, “Most builders do not want to take over someone else’s project, especially if the buildings sat dormant for several years. Suncor’s plan is to raze all the existing structures and build custom homes.”
Based on the sale, the average price for the lots was $36,363 per lot. Each lots is approximately 90′ x 140′.
The entire infrastructure was in place including streets, sidewalks, underground utilities and a sanitary sewer lift station. Also making this investment attractive was over $200,000 of prepaid municipal impact fees that are transferable to the buyer.
The buyer was Suncor Ft. Pierce, LLC a residential developer located in Vero Beach. The Seller is a Palm Beach-based company.
This is Stigliano’s third transaction in Vero Beach. With double digit increases in the cost of residential land in South Florida, builders and investors still see opportunity in Vero. Vero has been attracting national builders like D.R. Horton and Lennar.