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Welcome to Poppies Corp.
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PLAN 3491 |
PLAN 3210 |
PLAN 3161 |
3491 sq. ft. |
3210 sq. ft. |
3161 sq. ft. |
Project Summary: Desert Paintbrush is a high end community of 15 estate homes on individual large lots ranging from 1.11 to 1.56 acres each. The three parcels of approximately six acres each on which the homes are to be built was purchased in June of 2005 by a new Arizona LLC – BDD 101, LLC. Home buyers will have a choice of three floor plans totaling 3,161 to 3,461 square feet each along with variations in elevations for each plan and optional upgrades. Standard features include minimum 10’ ceilings, 2 x 6 wall framing, granite countertops throughout, travertine floors and baseboards and large covered patios/verandas adding a significant amount of square footage to each home.
Current Status: Because the local real estate market suffers from a critical shortage of housing in this high demand area, the LLC plans on pre-selling most if not all of the homes prior to construction. The architect has completed the plans and standard plan approval from the County building department has been received. Lot surveys have been completed and the first wells are in with septic permits in process; to be followed with building permits.
Financial Profile: The 18 acres were purchased for a price of $1,095,000 ($73,000 per home site). The LLC provided a down payment of $273,750 (25%) and funded the balance with an interest-only loan. The lender for the land will provide 100% construction loans when presented with an executed home purchase contract from a pre-approved buyer. Prior to the acquisition of the land, Poppies Corp provided the LLC with an initial projection featuring an average home sales price of $427,000 but due to the accelerating market, the 5 homes in the first phase will go under contract for a total of just over $2,300,000 – an average of about $460,000 . The average per square foot price of about $143 is well under the nearest and best comparable new development in the area and as such, the price of the second and third phases of Desert Paintbrush will be considerably higher.
LLC Investors Click Here for Desert Paintbrush Management Reports