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Poppies Corp. 2005
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PLAN 1376 |
1376 sq. ft. |
Project Summary: One of Poppies Corp’s first projects in Arizona was designed to meet the city of Phoenix’s affordable housing guidelines. Poppies Corp purchased this in-fill lot in south central Phoenix near Sky Harbor Airport and built a three bedroom, 2 bath home of approximately 1376 square feet.
Status: Construction of the home began in April of 2005 and was completed in August, 2005. The home was put on the market in July during construction and sold almost immediately. Escrow on the sale closed in September. The project was plagued by theft and vandalism – a normal problem in this poverty stricken neighborhood. But a project that Poppies Corp is extremely proud of as the community recognized our attempts to help increase local values and worked with us to get the job done.
Financial Summary: The in-fill lot was purchased at a price of $20,000. Construction costs totaled close to $78,000 and with escrow fees, interest payments on the construction loan, property taxes and other carrying costs; the total cost of the project was just over $103,000. Pre-construction, the home was valued at $125,000 for the purposes of acquiring the construction loan. However, a continuing strong market and a lack of decent affordable housing in the area resulted in a sale price of over $165,000 ($170,000 contract price less seller contributions).
Total out of pocket investment costs = $25,604.
Total net pre-tax profits = $50,065.