Stonehaven Development
Stephanie and I decided (mostly I, Stephanie went along, as usual) to get into the land development business. An opportunity to purchase 17 acres within the Preserve development in North Auburn came along and we made an offer. It was accepted, so we're in business. Or, at least we have to round up the money to do the project, and then we're in business. We're working on financing now and hope to be under construction by the end of October. These 16 lots range in size from 0.62 acres to over 2 acres. We'll be asking from $105,000 to $136,000 for them. The development is planned to be very upscale with wide roads with medians and lots of landscaping. Minimum house size will be 2800 square feet with all garages being at the back of the houses. This means that houses will probably sell in the $500,000 plus range. I've handled all aspects of land development for a number of other folks in and around Auburn, now I'll be trying to do the same for us personally. We'