27 lot subdivision PDX market has gone black

[Jay Hinrichs]

our 27 lots subdivision was paved last week... franchise utilities and back yard drains left .. plans for 2 models into city hope to record plat and break ground mid april..

Market still holding at 150  a foot for 2 story and about 180 for ranchers...

competition is Lennar  but I think we can beat them on quality of finish's and our lots are perfectly level theres are sloping.  Fingers crossed... rates hold for the year it will take us to build out.

[Jay Hinrichs]

lot 70k  vertical 190k  soft 20k  280 all in  350 sell price Net 70k

If we never got any of our cash back until the very end of the project this is a 82% apr on the original 500k invested. we borrow from bank at 6%.

WE don't have accelerated lot pay downs ( Ie own last lots free and clear) so we will get lot equity prorate as we sell thereby increasing our yield substantially.

I could flip the plat to Horton now for 500k gain  so double money one year.  That was always fall back position.. But I can't replace the lots for 70k so we will build it out.