Ashton Woods and Taylor Morrison close on Elliot Groves at Morrison Ranch Phase 2 at $1,800 per finished front foot

Elliot Groves

Daniel Benson
Belfiore Real Estate Consulting

Elliot GrovesOn December 12, 2013 both Taylor Morrison and Ashton Woods Homes closed on the Second Phase of Elliot Groves at Morrison Ranch. Ashton Woods closed on 92 – 50’x115’ lots for $5,639,643 ($61,300 per lot / $1,226 per front foot). Taylor Morrison closed on 68 – 70’x130’ & 94 – 50’x115’ lots for $11,741,949 ($72,481 per lot / $1,241 per front foot). Both of these purchase prices are reflective of a final plat lot status.

According to Michael Martindale and Todd Vesledahl from CRA which is the exclusive broker for the Morrison Family, the builders and the seller in the second phase transaction have agreed to a finished lot price of $1,800 per finished front foot. The Phase 2 lots should be finished in approximately 10 months.

The Phase 2 deal also included a profit participation agreement which will award the seller additional compensation if the builders reach a specific profit margin based upon each retail home closing.

Although public records show Ashton Woods closed on its first 139 lots in Phase 1 for $1,550,829 ($11,157 per lot / $200 per front foot), and Taylor Morrison closed on its first 69 lots in Phase 1 for $828,153 ($12,002 per lot / $200 per front foot) the finished lot price agreed to in Phase 1 was $1,180 per finished front foot. This equates to a 53% increase in the finished front foot price between Phase 1, which closed on April 17, 2012, and Phase 2. Phase 1 bore the majority of the Infrastructure and common area improvement costs.

Morrison Ranch remains a top selling community in the Metrolpolitan area for 18 years. This sale represents the third to last sale in the residential portion of the 1800 acre property. Future sales in Warner Groves and Lakeview Trails South are contracted with home builders and will be closing in 2014, according to the family’s exclusive broker, Michael Martindale.

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December 2013