By: Daniel Benson; Belfiore Real Estate Consulting
According to public record (click here to view the affidavit), Mattamy Homes closed on its second phase takedown of Verrado Phase 3 South on July 8, 2014. The second phase takedown included 42 – 45’x120’ lots. The purchase price was $1,436,400 ($34,200 per lot / $760 per front foot). Mattamy also took out a deed of trust (click here to view the DOT) securing payment of the lot completion price in the amount of $957,000. The combined purchase and lot completion price equates to $2,393,400 ($56,986 per lot / $1,266 per front foot). The deal also included a deferred consideration agreement (click here to view the agreement) which Mattamy will pay to DMB Associates upon each retail home closing. The agreement included lot premium revenue sharing, deferred consideration, and a marketing fee.
