Remember the AC/DC song Big Balls………well I have to say that Roger Schutt, CEO of Premier Properties of Cape Coral may have the biggest of all!
Premier Properties has purchased the Cape Coral subdivsion formerly known as Pinewood Lakes from Reliance Bank, who took it back from the previous developer. The project has been re-branded as Celebration Cape and features 58 lots on a 20-acre parcel. At a purchase price of just under $1m, Premier is into this investment at under $18K per lot. Taking a long-term view, I really like the upside of this investment for Premier.
Celebration Cape has unique zoning which allows for over-sized backyard garages that can accommodate an RV or a boat. The project features a concrete wall around the perimiter and water and sewer utilities are already in place and paid for.
Celebration Cape is located off SE 8th Street, east of Santa Barbara Boulevard, between Nicholas Parkway and Hancock Bridge Parkway. New home prices including the lot start at $129,000.
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Motor Home Magazine covers Cape Celebration.
The News-Press reports today that 5 homes are under contract at Celebration Cape.