– Toll Brothers have finally released their floor plans for their Boulders project in Somersett. The plans range from 4000 to 5800 SF with BASE prices from $702K to $904K. I read somewhere that the base price of a home goes up 30% on average before the sale, so you can see the market they are appealing to. I’m usually not a fan of Toll floor plans – Xerox enlarged tract houses – but these really do seemed tailored to their target market.
– On the other end of the economic scale, Lennar has purchased 108 finished lots in the Wintercrest subdivision associated with Somersett. This is the extension of Scott Vally Road area originally owned by Columbus Reno I LLC. The sale was combined with 151 lots in Wingfield Springs from the same sale, and the price works out to $72,000 per finished (streets and mass grading done, utilities to the lot line, water and transit fees later at permit) lot. They should be able to reach the low $300’s price point as they have in their almost completed Canyon Pines project. Somersetters refer to Canyon Pines as Section 8 Heights, but whatever.
– The ballots have been mailed to the owners on the proposal for Somersett Owners Association (SOA) to purchase the Somersett Golf and Country Club (SGCC) for $2.75M, then lease it back to SGCC for $2000 per year. This is a very complicated and emotional deal, and hella fun to watch from the sidelines! It comes down to this – if you think the SGCC can be successful, vote NO. Northgate closed, D’Andrea closed, ArrowCreek in bankruptcy – SGCC doesn’t have a prayer as a self standing entity in my opinion. If you think the SGCC will fail and want to have a say in what becomes of the golf course, vote YES. It will only cost about $1100 per lot owner spread over 15 years.
SGCC is part of the Somersett Area PUD, but is NOT part of the approved Somersett PUD – it is specifically excluded. I ran some rough numbers, and the land could easily accommodate 600 SFRs. At $20,000 per semi-raw lot, SGCC is worth $12M dead, and only $2.75M alive. Reno would LOVE the addition $2M annual property tax income, and it would be a perfect infill development in an area where all their public service requirements are already in place. Reno will ratify any PUD modifications that might be required in a New York Minute. So add that to you menu of issues to consider as you prepare to vote, SOA membership.
– The “Golf” lot adjacent to the Town Center recently sold for $150,000. It is zoned for up to 5 storey heights and apartments/condos , though is significantly impinged by drainage easements. No development plans have been announced by the new owner, but I’ve also taken a detailed look at this property. 12 townhouses, hardcore negotiation on some shameless unrecorded easements for the Canyon 9 golf course pencils. Or go big and span the drainage easement and aim for 50 units of apartments/condos. I’ll report back when plans start firming up.
The world isn’t all about Somersett, but I know a lot of the readers of this blog live there and care a lot about what is going on in their community. So forgive me for boring you with this one, geopower!