ACTIVE  Savannah Homes Extension Lots for Sale

There are 14 additional lots that have been added to the northern side of the 51-lot residential subdivision located just west of an award-winning resort. Owners will enjoy the privacy this community offers and will have access to the beach along with all of the facilities and services.

These 14 new lots won’t be available for purchase until they have been serviced and roads put in. This process may take up to a year. However, you can reserve a lot with a reservation agreement and a refundable deposit. With this, you can hold the lot until that process is complete, change your lot, or walk away and have the deposit refunded. Once the process is complete, a sales agreement will be provided.

Construction:

Customized homes can be constructed for buyers who are interested, or owners may choose to have their homes built by another builder. There are no set home plans for this location, allowing buyers the flexibility to build a home to their specifications.

The general cost of building a home is approximately $150 per square foot, but the overall cost of the home will depend on the type of finishes the buyer is looking for. Pools can vary in cost depending on the size, features, lighting, amount of tile finish, and whether a heat pump is desired. An unheated regular-size pool and deck would cost around $30,000.

Property/Rental Management & Rental Split:

Owners can rent through the resort’s management services or independently using popular rental websites. A 70/30 split with the homeowner will apply if the property is managed and advertised through the resort’s website. An occupancy rate of around 40% is expected, but this could vary significantly based on the quality of the house and amenities. The average nightly rate will also vary based on the size and quality of a home, as well as available amenities such as a swimming pool.

Expected Income:

As an example, with a 1500 square foot 2-bedroom home, an average nightly rate of $250 can be anticipated. With this rate, gross owner proceeds are likely around $24,000, minus costs like utilities, insurance, and some maintenance. This could result in a net return of approximately $15,000 a year.

Financing:

Financing is available for the lots at 7% interest for 5-year and 15-year amortization, with a deposit requirement. A balloon payment is due after 5 years.

HOA Fees:

There is a monthly HOA fee which goes towards the maintenance of community amenities.

Remaining lots vary in size from 0.25 acres to 0.30 acres.