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As a number of you are aware we have had a couple of homes at Ridgewood Lakes that have become available over the last few months and the interest from you guys has been phenomenal. Whilst not bank repos they have been distressed sales and the 2 homes have sold for $255k and $250k respectively which is considerably less than the $400k prices that these homes were selling for  circa 2007.

Regular readers of our newsletter will also be aware that Ridgewood Lakes is where I bought my own home in 2001. It is one of the few developments that hasn't been physically affected by the downturn and still looks as good today as it did when I bought, if not better.

We are using the builder who designed and developed phase 1 of The Shire at West Haven in Davenport and his architect actually designed the original models at Ridgewood Lakes for Bovis Homes and still has details of these floorplans

Whilst there were10 models to choose from originally we have selected the 3 which are most relevant to the short term rental market. These can be changed slightly and the architect is happy to work with any of you on this.

The prices for the 3 models are below - please note there is a $15k premium for the 2 lots which back onto the golf course.

Build inc pool spa etc. Lot Price Total 2173 sq ft model $201,678 $36k $237,678 2408 sq ft model $215,190 $36k $251,190 2921 sq ft model $244,688 $36k $280,688

As you can see this is an extremely attractive package. Even taking into account the $15k lot premium you are getting a brand new home on Ridgewood Lakes for the same price I paid for my own home 10 years ago.

There are also Self Build Mortgages available with this purchase

After consulting with our mortgage broker and the builder there is actually a program in place designed for this type of purchase. The clients will still need 30% total deposit to do this including the cost of the lot.

THE LOTS

Paul’s Opinion - July 2011

In my opinion the distressed sales in The Forest at Ridgewood for around $250k are great buys and if the odd one becomes available they normally sell quite quickly. To have the option of a brand new home with new pool, new spa, new pool heater, new air con units, new carpets, new kitchens, new bathrooms etc etc for the same price as a distressed takes some beating.  When you consider these are arguably the best lots there have ever been within the short term rental communities in the Disney area then the deal becomes even more attractive.

You are actually getting a 200 sq. ft larger home in exactly the same location that I bought in with the same aspect and view from the swimming pool for the price I paid 10 years ago - need I say more!

It's been a bit of a slog pulling everything together but I have not been as excited about anything we have ever done previously.

Paul’s Opinion - September 2011

I was actually in Orlando at the end of last month to discuss some further turnkey projects with the builder and I have to say every time I meet with them I am impressed even more.  They currently have a custom build job in Reunion which is really coming along and they also took me to see other homes they have completed recently which were extremely impressive.  The service they have provided the buyer of lot 1 has been second to none and nothing is too much trouble for them.

What really impressed me is that these really are custom built homes.  In the unit next door to their offices they have a factory where all of the fittings and units are made - very little is bought in.  Any clients who are serious about this are welcome to visit them at their offices and they will talk and walk you through the whole build process which I found extremely informative and reassuring.