Within hours, the developer sold out the first 67-unit phase of Heritage Crossing near Disney World's Celebration, FL site and disposed of all 75 lots at Watersong on Hutchinson Island, a planned 28-acre community on the Atlantic in Fort Pierce, FL. The company also took reservations on an additional 47 lots.
The condos sold for a total $25 million, or an average $373,134 per unit. Prices ranged from $360,000 to $425,000 for the 176 three-bedroom units sized from 1,352 sf for one-story flats to 2,000 sf for the two-story condominiums. Groundbreaking is scheduled for December with expected completion in 2004. Heritage Crossing is located within Ginn's 2,300-acre Reunion Resort & Club of Orlando in Davenport about 20 miles south of Downtown Orlando.
The Watersong lots sold for a total $27.1 million, or an average $361,333 per lot. Inland lots sold for $200,000 each; oceanfront sites went for $550,000. Groundbreaking is scheduled for year-end. The 47 reservations on new lots still to be platted are valued at $23.2 million, or an average $493,617 per lot.
"We were frankly amazed at not only the turnout for Watersong's priority selection event but also the speed with which prospective property owners made their decisions to purchase," says Jim Matoska, Ginn's executive vice president.
This isn't the first time a Ginn development has sold out in record time. In September, the developer sold all 88 units in the planned 300-unit Yacht Harbor Village at Hammock Beach, about 150 miles north of Downtown Orlando, as GlobeSt.com previously reported.
The Yacht Harbor Village sales total of $48 million were for units that went for an average $484,000 to $675,000 each. Ginn generated another $5.2 million in lot sales.
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