The 2003 performance totaling $311 million at six condo ventures was "incredibly rewarding" for the company, says Ginn executive vice president Jim Matoska. The firm, relatively unknown in Florida condo development circles six years ago, booked $186.4 million on 700 lots and $124 million on 347 condo units.
The company has capitalized on a vibrant Florida condo market that saw its sales climb from $34 million in 2000 to $37.2 million in 2001 and $177.7 million in 2002.
Hammock Beach and Yacht Harbor Village, part of a 1,000-acre oceanfront resort community that broke ground in 1999 near St. Augustine, FL, led the rush in 2003 with $146 million on the sales of 210 condominium units and 173 home sites.
At the 2,300-acre Reunion Resort & Club of Orlando, actually located in Polk County, sales totaled $69 million. A total 205 lot sales accounted for $33.5 million; sales of 137 condos and townhomes brought in $36 million.
Ginn's private 1,400-acre club community, Tesoro, which opened in April 2002 near Port St. Lucie, FL, generated 220 lot sales for $60 million, or about $272,727 per lot. Two other properties, Waterford on the St. Lucie and Waterson on Hutchison Island, FL, contributed $10 million and $26.5 million respectively.
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