--- In [email protected], "oakdorf" <[EMAIL PROTECTED]> wrote:
>
> Here's some math for the weekend:
>
> 1. Acre in Elberon is running around $3.5-$5.0 per 1 acre on the
> Ocean, and there's nothing for sale. Kushner piad $4.0m for a house
> in front of his to knock down.
>
> 2. They were selling psocards of AP (3in x 5 inch) for $8.00
>
> What cost more per sq in? Land in Asbury, or an $8.00 postcard?
>
The postcard comes to $76.80/sf. Is that buildable sf? ;)
Depends on where the land is. What's the plot size of Esperanza? I
tried to do buildable at one point but didn't have the total sf they
were building. I figure 350,000 sf based on average of 1,500 sf/unit
at 224 units plus 7% add-on for common/gross (actually closer to 360,000).
If you use $17.1 (upfront payment) its $49/sf. Then you can add $4.5M
for infrastructure which ups it. Let's not forget 7% of sales kicker.
Remember, the pro forma showed a total cost of $33M for the land, or
roughly double the above.
So, like everything else in AP, its who's set of "facts" you want to use.
BTW, I didn't ask, was that a waterfront postcard or inland?
Couldn't wait until the weekend, I have pay work then.
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