EXECUTIVE SUMMARY AND PRO FORMA

Take Your PROFITS To New Heights
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DISCOVER THE FULL POTENTIAL

over 700,000 visitors SKI sugar mountain resort each year

At Reserve III at Sugar Mountain Resort

The subject property of this offering is the Reserve III at Sugar Mountain Resort

 The Reserve III is a 12.78 acre tract in a private gated development. This property offers direct ski-in, ski-out access to Sugar Mountain Ski Resort with a summit elevation of 5,300 feet, night skiing and accommodates almost 700,000 annual skiers.

There are 21 platted lots, with each developed for a four-plex, resulting in 84 potential residential units.
All utilities including electric, cable, water and sewer are in place and a paved public road passes along the property.

The first 12 units on Lots 1-3 could be turn-key ready for occupancy in 6 to 8 months. Attractive building plans have been prepared for a typical four-plex unit, if the purchaser wishes to use them.

Lots 4-7 (for 16 units): underground electrical complet-ed; requires water and sewer piping and road paving.

Lots 8-21 (for 56 units): requires underground electrical, water and sewer piping and road paving.
Clearing is completed for all roads and the 21 building pads (with a total of 84 units).

In addition, there is a contiguous 8.13-acre parcel which is adjacent to the Oma Meadows chairlift drop-off, and could contain another 40 to 50 units for an overall total of more than 125 Luxury Condominiums.

Zoning allows for private ownership, vacation rentals, fractional ownership and Time Share.

The image at the left is an aerial view of the Reserve III development in its current stage of completion.

PHASE I is far left that includes Lots 1—3 for 12 units.

PHASE II is lower center and includes Lots 4—7 for 16 units.

PHASE III is top center and includes Lots 8 — 21 for 56 units.

Charge Forward

Pro Forma for the Reserve III

The chart at the left shows 2 different options for profit potential that can be realized with the build-out of the Reserve III.

The cost of the land, including all the improvements and infrastructure added is $2,900,000.00. The cost of finished improvements was $1,181,693.00, bringing the actual cost of the 12.83 acres of land at $1,718,307.00.

The finished product of The Reserve III is 84 luxury condominiums.

There are 21 lots property zoned for 84 units of resort timeshare, fractional, vacation rentals, or private ownership.

There is also an additional tract of land (8.13 acres) that is available to purchase which is further up the mountain.

 

  • When this project is built out the gross profit after cost is $13,860,931.00
  • Net annual income from 84 rental units – for 45 weeks a year – averaging $350.00 per night is $6,988,800.00, after carrying costs and property management.

Charge Forward

Area Comps for the
Reserve III

Comps for the Reserve III were obtained from other luxury condominium developments with proximity to this future site. It also compares similar construction materials and square footage costs. The two developments that were selected were The Vistas at Banner Elk, NC and Echota Resort at Echota, NC.

  • The Average retail cost per sq. ft. at The Vistas at Banner Elk is $233 –$248
  • The Average retail cost per sq. ft. at Echota Resort is $233 –$286
  • The Average retail cost per sq. ft. at Reserve III is $264 –$269

all the information you need

Download an executive summary

 

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all the information you need

Download the offering Memorandum

 

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area and project summary

5,000 ft (1.52 km). Elevation

AVERY COUNTY’S GROWTH is significant

many AREA ATTRACTIONS

zoned for RENTALS OR RESIDENCES

12 month array of outdoor activities

numerous amenities in sugar mountain

top-notch construction

EXISTING IMPROVEMENTS valued at $1.2M

new ski run (Gunther’s way)

new 6 pack, high-speed lift

hiking and biking trails

trout fishing and kayaking

zoned for TIMESHARE OR FRACTIONAL

popular building designs

new snow blowing equipment

a break from the heat

THE BOTTOM LINE

What Impact Will This  Finished Project Have?

This ski in/ski out jewel of a property is located on Sugar Mountain at an elevation of 5,000+ feet. It overlooks majestic Grandfather Mountain. It is being called “Reserve III.” In this website, I have included our latest offering memorandum and supporting documents for your review and consideration, I hope that you
and your team will discover this to be a worthy resort property to consider acquiring and developing and
adding to your portfolio of luxury private residential communities.

PROJECT COST

Price of 12.78 partially developed acres with infrastructure and roads included: $2.9 Million.
This price includes the cost of existing infrastructure which was $1.2 Million.

much is already in place

21 lots are properly zoned for 84 units of timeshare, fractional, vacation rentals or private ownership.
Approvals have been received from Carolina Water for water and sewer hookups, with such
utilities abutting the property.

RENTALS IN DEMAND

Rental units are in demand and are usually booked a year to six mounts out. Nightly rentals will
demand on average of $450.00 to $550.00 per night.

84 total units

There will be 21 4-plex buildings in Reserve III. Totaling 84 units. 42 with 2 bedroom/2 bath and 42 with 2 bedroom/2 bath and loft.

From Our Founder

Make Your Own Opportunities

This area of North Carolina is a year round tourist designation. There are plenty of things to do and see in every season of the year: Horseback riding, golf, festivals, kayaking, hiking, trout fishing, skiing, etc.

Rental units are in scarce and are usually booked a year to six mounts out. Nightly rentals will demand on average of $450.00 to $550.00 per night.

Get In Touch

15 + 3 =

SELLSTATE GROUP REALTY

MURRELLS INLET, SC 29576

843-602-0442

JACK KELLER — AGENT