Location and Potential Uses:

Wonderful location directly across University Avenue (Highway 29) from Southwestern University and just east of the Old Towne Historic Residential area in the center of rapidly growing Georgetown, Texas.

Ideal location for a residential community catering to Southwestern University students, faculty and staff.

The current development plan for this property might also be reworked to add density for a larger, upscale condominium or apartment complex geared toward Georgetown's rapidly growing general population or large retirement community. Such multifamily residential options, both condominiums available for purchase and upscale apartments available for lease are currently very limited in Georgetown.

Also a potentially interesting hotel/motel/conference center location.

Additional information concerning both Southwestern University and the City of Georgetown, including aerial photographs, follows herein.

   

Subject Property:

Nine (9) platted lots, collectively containing approximately 2.63 acres of land, described for legal purposes as follows:

Lots 1, 2, 3, 4, 5, 6, 7, 8 and 9 of Haven Heights Addition, a legal subdivision in the City of Georgetown, Williamson County, Texas.

In December, 2001 the City of Georgetown approved and issued a Detailed Development Plan for the nine platted lots which allows the construction of 43 luxury residential condominium units. This detailed Development Plan and the approvals set forth therein remain in effect today and based upon information provided recently by the City of Georgetown, expires in October, 2010 unless additional construction activity commences prior to that time.

Late last fall, 2008 five of the total 43 condominium units were fully completed on Lot 2 and are currently ready for occupancy.

Additional information concerning the five completed condominium units including photographs, floor plans and a virtual tour follows herein.

Lots 1, 3, 4, 5, 6, 7, 8 and 9 upon which 38 of the total 43 approved condominium units were to have been constructed remain undeveloped, though City of Georgetown water, sewer and electric services are in place for these lots (and the 38 condominium units which have been approved for construction on these 8 lots).

Both the Subdivision Plat depicting each of these lots and additional information concerning each lot follow herein.

This property is available for purchase as a partially completed residential condominium development project only - including all five completed unoccupied condominium units. Individual completed condominium units and individual undeveloped lots are not available at this time.

   
Owner and Seller: The current Owner and Seller of this property is Bank of Texas located in Austin, Texas. The Seller acquired this property through the judicial foreclosure process. No bankruptcy process was involved.
   
Current Appraised Value:
A comprehensive professional appraisal of this property in its current condition and state of completion was performed late last year, 2008 at the request of the Seller by a highly regarded commercial real estate appraisal firm in Austin, Texas. This appraisal firm has longtime experience and extensive knowledge concerning this type of development in Austin and surrounding communities, specifically including Williamson County and the City of Georgetown. The current fair market valuation and its component parts determined in this recent appraisal were:
   
 

Combined current fair market value of the 5 completed condominium units

Combined current fair market value of the adjacent 8 undeveloped lots


Total current appraised value

Additional details of this appraisal follow herein.

$1,160,000.00

$1,700,000.00
____________

$2,860,000.00
   
Discounted
Asking Price: 		In order to effect a rapid sale, the Seller offers this property on a discounted basis from its recent appraised fair market valuation. The asking price and its component parts are:
 

 

  
 

Asking price for 5 completed condominium units:

Asking price for adjacent 8 undeveloped lots:


Total Asking Price :

$870,000.00

$1,330,000.00
____________

$2,200,000.00

  
       

Analysis of
Asking Price:

Discount from current appraised value

Percentage discount from current appraised value

Asking price per sq. ft. of building area for 5 finished condominium units*

Asking price per unit of land component for 38 approved, yet to be developed units **

Approximate asking price per sq. ft. of land component for total additional building area approved, but for which construction has not yet started ***

Asking price per sq. ft. of land for 8 undeveloped lots ****

$660,000.00

23%

$84.97

$35,000.00


$17.09


$13.40

 

 

per sq. ft.

per unit


per sq. ft./interior space


per sq. ft. for undeveloped lot
       
  *


**

***



****		 $870,000.00 / 10,238 sq. ft. total interior area of 5 completed condominiums = $84.97 per sq. ft. / interior area

$1,330,000.00 / 38 units = $35,000.00 per unit

$1,330,000.00 / 77,824 total sq. ft. of currently approved new building interior area (2,048 sq. ft. per unit average size * 38 units) = $17.09 per sq. ft. / interior space

$1,330,000.00 / 99,228 total sq. ft. of undeveloped land in 8 undeveloped lots = $13,40 per sq. ft. for undeveloped lots		    
         
FOR ADDITIONAL INFORMATION OR A TOUR OF THIS
SPECIAL PROPERTY, PLEASE CALL

(512) 452-2553
Elliott Properties, Inc. makes no representations or warranties expressed or implied, as to the accuracy of this information. Any prospective purchaser should verify all information as part of their due diligence investigation. This offering is made subject to error, ommissions, changes in price or withdrawal without notice. Elliott Properties, Inc. exclusively represents the Seller in this transaction.