briar ridge subdivision: a residential development opportunity in roswell, nm
DESCRIPTION
Price Reduced $100,000. Briar Ridge Subdivision is a 130-lot residential development that borders the Roswell County Club. This opportunity consists of: 54 lots with roads, improvements and utilities at lot line; 18 semi-completed lots with roads in place and utilities nearby; and 58 lots for future development. This residential opportunity is being offered as a complete package, but the seller will entertain offers for individual phases. Information provided by seller. Potential buyers will need to independently verify and confirm all details. The location of Briar Ridge Subdivision has several advantages. The Country Club offers green space with several lots enjoying views of the club’s mature trees and modest-sized lake. Golf, tennis and swimming are within walking distance. It is a ten-minute drive to downtown Roswell, and most of the city’s major employers are within a 20-minute radius. A new owner can configure Briar Ridge Subdivision to be a gated community as a whole or to establish gated points of entry within select neighborhoods. Recent business developments signal that Roswell’s economy is poised for growth. Roswell is the largest city in southeastern New Mexico, ranks in the state’s top ten fastest-growing cities, and is emerging as a regional hub for manufacturing and processing. The timing is right to get into the Roswell residential housing market. Other new home communities in the immediate area are experiencing strong sales.TRANSCRIPT
Briar Ridge SubdivisionA Residential Development Opportunity
Roswell, NM 88201
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DisclaimerThis opportunity is presented for sale by Sam Goldenberg & Associates (SGA), the exclusive affiliate in New Mexico for the Sunbelt Network.
The information in this presentation has been supplied by the Seller or third party sources.
Prospective Buyers are strongly urged to conduct independent investigation and due diligence prior to presenting an offer to purchase.
Additional information is available upon request.
Brokers Role and Duties: Broker does not represent, and is not an agent or fiduciary of, Buyer or Seller. Broker’s duties are limited to introduction of Buyer and Seller and facilitation of the Proposed Sale transaction. Broker may facilitate communication between Buyer and Seller, including the communication of information and delivery of documents provided by Buyer or Seller and their representatives or advisors. Broker has no duty to verify the truth or accuracy of any such information and documentation and Broker makes no representation or warranty regarding the truthfulness and accuracy of any such information and documentation.
Sam Goldenberg & Associates | 616 Don Gaspar, Santa Fe NM 87506 | 505.820.0163 [email protected]© 2014 Sam Goldenberg & Associates
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Table of ContentsSlide
Executive Summary 4-6Briar Ridge Overview 7Briar Ridge Subdivision Aerial Map 8Pricing Summary 9-12Roswell Country Club 13Existing Neighborhood 14The Villas of Briar Ridge 15
RoswellRoswell at a Glance 16Economic Developments 17-18Southeastern NM’s Transportation Hub 19
Roswell Labor StatisticsEmployment by Sector 20Roswell Major Employers 21
Roswell’s Housing MarketRoswell Homeownership Statistics 22Housing Market Summary for 88201 23New Home Demand Indicators 24
The Competition: The French Brothers 25Tijmor 26Sorrento 27Clover Meadow 28French Brothers’ Model Homes 29
Briar Ridge Subdivision: Strengths, Opportunities and Constraints 30Briar Ridge Subdivision: Highlights 31
Sam Goldenberg & Associates | 616 Don Gaspar, Santa Fe NM 87506 | 505.820.0163 [email protected]© 2014 Sam Goldenberg & Associates
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Executive SummaryBriar Ridge Subdivision represents an opportunity to develop a total of 130 lots in a neighborhood that is adjacent to the Roswell Country Club and located just north of Roswell’s city limits.
This is a residential development opportunity with strong upside potential. Why Roswell? Roswell is on the move and is poised for growth. This mid-sized city is home to 38,484 residents. Roswell is the fifth largest city in the state and the largest population hub in southeastern New Mexico. Roswell’s population grew by 6.8% between 2000 and 2010, ranking it in the top ten fastest growing cities in the state. As the Chaves County seat, Roswell serves a much broader residential base than the city’s population numbers imply.
Roswell has some of New Mexico’s top performing public schools. It has been home to the well-respected New Mexico Military Academy since 1891. Eastern New Mexico University maintains a campus on Roswell’s south end. Roswell’s two hospitals are the only major healthcare providers in the region.
Roswell has invested aggressively in its transportation infrastructure to secure its position as southeastern New Mexico’s transportation hub. The Roswell International Air Center offers daily flights to and from Dallas/Ft. Worth. Roswell is serviced by Southwestern Railroad, Inc., which ties into the national BNSF network, the second largest freight rail network in North America. This rail spur provides local manufacturers with direct access to the national railroad grid.
Livestock, agriculture and the dairy industry play a major role in Chaves County’s economy, but Roswell has diversified to include manufacturing, healthcare and food processing. It is the rising center of New Mexico’s aviation industry and fifth overall in oil and gas production in the state.
Economic initiatives are bringing jobs to Roswell and growing the local economy. The U.S. State Department and Homeland Security Department each have training centers there.
Sam Goldenberg & Associates | 616 Don Gaspar, Santa Fe NM 87506 | 505.820.0163 [email protected]© 2014 Sam Goldenberg & Associates
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Executive Summary (continued)Several recent announcements further brighten Roswell’s economic outlook.
In the second half of 2013, the aircraft salvage and recycling company, Stewart Industries, expanded its operations at the Roswell International Air Center to include aircraft maintenance and repair services. It is actively hiring.
In September 2013, a ribbon cutting ceremony was held in honor of Roswell’s modernized rail facility and new rail spur. This public-private project greatly enhances Roswell’s shipping capacity and strengthens future opportunities for the Roswell Air Center, according to Michael Vickers, director of Roswell’s city planning and zoning department.
On February 28, 2014, Aerospace International, Inc. selected Roswell as the site of its drone pilot training center.
On March 3, 2014, New Mexico eliminated the sales tax on commercial planes to go into effect in July 2014. “This will create jobs and encourage growth in the Roswell Air Center and in New Mexico’s aviation industry,” said Dale Mullinex, vice president of operations for Stewart Industries.
On March 25, 2014, AG-Power predicted that it will begin operating its new Roswell biofuel plant in six months.
Demand for new homes is on the rise in Roswell. French Brothers, the New Mexico contractor responsible for Roswell’s new home communities of Tijmor, Sorrento and Clover Meadow, has already built out 50% of one and is approaching 70% on another. The French Brothers’ newest community is a modestly-priced development located in Roswell’s 88202 zip code. Over 50% of the first phase has been sold. When it opens the second phase, we estimate this action will bring another 31 lots on the market.
Sam Goldenberg & Associates | 616 Don Gaspar, Santa Fe NM 87506 | 505.820.0163 [email protected]© 2014 Sam Goldenberg & Associates
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Executive Summary (continued)“People seem to be buying new homes as fast as they can build them,” says one long-time Roswell real estate broker.
Briar Ridge Subdivision has several unique advantages. These include:
Briar Ridge’s Subdivision borders the Roswell Country Club.Because of its proximity to the Roswell Country Club, Briar Ridge Subdivision has the advantage of green space. The country club’s mature trees and modest-sized lake are visible from several home sites. Residents will have the ready access to golf, tennis and swimming. This location is unique in Roswell, and it helps to differentiate Briar Ridge Subdivision from similar new home communities in the area.
• Parts of Briar Ridge Subdivision are shovel-ready. The lots are platted, a significant percentage of roads and improvements are in place with utilities near these home sites.
Briar Ridge Subdivision’s design allows for gated communities.The current layout offers the opportunity to create gated points of entry within the development. This secured entry will offer home buyers and residents peace of mind, and differentiate the development from other new home communities.
The existing dwellings in Briar Ridge Subdivision were built in the early1980s. They are a mix of single-family homes, townhomes and a professionally managed apartment complex. The dwellings are well-maintained and show pride of ownership. The pricing reflects the need for a modest investment to resurface roads, create a sense of entry, and landscape common areas. These upgrades will increase Briar Ridge Subdivision’s value and appeal.
It is a modest investment that should yield a lucrative return. “Roswell is poised to experience unprecedented growth since its incorporation as a city in 1903,” says Michael Vickers. Should Roswell city’s planning director prove right, demand for quality new homes will only grow.
Sam Goldenberg & Associates | 616 Don Gaspar, Santa Fe NM 87506 | 505.820.0163 [email protected]© 2014 Sam Goldenberg & Associates
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Briar RidgeOverview 54 Finished Lots 18 Semi-Completed
Lots 58 Lots for Future
Development
Available Lots
Built Property
Private PropertySam Goldenberg & Associates | 616 Don Gaspar, Santa Fe NM 87506 | 505.820.0163 [email protected]
© 2014 Sam Goldenberg & Associates
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Future Development58 Lots Available
Roswell Country Club
Unit E61 Lots Available
Completed & Semi-Finished
Unit A29 Completed Lots
Available
Unit D21 Lots Available
Completed & Semi-Finished
Briar Ridge Aerial View
Unit ABuilt Out
Sam Goldenberg & Associates | 616 Don Gaspar, Santa Fe NM 87506 | 505.820.0163 [email protected]© 2014 Sam Goldenberg & Associates
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Asking Price: $1,275,000
(Development offered as a package. Seller will entertain offers for individual phases.)Total Price per Lot Type
Finished Lots: $785,000Semi-Complete: $180,000Future Development Lots: $310,000
Price Negotiable
Sam Goldenberg & Associates | 616 Don Gaspar, Santa Fe NM 87506 | 505.820.0163 [email protected]© 2014 Sam Goldenberg & Associates
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Pricing: Finished Lots
Finished Lots: $14,500 per Lot54 Lots x $14,500 = $783,000Lots plattedExisting roads, improvements, permits and utilitiesSelect golf course lots available
~ Update ~A special package of 27 lots is now offered at $270,000.
This pricing is almost half the cost of improvements.
Roswell’s residential construction averages $268,000 per new home, making $10,000 per lot an attractive lot-to-home ratio.
Sam Goldenberg & Associates | 616 Don Gaspar, Santa Fe NM 87506 | 505.820.0163 [email protected]© 2014 Sam Goldenberg & Associates
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Pricing: Semi-Completed Lots
Semi-Completed Lots: $10,000 per Lot18 Lots x $10,000 = $180,000Lots platted Roads and curbs in placeUtilities in place
Sam Goldenberg & Associates | 616 Don Gaspar, Santa Fe NM 87506 | 505.820.0163 [email protected]© 2014 Sam Goldenberg & Associates
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Pricing: Undeveloped Lots
Lots for Future Development: $7,069 per Lot58 Lots x $5345 = $310,010Raw land with utilities nearbyStreets can be extendedSeveral lots are adjacent to the golf course
Sam Goldenberg & Associates | 616 Don Gaspar, Santa Fe NM 87506 | 505.820.0163 [email protected]
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Roswell Country Club
Roswell Country Club offers year-round golfing, a pool, tennis courts
and a banquet hall. Established in 1905, it recently
announced plans to expand and upgrade its facilities.
Sam Goldenberg & Associates | 616 Don Gaspar, Santa Fe NM 87506 | 505.820.0163 [email protected]© 2014 Sam Goldenberg & Associates
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The Villas of Briar Ridge
Professionally managed apartment complex
Amenities include pool and club house
616 Don Gaspar, Santa Fe NM 87506 | 505.820.0163 [email protected]
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At a GlanceRoswell is southeast New Mexico’s agricultural, commercial, industrial and medical hub 5th largest city in state; Chaves
County seat 2010 Population: 48,366; 6.78% growth since 2000, placing
it among New Mexico’s top ten fastest growing cities
11th top performing school district in the state
Home to New Mexico Military Academy and the Roswell campus of Eastern New Mexico University
Contains two major hospitals: Lovelace Regional Hospital and Eastern New Mexico Medical Center
ROSWELL
Sam Goldenberg & Associates | 616 Don Gaspar, Santa Fe NM 87506 | 505.820.0163 [email protected]© 2014 Sam Goldenberg & Associates
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Stewart Industries, an aircraft salvage and recycling company, expanded its operations at the Roswell International Air Center to include aircraft maintenance and repair services. It is actively hiring. (Second half 2013)
Roswell completes modernization of its rail facility and opens a new rail spur. (September 2013)
Governor Susannah Martinez commends Leprino Foods, the world’s largest producer of mozzarella cheese, for substantially upgrading the Roswell manufacturing plant and adding a new production shift. (October 18, 2013)
“The result is a modernized facility that city officials are confident will raise Roswell’s profile as a regional hub for rail shipping.”
“Rail Project Benefits Roswell,” Albuquerque Tribune Journal, 03/03/2014
ROSWELLEconomic Developments
Sam Goldenberg & Associates | 616 Don Gaspar, Santa Fe NM 87506 | 505.820.0163 [email protected]© 2014 Sam Goldenberg & Associates
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Forbes ranks New Mexico #1 for manufacturing in the West. (February 27, 2014)
Aerospace International, Inc. selects Roswell as the site of its drone pilot training center. (February 29, 2014)
New Mexico eliminates gross receipts tax on commercial planes. Analysts predict it could generate up to 125 jobs in Roswell and have an estimated $10.5 million impact on the state. (March 3, 2014)
AG-Power predicted that it will begin operating its new Roswell biofuel plant within six months. It plans to fill an estimated 20 positions. (March 25, 2014)
ROSWELL
Sam Goldenberg & Associates | 616 Don Gaspar, Santa Fe NM 87506 | 505.820.0163 [email protected]© 2014 Sam Goldenberg & Associates
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Roswell is eastern New Mexico’s industrial crossroads, at the junction of US70, US285 and US380.
It enjoys daily jet service to and from Dallas/Ft. Worth. Aviation parts manufacturing and servicing has become an increasingly important part of its economic make-up.
ROSWELL
City Distance from Roswell
Albuquerque 199 miles
Santa Fe 198 miles
Dallas 519 miles
Lubbock 196 miles
El Paso 203 miles
Sam Goldenberg & Associates | 616 Don Gaspar, Santa Fe NM 87506 | 505.820.0163 [email protected]© 2014 Sam Goldenberg & Associates
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Roswell Employment by Sector
2
158
64
386
566
271
2,569
347
212
589
200
388
92
481
49
2,649
149
2,262
475
0 500 1000 1500 2000 2500 3000
Forestry, Fishing, Hunting, and Agriculture Support
Mining
Utilities
Construction
Manufacturing
Wholesale Trade
Retail Trade
Transportation and Warehousing
Information
Finance and Insurance
Real Estate and Rental and Leasing
Professional, Scientific and Technical Services
Management of Companies and Enterprises
Admin, Support, Waste Mgt, Remediation Services
Educational Services
Health Cate and Social Assistance
Arts, Entertainment and Recreation
Accommodation and Food Services
Other Services (Except Public Administration)
Employment by Industry Sector
Source: NM Department of LaborOctober 2013 Statistics
Sam Goldenberg & Associates | 616 Don Gaspar, Santa Fe NM 87506 | 505.820.0163 [email protected]© 2014 Sam Goldenberg & Associates
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Roswell’s Major Employers
822
815
697
650
561
450
284
254
187
185
170
136
130
128
120
116
0 100 200 300 400 500 600 700 800 900
Roswell Independent School District
Eastern New Mexico Medical Center
Eastern NM University-Roswell
Leprino Foods (mozzerella plant)
City of Roswell
Wal-Mart Super Center
New Mexico Military Institute
Chaves County
Pioneer Bank
Dean Baldwin Painting
Lovelace Regional Hospital
US Postal Service
Pioneer Bank
First National Bank
New Mexico Rehabilitation Center
AerSale
Source: NM Department of LaborOctober 2013 Statistics
Sam Goldenberg & Associates | 616 Don Gaspar, Santa Fe NM 87506 | 505.820.0163 [email protected]© 2014 Sam Goldenberg & Associates
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Roswell New Mexico Percent of residents living in same house, one year
or longer79.7% 84.8%
Homeownership rate, 2008-2012 64.2% 68.9%
Median value of owner-occupied housing units, 2008-2012
$90,100 $161,500
Number of new homes constructed in Roswell, 2002-2010
586
Number of new commercial businesses constructed in Roswell, 2002-2010
54
2010 Median Household Income (88201) $47,249 $46,453
Average Household Net Worth (88201) $341,322 $399,727
Long-Term Residents (5 Years or More) in 88201 42% 31%
Annual Homeowner Turnover 2013 17% 21%
Roswell Homeownership Statistics
616 Don Gaspar, Santa Fe NM 87506 | 505.820.0163 [email protected]
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Housing Market Summary for 88201Housing Data
Average Home Listing Price of Current Inventory $197,127
Average Listing Price Per Square Foot $87
Homes Currently for Sale 284
New Homes Currently for Sale 0
Homes Currently for Sale in Briar Ridge Subdivision 4
Average Listing Price Per Square Foot of Briar Ridge Homes $84
Homes Recently Sold 127
Percent of All Available Homes for Sale 3%
Percent of All Available Homes Recently Sold 1%
Land Sales Data
Land and Lots (including major parcels) currently for sale 115
Lots Under Contract 21
Lots for Sale in Briar Ridge Subdivision (permitted for townhouse construction)
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Sam Goldenberg & Associates | 616 Don Gaspar, Santa Fe NM 87506 | 505.820.0163 [email protected]© 2014 Sam Goldenberg & Associates
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New Home Demand IndicatorsThe French Brothers’ success with their three new residential communities, detailed on the following pages, demonstrates that there is demand for quality, mid-range priced homes in Roswell. Overall, the city’s inventory of single-family homes is aging. Homes built within the last ten years make up less than 10% of Roswell’s housing stock.
18731737
1436
448598
21021954 1915
1022
846
0
500
1000
1500
2000
2500
1970 to 1979 1980 to 1989 1990 to 1999 2000 to 2004 2005 or later
Year Homes Built (88201)
88201 NM
34+ Years
25-34 Years
15-24 Years
14 Years or Less
Sam Goldenberg & Associates | 616 Don Gaspar, Santa Fe NM 87506 | 505.820.0163 [email protected]© 2014 Sam Goldenberg & Associates
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The Competition:The French BrothersRoswell currently has three newer residential communities: Tijmor, Sorrento and Clover Meadow, all built by the French Brothers.
Tijmor and Sorrento, the two communities in the 88201 zip code, are both already 50 percent built out.
Buyers can select from a series of models of single and two-story homes, ranging in size from 1,200 to 3,380 square feet. Prices begin at $154,900 (Clover Meadow) and top at $334,900 (Tijmor and Sorrento).
The following pages provide details on each development.
616 Don Gaspar, Santa Fe NM 87506 | 505.820.0163 [email protected]
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Tijmor Tijmor is the development
closest to Briar Ridge, located approximately two miles away.
It is in an infill development within an existing neighborhood
36 lots sold
32 lots available
Prices range from $199,900 (1,685 sq.ft.) to $334,900 (3,380 sq.ft.)
Sam Goldenberg & Associates | 616 Don Gaspar, Santa Fe NM 87506 | 505.820.0163 [email protected]© 2014 Sam Goldenberg & Associates
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Sorrento 21 lots available
2 spec homes available
47 lots sold
Lots first appeared on the market in 2007
A typical example is 1304 Sorrento Drive, a 1,946 sq. ft., 2-story home. It was first listed as a lot. Pricing varied from a high of $30,780 to a low of $23,500. After the home was built on the lot, the last published listing price was $214,900 at $110 per sq. ft. The sold price was not disclosed.
Sam Goldenberg & Associates | 616 Don Gaspar, Santa Fe NM 87506 | 505.820.0163 [email protected]© 2014 Sam Goldenberg & Associates
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Clover Meadow This is the French Brothers’ most
affordable community
It is a two-phase development with sales currently restricted to phase 1
14 lots sold
21 lots available in phase 1
There will be an estimated 31 lots available in Phase 2
Price range for $154,900 (1,200 sq. ft.) to $197,900 (1,900 sq. ft.)
Lots first appeared on the market in approximately 2009.
A typical example is 1016 Heather Drive, a 1,328 sq. ft. home on a 5,775 sq. ft. lot. It came on the market in 2009 as a lot listed at $19,900 and was listed as a home in Nov 2015 at $165,00 or $124 per square foot.
Sam Goldenberg & Associates | 616 Don Gaspar, Santa Fe NM 87506 | 505.820.0163 [email protected]© 2014 Sam Goldenberg & Associates
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French Bros. Model Homes
Sam Goldenberg & Associates | 616 Don Gaspar, Santa Fe NM 87506 | 505.820.0163 [email protected]© 2014 Sam Goldenberg & Associates
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Briar Ridge SubdivisionStrengths, Opportunities &Constraints
Strengths Briar Ridge features proximity to the
golf course, the historic downtown and other major points of interest and employment.
The existing homes in Briar Ridge show pride of ownership.
Briar Ridge Subdivision is ready to be developed.
Roswell has good schools and medical facilities.
Roswell is the largest city in southeastern New Mexico.
Opportunities Roswell’s new home inventory is
lagging behind demand.
Roswell is fifth in the state in oil and gas production. Over 30 oil and gas companies are headquartered or have offices in Roswell.
Roswell is emerging as a regional manufacturing and service center, which will grow the population and increase demand for housing.
Constraints Several Briar Ridge lots,
not included in this package, have yet to be built upon.
Roswell’s economy is still in the early stages of growth.
Sam Goldenberg & Associates | 616 Don Gaspar, Santa Fe NM 87506 | 505.820.0163 [email protected]© 2014 Sam Goldenberg & Associates
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Briar Ridge SubdivisionHighlightsBriar Ridge represents a unique opportunity for a phased development in a desirable location adjacent to the Roswell Country Club. It is 10 minutes to Roswell’s historic downtown, 2.6 miles to Lovelace Regional Hospital-Roswell, 2.7 miles to Eastern New Mexico Medical Center, and approximately 20 minutes to the Roswell International Air Center and Eastern New Mexico’s Roswell campus. The neighborhood’s existing design and limited access make it feasible to implement gated points of entry for the neighborhood as a whole or select areas within the development. As Roswell upgrades its transportation infrastructure, expands oil production, and builds momentum as a regional manufacturing hub, the city is poised for economic expansion. The success of the French Brothers’ new residential communities demonstrates that demand for new homes is on the rise. Recent economic initiatives should only strengthen this need. The bulk of Roswell’s single-family inventory is aging and lacks today’s standard amenities that home buyers have come to expect. A new home development, like Briar Ridge Subdivision, will fulfill a need in the Roswell residential market place.
Sam Goldenberg & Associates | 616 Don Gaspar, Santa Fe NM 87506 | 505.820.0163 [email protected]© 2014 Sam Goldenberg & Associates
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