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BUYER: AQ Coral Lakes LLC (Daniel Barres), Cape Coral
SELLER: SLV Coral Lakes LLC
PROPERTY: a portion of Del Prado Extension just west of U.S. 41, Cape Coral
PRICE: $550,000
LAW FIRM ON DEED: Gray-Robinson PA, Tampa
PLANS, DESCRIPTION: Cape Coral-based Asset Quest LLC purchased 30 developed single family lots and 242 partially developed townhome lots in the Coral Lakes subdivision for $550,000.
The price equated to $2,022 per lot.
Asset Quest plans to find a homebuilder to build on the developed lots. It plans to evaluate the best residential use for the undeveloped lots over the next year, based on market demand.
Asset Quest budgeted $320,000 to complete the build out of the undeveloped lots, which includes roads, curbs and sidewalks. Coral Lakes is a 370-acre gated community.
“We're probably looking at a two- to three-year time frame for building out those lots,” says Daniel Barres, manager and director of Asset Quest. “There's a lot of work that needs to be done. When the time is right, we will finish up that portion.”
Barres says Asset Quest is a group of investors that buys real estate.
Randy Thibaut, William Rollins and Janie Hooker of Land Solutions Inc. represented the sellers. “This is the bottom of the bottom,” Thibaut says. “Prices don't get any lower than this.
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