Sunrise Homes and Fortress Real Developments have partnered on a 119 unit single-detached housing development located in the Bond Head community within the Town of Bradford West Gwillimbury. The proposed subdivision is situated on the east side of Simcoe County Road 27, south of Simcoe Country Road 88, about five minutes from Highway 400. The single-family residences will be built on lots with approximately 40’ of frontage, and the houses envisioned will average approximately 2,900 sf. The currently proposed budget calls for the homes to be offered at $700,000 on average.
The Bradford West Gwillimbury market was one of the hottest municipalities for ground oriented new home sales in 2015, and has limited future supply on the immediate horizon. Prices for singles and semis in the combined towns jumped 25% over the 2015 annual total in February (2016), representative of the strong sales made last year.
With supply of new low-rise homes down to lows not seen since the 1990s, any municipality with any supply will see a rush of activity. The subject sites’ $700,000 average price may seem high in a historical perspective, but in comparison to prices being achieved in areas of Woodbridge, Maple and Thornhill, this price is very affordable and attractive for young buyers. Several new home communities sold over 60 homes in 2015, with the fastest developments selling over 150 homes. Over 600 new home buyers felt the area was appropriate for their families last year (2015).
Use of Proceeds
The purposes of the monies raised via this syndicated mortgage is to assist in addressing various funding requirements related to all elements of the project’s progress, especially prior to the commencement of construction. These requirements include, however are not limited to: Land Acquisition, Initial hard costs, soft costs for planning, Initial marketing expenses and the sales center.
Available Supporting Documentation
Market Report, Proforma, Opinion of Value, Draft Subdivision Plan