Greenbriar Sustainable Living Inc GEBRF

Sage Ranch Comparable

[shneps]

Hum. This development is all fully approved and ready to go.

https://www.loopnet.com/Listing/NWC-Pinion-St-Tehachapi-CA/31321858/

Listing price is less then $21,000 per unit.
Translate to Sage Ranch's (995) units, that's a valuation price of $20.7M for Sage.
Not exactly comparing apples and apples but definitely close enough too say,
$181M sale price for Sage Ranch (as is) is a friggin' joke. 
Would also show why it has never even been listed for sale. Just more BS.

Also shows why VOYA is limiting the amount of available credit (if it happens) based on what is securable.

[lunderk]

"This development is all fully approved and ready to go."    You mentioned that the development is fully approved and ready to proceed. However, upon review, I could only find information indicating that most of the work to get the plans approved has been completed, but not confirmation of full approval. Could you kindly provide documentation or specific details regarding the

[Ventrue]

Hi Lunderk You read and resonded quicker than I could but I had similar points to bring up - just to try and keep it as "apples to apples" as possible given the circumstances thx

[shneps]

"Chairperson Kim Nixon and commissioners Daryl Christensen, Steve Hamblin and Charles White were present and voted unanimously to approve the architectural design and site plan for a 96-unit condominium project known as Pinon Townhome Estates." https://www.tehachapinews.com/news/commission-approves-condo-design-tables-hayes-mixed-use-project/article_ce27efae-0176-11ed-9f2c-e39263fb6bcb

[tylerreddick]

For sure. The infrastructure costs are the same regardless of how many units are built per acre. If you spend $40 million on infrastructure and build 1000 houses, that is $40,000 per house. If you build 2000 houses on the same plot of land, the cost drops to $20,000 per house. Simple math.

[shneps]

Lunderk, perhaps I can ask you for an answer to the "elephant in the room." This quotation is from Jeff Ciachurski in relation to the Sage Ranch entitlement. “A month later, the market crashed,” he said. “And so, the entitlement was granted, but if you don’t build within two years — if you don’t move dirt within two years — you lose your entitlement. So, the market crash was… the worst

[shneps]

Sorry, I forgot the link. https://www.tehachapinews.com/news/sage-ranch-investment-could-yield-more-than-123-million-profit-for-canadian-firm/article_58075dbc-645b-11ed-9102-63bdd909c7dc.html

[lunderk]

As far as I'm aware the entitlement process will depend on whether it's a land use change or development.   For development I am not sure if these approval milestones of the master plan completion the requirements which extends the window.  In my city we had a builder start building a few years ago but the build process was on hold for 7 years. Other topic... basing the

[shneps]

The builder started years ago and then the project was placed on hold. That is totally different then not moving any dirt, which is why Tower Investments lost entitlement and why I ask how Greenbriar is different. Greenbriar has spent a lot more money then the $1.04M on the property @ $1,000/unit For example: - Millions in consulting fees - Millions in bonuses - Millions in water rights - 

[tylerreddick]

" Greenbriar was offered just under $80,000/unit by the Strassers and turned it down. " ================================================== If they were willing to pay that much for bare land, I have to wonder about their sanity. Once all of the infrstructure is in, the lots won't be worth much more than that, if that. JMO

[shneps]

KHovanian Homes paid $55,000 per single family dwelling lots that were already fully serviced. The Strassers were willing to pay $80,000 per unit average with zero services installed. Don't follow the hands, follow the shells in the game.

[tylerreddick]

Something just doesn't add up there. Have a great weekend. I sure will, not having to worry about holding this enigma wrapped in a conundrum.