Sage Ranch Update ...
1. Sage Ranch just received the coveted California Department of Real Estate executed copy of our "Pink Report". The Pink Report allows Greenbriar (US) LLC to collect cash reservations on 144 homes. Greenbriar will decide whether to accept cash reservations from one major corporate employer/buyer, or sell all 144 homes of phase one to a combination of corporate/retail buyers.
2. The City (not the County of Kern) approved the contractor to complete the Pinon Street extension. This essential Sage Ranch east - west road artery is important for Sage Ranch as it provides access to four (4) of the ten (10) entry/exit roads into Sage Ranch. Having as many entry/exit roads at the first phase of a major thousand home subdivision is vital for keeping a low carbon footprint as Pinon Street brings access to the adjoining High School and Elementary School on our East and West Southern border respectfully. Plus, Pinon Street is essential for access to our Central Park Clubhouse (part of phase one) from the entire Southern border of Sage Ranch. The City is paying for the entire $1,000,000.00 cost (88% funded from the State of California) which saves Greenbriar $1,000,000.00.
3. Our two engineering firms have completed 97% of the 100% engineered drawings for all of the grading, sewer, water, roads, and all 144 homes for phase one. Landscaping at 100% detail is being completed and that allows the final HOA budget approval, which we expect at around $160 per month per residence. PDP submission is anywhere from 4 to 8 weeks more.
4. Another major financial benefit for Sage Ranch ignored by some, is that California law allows all new single family residences to have at least one ADU within their home/lot. Assessory Dwelling Units (ADU's) and junior ADU's are an innovative and effective method of adding much needed housing in California. ADU's are known by many names as Granny Flats, in-law units, back yard cottages, and secondary units located inside or attched to the existing new home. They can add at least $1,200 per month to the home owner, and if segregated within the existing structure, have very little added cost to the home owner, yet providing more than 50% and up to 100% of the mortgage payment. State law overrides any local laws on ADU's.
More updates to follow.