Maps, Ships and Architecture

Bay Forest Green

FOR SALE
BAY FOREST GREEN
WATERFRONT COMMUNITY
With 400’ Feet of Frontage on Galveston Bay
SURVEY AVAILABLE (Click Here)

FOR INFORMATION
Contact F. Carrington Weems II
(Cell) 713-416-1562
carringtonweems@yahoo.com

  • Current Property Description: Mid-Century Modern Posh Home
  • 25 Miles to Downtown Houston CBD.  An easy 30 minute commute.
  • Easy access to Highway 146 (Grand Parkway)
  • Views of cruise and cargo ships; shrimp boats, etc.
  • Great fishing, crabbing and shrimping.
  • Across the street from an eighteen hole championship golf course (Bay Forest Golf Course)
  • A bird-lovers paradise with pelicans, herons, seagulls and many others, etc.
  • The first master plan by “Kirksey” has six (6) buildings of condominiums and a 200 room hotel.
  • The second master plan by Kerry Gilbert has 95 townhome lots 25’ and 35’ wide for three and four story townhouses.
  • 400’ Waterfront View of Galveston Bay
  • Watch cruise and cargo ships, sailboats and yachts
  • Easy access to water sports; excellent fishing and recreation
  • Wooded, bird-lovers paradise, cool breezes
  • Main Residence, 4,000 SF with Swimming Pool
  • 4 Bedrooms/4 Bathrooms
  • Guest House, 800 SF
  • Boat Barn, 1,500 SF with an Apartment
  • Gate House 1,800 SF

BFG New Brochure 4b

 The First Master Plan by “Kirksey”:
Six (6) Buildings of Condominiums and a 200 Room Hotel

Kirksey

The Second Master Plan by Kerry Gilbert:
95 Townhouse Lots 25’ & 35’ Wide for 3 & 4 Story Townhouses
(Proforma Available at Bottom of Webpage for this Plan)

BFG New Brochure 5b

AERIAL VIEW OF SITE

aerial view

BFG New Brochure

PROPERTY PHOTOS

panoramic

30905E5B-E979-4149-9E12-CA4A6A935633 4D82C13C-E6F1-4281-AD77-AFD381BE4EFE LAWN  IMG_0027

BFG New Brochure 2B

BFG New Brochure 3

PROFORMA for Second Master Plan by Kerry Gilbert
Developing Ten (10) Acres on Galveston Bay
30 Minutes from Downtown Houston

BFG New Brochure 5b

Development Costs (per acre)

Paving (including engineering): $30,000
Utilities (including engineering): $30,000
Amenities (including dock): $50,000
Pool Area: $15,000
Total per acre x 10 acres: $125,000
Total Development Cost: $1,250,000


Revenue and Land Value

95 Lots at an average of $120,000 per lot (28.2% of $425,000 Home)
Total Revenue: $11,400,000
Less Development Cost: $1,250,000
Net Revenue: $10,150,000

At a 25% internal rate of return discounted for a five (5) year build out at 40%:
$10,150,000 x 40% = $4,060,000 (Developer’s Profit)
Land Value (what it should be)
Net Revenue: $10,150,000
Less Developer’s Profit: $4,060,000
Land Value: $6,090,000
Asking Price Only: $5,000,000


Result Summary:

Developer pays $5 million for land and doubles his money.
If the Developer builds the homes, we believe he would make another $75,000 to $100,000 net per home.