Texas-based LGI Homes, the nation’s 10th-largest homebuilder, will be the exclusive builder in Colina del Lago, a 60-lot subdivision on Little Lake Harris in Astatula.
LGI, which aims to provide a more affordable option for home buyers, purchased the finished lots in two takedowns of $2.1 million each, for a total of $4.2 million. The first 30 lots closed in late August 2022, and the remaining lots sold last week.
The subdivision consists of lots that are all at least a half-acre, including three directly on the lake with dock access.
Jim Stout of TKC Platinum Properties led the project through the permitting approvals. He told GrowthSpotter in 2020 the owners would only consider a sale to a buyer who purchased the entire project. The community is two blocks from the town’s public boat ramp, so Stout expects it will attract a lot of boaters. The subdivision was designed so all of the homes would have side-entry garages, and boat/truck parking would be permitted behind the house, he said.
LGI currently is selling its moderately-priced townhomes in its Hamlets at Tavares with units starting at $270,000. The builder introduced a more high-end product line when it launched its community in Reunion Village, where home prices start at $420,000.
LGI Homes Marketing Director Rachel Eaton told GrowthSpotter at the time this was the first community in Central Florida to feature the builder’s CompleteHomes Plus package, which includes upgrades such as 9-foot ceilings, designer doors, enhanced landscaping that extends to the backyard, superior lighting packages, faux-wood blinds and two-toned interior paint. In these homes, the kitchens come with 42-inch cabinets and upgraded appliances.
The company also builds under the Terrata Homes brand at its most premium locations. According to the website, Terrata’s “custom-crafted homes are uniquely designed for each location with local tastes in mind. With our meticulous attention to detail and premium design, every Terrata home provides the quality of a custom-built home without the hassles or wait.”
The company has three Terrata communities in production now, including Southern Pines in greater Jacksonville, where home prices range from $400,000 to $750,000.
Homes in Terrata communities offer open floor plans with up to four bedrooms and four bathrooms featuring additional spaces such as media rooms, game rooms, home offices, formal dining rooms and covered patios with outdoor kitchens. Each new home comes outfitted with a host of modern, luxurious upgrades including a full suite of stainless steel Whirlpool appliances, granite countertops, oversized white cabinetry with crown molding, hardwood flooring, designer light fixtures, blinds throughout, finished two- to three-car garages, covered outdoor living spaces and sprawling acreage homesites.
LGI closed 504 homes in the month of December, ending 2022 with a total of 6,621 sales for the calendar year. The Company had 99 active selling communities at the end of December 2022.
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