One of Orlando's commercial real estate couples paid $1.35 million on Wednesday for a one-acre waterfront lot in the guard-gated community Isle of Osprey, with plans to build a large new home in the coming year.
Located in the 5000 block of Osprey Isle Lane, the 1.04-acre lot boasts Western exposure and 126 feet of frontage on Lake Chase of the Butler Chain of Lakes. The site is just a few minutes south by golf cart from the Isleworth Country Club and golf course.
The Schuemanns currently own and live in a 34-year-old home with 3,372 square feet of conditioned area in nearby Bay Hill, on a green of the Bay Hill Golf Club and Lodge.
A lot grading plan filed with Orange County in October indicates the new home's first floor could have 7,172 square feet of impervious area, the patios and terraces would total 933 square feet and the pool/deck area would be 1,790 square feet.
Unroe Engineering, Inc., is civil engineer on the new home project. A construction plan with more details on the home has not been filed yet.
The couple sourced a loan from Florida Community Bank to help finance the land purchase and upcoming home construction.
The seller was an affiliate LLC of Dr. Atul Madan, a cardiologist based in Kissimmee.
"The Schuemanns wanted to remain in the Dr. Phillips area, and that community the Isle of Osprey is an intimate enclave of luxury homes. They liked the idea that they weren't in a huge community with hundreds of houses," said Carol Ann Hewitt, president of Oxford Realty, who represented both the buyer and seller in the sale.
"They also liked that the lot is level and would not need a lot of site prep."