M/I Homes of Orlando plans to build 136 homes ranging from 1,750 to 3,600 square feet just east of Clermont in Johns Lake Landing, having closed on 54 finished sites so far.
Buying 50-, 75- and 85-foot sites in phases 4 and 5 for the community that fronts the northwestern reaches of Johns Lake, M/I intends to open a model home for sales next month. The largest are on the lake, M/I Homes vice president of land Daniel A. Kaiser told GrowthSpotter on Friday.
Companies are still being finalized to carry out construction, Kaiser said, with the company expecting to use its established vendors. John's Lake LLC is selling the land.
M/I's lot purchases are expected to take several years to finalize, depending on market conditions, and completion of phase 5 would finish the project. David Weekley Homes also is purchasing lots in the subdivision on a takedown basis.
Homes will be comparable to some in nearby Hickory Hammock in Winter Garden as well as Foster's Grove in Oviedo and Narcoosee Del Sol in St. Cloud, Kaiser said. M/I's prices at Johns Lake Landing, expected to start in the high $200,000s with some homes starting in the low $400,000s, are similar to those listed on the company's website for Narcoosee Del Sol. A second model home is planned to begin construction this month, said M/I Homes Orlando Area President David Byrnes.
At $186,800, Clermont's median value of owner-occupied homes falls between that of west Orange County suburbs Winter Garden ($236,700) and Ocoee ($181,800), according to U.S. Census figures. Clermont's median income of $56,037 and percentage of owner-occupied homes, 69.2 percent, are slightly lower than both those State Road 50 cities.