UPDATED: APRIL 5, 2016 7:20 AM — Local custom builder Cam Bradford Homes and Waypoint Real Estate Group, Inc.,are teaming on their largest development to date, a 20-lot custom home community in Windermere, for which they paid $3.545 million on Friday to close on the final 17 lots.
Set on more than 10 acres with eight lots featuring frontage on Little Lake Sawyer, the development Sawyer Sound lies south of the intersection of Marleon Drive and Winter Garden Vineland Road, directly across the street from Windermere Preparatory School.
"The location on Little Lake Sawyer is a beautiful spring-fed lake that connects to Lake Sawyer for a combined 155 acres of recreational and skiable waterways," said Jimmy Tate, owner of Waypoint, a Celebration-based real estate brokerage and development group.
"And as it's directly across from Windermere Prep, I'd speculate as many as half my buyers in this community will have (children) going across the street," he continued. "We've already had a lot of through traffic come from the school."
Orlando-based Phoenicia Development sold the property to the duo in two stages over the past year. A development agreement was reached for Bradford and Waypoint's Sawyer Sound Partners to develop the subdivision's infrastructure, and acquire three lots for initial construction of a model home.
Tom Harb, CEO of Phoenicia, said Monday he'll look to reinvest proceeds from the sale in new property acquisitions in Greater Orlando, and is researching land options now, with particular interest in single-tenant income producing products.
Sawyer Sound Partners has invested around $7.5 million thus far with its model home fully constructed, a value that includes $4.5 million for two phases of land acquisition and $1.5 million for infrastructure and streetscapes, said Cam Bradford, exclusive builder for the devleopment.
The group has its first home (a model) finished at 5024 Sawyer Cove Way, a second custom home currently in framing, a third lot that's been fully permitted, and two more spec home plans going into permitting application.
The five-bed, six-bath, 5,000-square-foot model is being listed at $1.75 million.
Set on lots of just over half an acre, the development's first four properties will be listed for sale this week, two of them vacant lots for custom build and two for spec homes, Tate said.
"We anticipate the specs will sell quickly yet still allow the buyers to personalize their home for a truly custom finished product," he said. "We'll probably do five specs out of the 20. We anticipate being sold out by year's end and fully built out in 30 to 36 months."
Tate said he and Bradford are actively researching multiple undeveloped properties for their next custom home development in Greater Orlando, with a focus on lakefront property to maximize Bradford's experience with waterfront custom homes.