M/I Homes continues to expand its presence in Seminole County.
The homebuilder just paid $11.78 million for roughly 50 acres of land south of Lockwood Boulevard and east of Old Lockwood Road, near Oviedo, Seminole County records show. The deal breaks down to about $233,000 per acre.
David Byrnes, area president in the Orlando region, said the property had multiple offers but M/I Homes was able to put in a competitive bid that he believes was backed by the homebuilder’s experience in the Oviedo area. The company is nearly complete selling lots within its 160-lot Hideaway Cove single-family home community just a short distance away.
“We had extremely good success in that community,” Byrnes said. The nearly $12 million price tag wasn’t the highest offer made for the property, but he said M/I Homes knew the market well.
“We might have overpaid, but we paid more than we wanted to because of the competitive nature of the real estate market today.”
Records show the sellers are several companies tied to Orlando-based real estate firm Delaney Land Company, founded by Raymond Harrison.
Delany Land Co. spent more than $5.2 million assembling a majority of the portfolio last year, in addition to helping secure the necessary entitlements to build up to 95 single-family homes on its property. The project, dubbed Red Ember Estates, features lots ranging between 70-feet to 120-feet in width.
Chad Moorhead with Madden, Moorhead & Stokes was the civil engineer.
Byrnes said M/I Homes intends to build a slightly larger product than its Hideaway Cove single-family homes nearby, which are selling for an average of around $700,000.
“The product is a bit more upper-end,” he said. “We expect that to continue in Red Ember Estates, where lot [widths] are about 5 feet larger, which will allow for larger homes and may take the price tags up a little further.”
Construction is slated to begin in early October.
Byrnes said homebuyers at M/I Homes’ Hideaway Cove community tend to favor the area for its good schools, and closeness to major employers like Seminole State College’s Oviedo campus, the University of Central Florida and the global technology company Siemens.
“We have a lot of engineers who look at homes here,” as well as families raising children and repeat homebuyers who have long ties to the area, he said. “It’s a good area, more mature and well kept.”
M/I Homes is a bullish developer in Central Florida. The homebuilder is looking to nearly double its lots in Orange County’s fast-growing Horizon West master-planned community, which if successful, would add another 440 homesites to its portfolio in the area.
The company is also active in Osceola County where it’s planning a 206-lot subdivision next door to D.R. Horton’s Harmony West community.
In Apopka, M/I Homes is under contract to purchase about 70 acres from Winter Park-based real estate company Demetree Global with plans to build a 225-unit residential community along the John Land Apopka Expressway (S.R. 414).
More recently, M/I Homes bought roughly ten acres on Cyrils Drive, off Narccoossee Road with plans to build up to 70 townhomes. Matthew Gillio was the seller. M/I is also under contract for a second townhouse site on Narcoossee Road in St. Cloud as part of a proposed planned unit development by Green Slate Land & Development.
The homebuilder started the year off strong, with its initial quarterly revenue increasing 43% to $828.8 million and the number of its contracts growing year-over-year by 49%. For the second quarter, net income increased 97% to $107.6 million.
M/I Homes is active in 15 markets across 10 states and ended 2020 with $3 billion in total revenue.