Kleskun Springs: Development Potential
The ridge overlooking the natural bio-diverse valley and Kleskun Lake is estimated to be 830m (2723”) in length. This ridge would be ideal for walkout basements providing a highly aesthetic view with S/SE aspect.
Based on view lots being 60” wide and 100’ deep, this would offer up 0.138 acre parcels that would sell for roughly $ 100-125K each. Based on 60’ lot widths the ridge would generate a total of 45 lots (+ -). Revenue from the lots selling for $ 100K each = $ 4.5 million. Lots selling for $125K each would equate to $5.63 million. I estimated the lot value …. but likely a reasonable starting point. Lots in Clairmont are currently listed for $104,900 and are only 0.11 acres and lots in Taylor Estates are listed for $250k and 0.33 acres.
This potential revenue is based only on the ridge with walkout potential, there is another 213 acres (+ -). Obviously, there are development costs for subdivision approval and Infrastructure improvements but this provides some empirical data that supports the “Highest & Best Use” on the property from strictly a Residential Subdivision perspective.
The 60’ lot width was chosen because if buyers are looking to get out of the City, one of their main objectives is to have space from the neighbors. This width allows for that, and the depth of the lot (100 feet), allows for significant improvements on the upland side for other infrastructure, landscaping and driveway development. Narrowing the lot width would allow more lots to be placed on the ridge, but this would take away the attraction of having “space” to create your little oasis in the country. This is a cost benefit analysis exercise that would be reviewed by a developer/planner.
These numbers were developed ONLY to provide a baseline for revenues that could be anticipated, At this point they are only speculative based on a developer acquiring subdivision approval and taking the development through to fruition.