 |
|
|
| San
Antonio Universal City (1982-1984) |
 |
|
| The
following case study illustrates how a
land parcel's value can be substantially
improved by aggressively pursuing the
enhancement of its development potential.
The Myers Group began
actively researching the San Antonio
marketplace in 1981. Fourteen
properties were purchased in San Antonio
between May 1982 and July 1983. All
fourteen properties were resold. The
average increase in property values
was 259.37%, with an average
holding time per property of one year
and seven months.
In June, 1982, The
Myers Group purchased a 169-acre parcel
of land in San Antonio, Texas, (illustrated
right) for $1,500,248, with a cash down
payment of $366,250.
Prior to the closing
of this land, The Myers Group's land
planning and engineering staff initiated
the rezoning process with local zoning
officials.
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|
|
Between June 1982 and May 1983, the zoning
was upgraded to incorporate retail, commercial
and multifamily development. Through TMG's
efforts, the development potential of the
property was doubled in terms of square footage.
As a result, the property was converted to
a higher and better use, supporting a greater
income. This allowed The Myers Group to resell
the parcel at a substantial profit. The property
was sold in three parcels within 20 months,
for a total of $4,174,826. (see
comparative photos below).
|
| SUMMARY
- San Antonio Universal City LP |
Purchase price
(12/15/03)
|
$1,500,248 |
| Architecture,
eng. & planning
|
$15,000 |
|
Misc. (maintenance/legal) |
$7,000
|
| Real
estate taxes |
$25,000 |
|
Resale
price (7/83 & 2/84) |
$4,174,826 |
| Gross
appreciation |
$2,603,578
|
|
Holding
time: |
1yr., 1mo to 1yr. 8 mos. |
99% ANNUAL
PROPERTY APPRECIATION |
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