Reese Stigliano, president of Stigliano Commercial Real Estate, announced the sale of a seventy-five (75)-acre, 303-lot residential subdivision in Fort Pierce, Florida.
The project, called Avalon Crossing, is a single-family home development being built by national home builder Ryan Homes (NYSE: NVR).
Total purchase price of the 303 lots was $13,275,000.
The project is located at the intersection of Okeechobee Road and Jenkins Road, just east of I-95 in Fort Pierce. The subdivision consists of 167 single family home lots and 136 villa lots. The single family lots are 50’ wide and the villa lots are 35’ wide. The first phase consisting of approximately 100 lots is sold out.
Mr. Stigliano was the broker on the transaction representing the seller, Neill Farms, FP, LLC. He also worked with the owners as Zoning and Site Plan Consultant and Project Coordinator.
According to Stigliano, “The purchase and sale agreement with Ryan Homes was signed in 2018. While we were in the process of rezoning, platting and obtaining site plan approval, COVID hit. In the back of my mind, I was reminded of something I learned when I began my real estate career: Time Kills All Deals. The longer it takes to close, the higher the chance something will go wrong. Fortunately, in this case, housing prices continued to rise despite the uncertainty. Originally, the starter homes were projected to sell for $199,900. Current sales of finished homes are in mid to high $300,000 range. So, in this situation, time worked in our favor.”
Reese Stigliano is a recognized leader in the South Florida commercial real estate market, with over 40 years of experience. As President, he focuses on land sales, investment sales and office leasing for the firm. Stigliano’s talent in bringing complicated commercial transactions to a close has been evident throughout his successful brokerage career.
