Description
Looking for a development? Want to take advantage of the short-term rental market around Traverse City? Meet KOTI. KOTI is a proposed Site Condominium and Vacation Rental Resort. Acme Township has approved this 18-acre PUD development for residential and commercial use. Contractor bids have been collected and engineering, construction drawings and permitting are well underway with groundbreaking scheduled for later in 2019. The owner planned to develop a resort of 76-95 free-standing site condos to be rented on a short-term basis. One would have the option to own and operate the entire resort or sell the site condos to individual owners to be used as income-producing properties. As a one-owner resort, financial projections indicate a 33% return at 50% occupancy. If the buyer decides to build the condos and sell them to individual owners/investors, the property management company alone has annual projected net income between $300-500K (assuming 40%-50% occupancy). Located on a beautiful park like property with meandering Acme Creek cascading along the south lot lines, the development includes two proposed mixed-use commercial neighborhoods that will feature small shops and restaurants that support not only the resort, but also the local community. Situated just 1/4 mile from the east arm of Grand Traverse Bay, guests will enjoy these fully furnished, turn key, luxury homes. They will love a relaxing day at the pool and sauna, or make use of the direct access to the Tart Trail, Casino, top quality golf courses, restaurants, and shopping. Just minutes from the popular Horses By The Bay Equestrian Center. Notes: The photos are architectural renderings. Detailed plans and projections are available upon request.
Details
| MLS# | 1858736 |
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| Listing Type | For Sale |
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| Sub-Type | Resale |
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| Status | Active |
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| Days On Site | 653 |
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Features
| Zoning | Residential |
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| Acreage | 18.00 |
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| Date | Sales | Avg $ Per SqFt | Min Sale Price | Max Sale Price | Med Sale Price |
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| Date: Dec 2020 | Sales: 19 | Avg $ Per SqFt: $120.67 | Min Sale Price: $15,000 | Max Sale Price: $430,000 | Med Sale Price: $87,300 |
| Date: Nov 2020 | Sales: 15 | Avg $ Per SqFt: $128.45 | Min Sale Price: $2,750 | Max Sale Price: $570,000 | Med Sale Price: $148,000 |
| Date: Oct 2020 | Sales: 31 | Avg $ Per SqFt: $177.1 | Min Sale Price: $21,900 | Max Sale Price: $2,195,000 | Med Sale Price: $201,000 |
| Date: Sep 2020 | Sales: 22 | Avg $ Per SqFt: $177.85 | Min Sale Price: $17,000 | Max Sale Price: $1,345,000 | Med Sale Price: $246,500 |
| Date: Aug 2020 | Sales: 31 | Avg $ Per SqFt: $151.96 | Min Sale Price: $27,500 | Max Sale Price: $723,000 | Med Sale Price: $225,900 |
| Date: Jul 2020 | Sales: 33 | Avg $ Per SqFt: $148.74 | Min Sale Price: $32,900 | Max Sale Price: $1,125,000 | Med Sale Price: $191,500 |
| Date: Jun 2020 | Sales: 17 | Avg $ Per SqFt: $179.87 | Min Sale Price: $38,000 | Max Sale Price: $1,600,000 | Med Sale Price: $280,000 |
| Date: May 2020 | Sales: 21 | Avg $ Per SqFt: $145.63 | Min Sale Price: $19,500 | Max Sale Price: $750,000 | Med Sale Price: $210,000 |
| Date: Apr 2020 | Sales: 12 | Avg $ Per SqFt: $123.73 | Min Sale Price: $87,000 | Max Sale Price: $1,525,000 | Med Sale Price: $207,250 |
| Date: Mar 2020 | Sales: 21 | Avg $ Per SqFt: $141.24 | Min Sale Price: $22,500 | Max Sale Price: $665,000 | Med Sale Price: $138,000 |
| Date: Feb 2020 | Sales: 17 | Avg $ Per SqFt: $138.44 | Min Sale Price: $10,000 | Max Sale Price: $450,000 | Med Sale Price: $103,500 |
| Date: Jan 2020 | Sales: 19 | Avg $ Per SqFt: $140.15 | Min Sale Price: $50,000 | Max Sale Price: $950,000 | Med Sale Price: $175,500 |
| Dec 2020 |
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| Sales: | 19 |
| Avg $ Per SqFt: | $120.67 |
| Min Sale Price: | $15,000 |
| Max Sale Price: | $430,000 |
| Med Sale Price: | $87,300 |
| Nov 2020 |
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| Sales: | 15 |
| Avg $ Per SqFt: | $128.45 |
| Min Sale Price: | $2,750 |
| Max Sale Price: | $570,000 |
| Med Sale Price: | $148,000 |
| Oct 2020 |
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| Sales: | 31 |
| Avg $ Per SqFt: | $177.1 |
| Min Sale Price: | $21,900 |
| Max Sale Price: | $2,195,000 |
| Med Sale Price: | $201,000 |
| Sep 2020 |
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| Sales: | 22 |
| Avg $ Per SqFt: | $177.85 |
| Min Sale Price: | $17,000 |
| Max Sale Price: | $1,345,000 |
| Med Sale Price: | $246,500 |
| Aug 2020 |
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| Sales: | 31 |
| Avg $ Per SqFt: | $151.96 |
| Min Sale Price: | $27,500 |
| Max Sale Price: | $723,000 |
| Med Sale Price: | $225,900 |
| Jul 2020 |
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| Sales: | 33 |
| Avg $ Per SqFt: | $148.74 |
| Min Sale Price: | $32,900 |
| Max Sale Price: | $1,125,000 |
| Med Sale Price: | $191,500 |
| Jun 2020 |
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| Sales: | 17 |
| Avg $ Per SqFt: | $179.87 |
| Min Sale Price: | $38,000 |
| Max Sale Price: | $1,600,000 |
| Med Sale Price: | $280,000 |
| May 2020 |
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| Sales: | 21 |
| Avg $ Per SqFt: | $145.63 |
| Min Sale Price: | $19,500 |
| Max Sale Price: | $750,000 |
| Med Sale Price: | $210,000 |
| Apr 2020 |
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| Sales: | 12 |
| Avg $ Per SqFt: | $123.73 |
| Min Sale Price: | $87,000 |
| Max Sale Price: | $1,525,000 |
| Med Sale Price: | $207,250 |
| Mar 2020 |
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| Sales: | 21 |
| Avg $ Per SqFt: | $141.24 |
| Min Sale Price: | $22,500 |
| Max Sale Price: | $665,000 |
| Med Sale Price: | $138,000 |
| Feb 2020 |
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| Sales: | 17 |
| Avg $ Per SqFt: | $138.44 |
| Min Sale Price: | $10,000 |
| Max Sale Price: | $450,000 |
| Med Sale Price: | $103,500 |
| Jan 2020 |
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| Sales: | 19 |
| Avg $ Per SqFt: | $140.15 |
| Min Sale Price: | $50,000 |
| Max Sale Price: | $950,000 |
| Med Sale Price: | $175,500 |
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MLS Number: 1858736