Company also signs term sheet to fund Berkeley Terrace 70-unit townhome project
FORKED RIVER, NJ / ACCESSWIRE / October 13, 2021 / Dream Homes & Development Corporation (OTC PINK:DREM) (also known as "DHDC"), announces that it has retained the #1 Century 21 firm in New Jersey, Action Plus Realty, to consult, market and sell its townhomes and single family homes. Additionally, DHDC signed a term sheet with Ocean First Bank for its planned 70-unit townhome project named Berkeley Terrace. Tom Hogan, President of Action Plus, was responsible for introducing Ocean First Bank.
Action Plus (www.actionplusrealty.com) has eight office locations and over 275 sales professionals equipped with the best resources, mass and local advertising, and on-going training programs to enhance their knowledge of the latest real estate, industry and financial services available. The office locations include Freehold, Monroe, Cream Ridge, Jackson, Toms River, Forked River, and Manahawkin. Action Plus notes that its unique and innovative customer service center allows it to provide outstanding customer service and value to both sellers and purchasers alike.
The closing to acquire the Berkeley Terrace property occurred on June 29, 2021. Dream Homes & Development now has a term sheet with a permanent lender for development and construction financing. DHDC will soon begin infrastructure work on the property, and start a pre-sales program. The first closings are scheduled to occur in late spring of 2022.
DHDC President and CEO Vince Simonelli stated, "Tom Hogan has been instrumental in our general strategy, funding resources, and will be very helpful in pricing our properties. I'm pleased to call Tom a valuable business partner as we navigate the wonderful challeges of real estate development and sales."
Tom Hogan, President of Action Plus stated, "I find Vince Simonelli of DHDC to be among the most knowledgable and capable people I have ever met in this industry. We look forward to a long and profitable business relationship. For those that want to read more about our assessment of the planned 70-unit market-rate single-family townhome development in Berkeley Township, Ocean County, NJ, see our comments included under Broker Letter below."
Broker Letter and Overview of Berkeley Terrace (70 units)
Ocean County has been, and continues to be, the beneficiary of a mass migration south out of New York City as well as northern NJ urban, suburban and exurban centers. This migration began in 2020 as people fled densely populated areas based upon concerns surrounding the Covid-19 virus and, subsequently, safety concerns after the civil unrest experienced in the summer of 2020. Increasingly the overhaul to corporate work structures, and how and where people work and commute, has continued to drive this southern shift as people seek "more house" for lower investment, and more beneficial property taxes.
Based upon this shift, Ocean County experienced a 23% increase in townhome / condominium sales in 2020 over 2019. Increase in demand matched with an unheard of low average inventory of 2 month's supply in the Ocean County market for this housing type pushed prices up 12.6% in 2020 over 2019, with the median sales price in the townhome/condominium sector landing at $224,000. So far in 2021, Ocean County continues to outperform Monmouth County.
Also positive for the subject development is the lack of new housing stock in the market. The nearest meaningful competitor is well north of the subject, in Brick Township. Given continued inventory pressure, the desirability of new construction homes and townhomes in particular as a purchase type, it is my opinion that the homes at Berkeley Terrace will sell initially in the price range between $300,000 and $315,000. Through a series of modest price increases throughout the sales cycle of the community, I anticipate a final average base sales price of $330,000 across the life of the development with an additional 4% to 6% in Option Sales. We anticipate a sales absorption of 4 units/month for a sales period of 18 months.
About Dream Homes & Development Corp.
Dream Homes & Development Corp. (OTC Pink: DREM)(also "DHDC") is a full-service construction company based in Forked River, New Jersey equipped to complete all aspects of a building project including design, architectural, engineering, and construction. DHDC wholly owned subsidiaries are licensed new home builders and general contractors; actively building, raising, renovating and reconstructing homes up and down the New Jersey shore area.
Please visit our website at www.dreamhomesltd.com and blog at http://blog.dreamhomesltd.com for more information.
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Forward-Looking Statements:
This press release may contain forward-looking statements. The words "believe," "expect," "should," "intend," "estimate," "projects," variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company's current expectations and are subject to a number of risks, uncertainties and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks are detailed in the Company's respective filings with the Securities and Exchange Commission at www.sec.gov.
Company Contacts:
Dream Homes & Development Corp.
Vincent Simonelli, President & CEO
Office: (609) 693-8881
Email: [email protected]
Investor Relations:
Green Chip Investor Relations
President: Matt Chipman
Office: (818)923-5302
Email: [email protected]
SOURCE: Dream Homes & Development Corporation