Town council has set prices for the lots at the new Napoleon Meadows subdivision.
At its April 14 regular meeting, council agreed to sell the 42 planned lots for between $109,000 and $139,000.
Monies raised by the town through the lot sales will offset the municipality's $3.75-million investment to start construction on the new high-end residential development along Napoleon Lake.
There will be 35 single-detached lots measuring 52 feet wide, with seven being 66 feet. The seven larger lots will face onto 60 Avenue while the 52-foot lots will face onto a local road. A stormwater management pond is being built on the west side of 60 Street as part of the 2014 construction.
“Depending on the size of the lot and amenity features and location there will be a price range,” said Craig Teal, the town's director of planning and operational services. “Generally speaking the bigger you are the higher the price tag.
“The smallest lot at $109,000 will still be 52 feet wide but it may have a neighbour to the back, whereas another one we have the same size lot but it may open up to park space in the back, so that will be priced higher,” he added.
The first public offering of the lots will be managed through a lot draw process. A date for the lot draw has not been set but Teal said it's hoped to be at the end of May. He said the lot draw method, which was used 10 years ago for the Upland Aspen subdivision, is a “fair” opportunity for homebuyers to select a desired lot.
Teal said interested buyers for the Napoleon Meadows lots will be required to put down a $5,000 deposit to participate in the draw. If the potential buyer is successful he or she must then put down the remaining monies for a 10 per cent deposit that is based on the value of the selected lot. If the draw participant does not get the desired lot he or she can choose another one or remove himself or herself from the draw, said Teal. The $5,000 deposit will be refunded.
More Information about the lots and the draw will be available at the 2014 Innisfail and District Trade Show, which is being held at the Arena on April 25 and 26. The trade show will also feature the ongoing lot sales for the Hazelwood Estates subdivision.
Teal said there are about 15 single-detached lots remaining that are going on sale for $94,800 – the same price as last year. He said there is a $5,000 sales discount for any purchase of these lots before May 1.
