Denham Springs-based DSLD Homes has paid more than $1.58 million for 33 lots for the second phase of the Oak Ridge Estates subdivision under development on Elliot Road, near the intersection of Hoo Shoo Too Road.
“We really just got that project kicked off this spring, and sales have exceeded our expectations out there,” says DSLD Partner Jeff Purpera. “We’ve gotten 20 sales contracts this year to date out there, and we’ve closed six houses out there so far” in the first phase.
Both the first and second phases of the development will include about 50 to 60 homes, which will be priced in the $200,000 to $240,000 range.
“At this pace, we’ll probably be out there for about two years. We’ll probably be selling houses there through ’16 and maybe even into ’17,” Purpera says.
DSLD picked up the 33 lots from DAGR LLC, represented by developers Brandon Dodson and Jonathan Starns. The lots have all of the infrastructure in place and are ready for building. In May of last year, DSLD bought the first 50 lots for the subdivision from DAGR for $2.2 million. The subdivision is being built on 66 acres, 38% of which will comprise lakes and green space, according to development plans. A third phase is also planned, which could bring the total number of homes in the subdivision to about 150.
As for why sales have exceeded expectations in the subdivision thus far, Purpera says, “I wish I knew.”
“All of the stuff we’ve done out there had been very good over the past 18 months,” he says. “I think part of it is the economy has been stronger here compared to the rest of the country, and with interest rates being as low are they are, sales have tended to be very strong. You also just don’t have a lot of undeveloped land in East Baton Rouge Parish for new homes, other than along the new stretch of Bluebonnet. So if you want a new home here, you’re kind of limited to this geographic location.”
—Steve Sanoski
