Wandering Soul Properties is currently seeking $1,500,000 to embark on an exciting venture – the development of a luxurious estate in the charming vacation town of Harbert, Michigan, nestled along the captivating shores of Lake Michigan. Often referred to as 'Harbor Country' and the 'Third Coast,' these quaint beach towns, located just 78 miles from Chicago, come alive with tourists, primarily consisting of Chicago residents seeking a serene escape during the spring and summer months. At present, Wandering Soul already owns and manages a vacation rental in Sawyer, Michigan. In 2021, we were presented with an exceptional opportunity to acquire a 10.23-acre wooded private property in Harbert, complete with its own private lake, currently valued at $475,000.
Over the past two years, we meticulously planned, designed, and developed this project, which we are now at the shovel-ready stage. The property has undergone significant enhancements, including tree removal, installation of a city water supply line, construction of a gravel roadway, installation of a privacy gate and entrance landscaping, site clearing, 400amp power supply and transformer installation, architectural plans, engineering & surveying, septic approval through the county, and more. We have obtained all the necessary construction permits and have a team of contractors poised to commence work. The total construction cost is estimated at $1,350,000, with the as-built value expected to range between $2,000,000 and $2,300,000, supported by a recent pre-construction appraisal conducted by a local real estate appraiser in Harbert, MI. Our targeted completion date is 9/1/2024-10/1/2024.
Once completed, this new luxury vacation rental will comfortably accommodate 12-14 adults, offering a plethora of high-end amenities, including an in-ground pool, hot tub, private lake and beach access, walking and hiking trails, and luxury finishes, providing guests with a resort-like experience. With the ability to charge $1,500-$2,000 per night, we anticipate generating $200,000-$250,000 in gross yearly revenue from this project.
Wandering Soul has cultivated a client list of nearly 400 renters from our previous Airbnb. We plan to leverage this base by sending out a mass email promoting the project and opening bookings starting in October 2024. Additionally, with our 12,700 followers and collaborations with local Instagram influencers, we are confident that our strategic marketing plan will lead to swift bookings for 2025.
For detailed information, including plans, permits, design aesthetics, location, images of the property, and more, please refer to the Google Drive link provided below:
https://drive.google.com/drive/folders/1pcY_vFKdYv3sGEjwBTlsqDXzpAGyr2RI?usp=drive_link
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