Ellen J. Wilkinson principal broker for Ellen’s Realty will soon be selling beachfront property in Pago Bay intended for high-end housing.
Located before the Pago Bay Park entrance the property consists of 23 200 square meters. Wilkinson subdivided the property into 10 half-acre lots consisting of six beachfront lots and four lots with beach access. "There are really no central beachfront lots on the market except for Tumon Bay. Otherwise you have to go to Inarajan Merizo or Umatac but that is very inconvenient. That’s why we’re putting these lots on the market."
She said that the price of the lots range from $250 000 to $300 000 depending on the lot’s location.
"There is a high demand for beachfront property. Right now there really isn’t any half-acre beachfront property on the market. Because beachfront property is so rare it is always more expensive. When the real estate market was in a slump I sold a quarter-acre beachfront property in Yona for $125 000 in 1999. Compared to that I think my price of $250 000 to $300 000 is a very good deal." She said that people did call her inquiring about the lots but she wasn’t ready to sell because she was still awaiting approval.
Wilkinson can also facilitate housing "If I have a customer who wants us to provide a house and land packaged together I can do that. I can do "custom-made". If they tell me the square feet I can do the design and put a package together. The minimum size of the house has to be 2 500 square feet."
The cost of package depends on the size of the house. "If you build a 2 500 square-foot home at about $100 per square foot for a house like that you are looking a minimum of $550 000 for both the lot and the house."
She said a governance would be established for the subdivision. "It is meant to protect the neighborhood. My attorney is now working on the subdivision governance; then we can sell the lots."
"Legally I can already start selling the lots. If I have somebody interested they can come in and reserve the land but I haven’t started advertising yet because I wanted to start the road first so people can drive up to the lots and take a look." The land is only accessible by surveyor trail.
The Department of Land Management approved Wilkinson’s subdivision and she is now in the process of constructing a road into the property. "The engineer’s drawing and the wetland study are done. I already have a contractor to give me a quotation. I am in the process of getting a permit from the government to build a paved road access."
Wilkinson is waiting for approval from the Guam Environmental Protection Agency as well as the Department of Parks and Recreation before construction on the access road can begin. "Hopefully construction will be able to start in September " she said.
The construction of the access road and the infrastructure will cost about $200 000. Wilkinson said "I will take care of the power water and the paved road."
The news of the upcoming military buildup on Guam was not a factor to Wilkinson’s decision to establish the subdivision. "I think our customers will be either local or people from California Hawaii or from other countries who are interested in investing here. I think the majority of military personnel are looking to rent rather than buy." MBJ