List of Exhibits for High Desert Master Planned Community

              EXHIBIT 3
LAND RESIDUAL ANALYSIS BY PRODUCT
HIGH DESERT MASTER PLANNED COMMUNITY
FEBRUARY, 1992
Product Type
aeewie Men jtv tea a vwiotice for a lo'wdttr lot?
PRIMARY COMMUNITY ■ FOR 8ALE
SFD
EXECUTIVE
SFD
MOVE UP
SFD
ENTRY
EXECUTIVE ENITtY
TOWIHCME      TCVWHCME
TOTAL/
WEIGHTED AVEFiAGE
Average Base Price
% of Units with Premium
Average Premium as a % ol Base Price
Average  Price
Total  Units
Average Unit Size (square feet):
Gross Density (units per acre):
Average Lo! Size (square fee!)
Total Acres:
Construction  Costs/square   foot	
$236.000 ($161,000 S120.000J $134.000 $92,000
30% 30%                   30% 30%                   30% ■
5% 5%                     5% 5%                     5%
$239,540 $163,415 $121,800 $136,010 $93,380
$145,466
■ who* flmsrates) premtm'? lete coMity^?
216
285                   361
180
238.
fs.ooo
2,350                1.920
1,920
1,420 JL
«- 22% -J
3.1        4.3
7.500      6.000
70 4       66.8
$34
4.9
5,000
74.1
$32
6 0
N/A
30.1
8 0
N/A
29 8
$147,648
260
105
4.7
271 2
$34
we much emaUW wmtq
■rhem m out -kUoMft tfwtf- ^
omMCA
w*uj wvuid twnhoust cosh hem a kjjW e.f coat -fto dxfyciwi frou X&?
Average Unit Price
$239,540
$163,415
$121,600
$136,010
$93,380
$147,648
COSTS:
Land Development and Carry Costs
Lot  Finishing
Real Estate Taxes
8,216
84
12,054
61
10,439
53
9.515
43
7,503
33
9.748-4 wtocdt p\ot& -fkia
124
Development  Interest
120%
249
365
316
288
227
295
Loan Fee @
20%
164
241
209
190
150
195
Total Development Loan and Ca/ry
8,713
12,721
11,017
10,036
7.913
10,362
Construction Costs
Hard Costs (Materials and Labor)
Architecture A Engineering (% ol rev.)
Building Permits and Fees
Marheting/G * A   (% of rev.)
Builder Prolit S Contingency (% ol Rev)
1 00%
90%
12 0%
10B.000
2.395
3.000
21,559
28,745
79,900
1.634
2.700
14.707
19.610
61,440
1,218
2,600
10,962
14,616
71.040
1,360
2,600
12,241
16,321
49,700
934
2,500
8.404
11,206
71,570
1,476^ umtitil a 0oot| owe*
2,671                              Q
13.288* wiyukHa 1MSL <apUt
17.718                                           1
Total Construction Costs
163,699
118,551
90,836
103,562
72,744
106.723
Construction Financing
Loan Draw
163.699
118,551
90,836
103,562
72,744
106,723
Interest @
11.0%
9,212
6,672
5.112
5,828
4.094
6.006
Loan Fee @
2.0%
3.274
2,371
1,817
2,071
1.455
2,134
Total Construction Financing
176,185
127,594
97,765
111,461
79,293
114,863
include'
Total Development Costs
Land Residual Value Per Unit (1992 Dollars):
Land Residual Value Per Acre (1992 Dollars):
Finished Lot Value Per Unit
Finished Lot as % ol Unit Price
SCXJRCE:  Robert Charles Lesser & Co
108,782
121,497
125,225
$54,642
$23,100
$13,018
$14,513
$7,174
$169,390
$99,330
$63,788
$87,078
$57,392
$63,271
$35,760
$23,982
$24,506
$15,054
(26%
t=
5%) (j£
sowe a HiHJikioih.
t
16%}
$22,423
$105,388
$32,661
22%
fkeae 9&M  1-3% ktt'flW.
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