Bob Fitzgerald expands his reach in residential development realm

|tab|

Since opening Fitzgerald First Realty in September 2000, Bob Fitzgerald has stayed active in the local real estate market. But he's also found that he has a knack for residential real estate development.|ret||ret||tab|

Through his other company, First Ven-ture, Fitzgerald is working on three residential developments: Carver Woods, Park Crest Meadows and Greystone at Cherokee Hills.|ret||ret||tab|

Fitzgerald said his first real estate de-velopment already is full. He said before he purchases a new piece of land to de-velop, he might look at 10 or more different parcels. |ret||ret||tab|

Fitzgerald said that because location is the top priority in real estate, he's very selective about the land he develops. While he continues to look at land these days, he's hard at work on his latest three development projects.|ret||ret||tab|

|ret||ret||tab|

Carver Woods|ret||ret||tab|

Carver Woods is comprised of 69 lots, which range in price from $22,000 to $26,000. The lots primarily are 60 feet to 65 feet wide and 100 feet deep, Fitzger-ald said. Prices for houses in that development will start at $110,000 and go up, Fitzgerald said. Carver Woods is located across from Carver Middle School, just off Battlefield Road, west of Golden Avenue.|ret||ret||tab|

As its name implies, Carver Woods is a wooded development.|ret||ret||tab|

"There's trees, big trees, all over this. In fact, it was so thick that you couldn't walk through it, so we went in and cleared out all the trees that were 8 inches and below, and left the big ones there," Fitzgerald said. |ret||ret||tab|

About 20 lots already have been sold in Carver Woods, Fitzgerald said, several of them to local builders, and one to a private owner.|ret||ret||tab|

|ret||ret||tab|

Park Crest Meadows|ret||ret||tab|

Park Crest Meadows is located be-tween Kansas Avenue and Kansas Ex-pressway south of Walnut Lawn. |ret||ret||tab|

Fitzgerald said that development has 26 larger lots that measure 77 feet by 140 feet. The lots there have room for bigger houses and larger garages. |ret||ret||tab|

Homes in Park Crest Meadows likely will start at $150,000. The lots will range in price from $29,900 to $34,000.|ret||ret||tab|

"The neat thing about (Park Crest Meadows) is it's just one street off of Kansas Avenue ... . The lots lay nice and flat to just gently rolling. They're big lots, it's got a fence all around it a 6-foot wood fence all around the project, so it looks like a gated community without actually being a gated community,"|ret||ret||tab|

Fitzgerald said. "It's one way in and one way out, so it'll be a pretty secure location there," Fitzgerald said. |ret||ret||tab|

One thing he likes about Park Crest Meadows and Carver Woods is that both are close to things that people need and enjoy, such as shopping.|ret||ret||tab|

"They're both close to schools, they're both close to hospitals, access to the James River Freeway. They're just really nice locations, but yet, they're in residential-type neighborhoods," Fitzgerald said.|ret||ret||tab|

Five lots in Park Crest Meadows have sold, and four houses are under construction by different builders.|ret||ret||tab|

|ret||ret||tab|

Greystone at Cherokee Hills|ret||ret||tab|

Fitzgerald said his latest purchase is all of the vacant lots at Greystone at Cherokee Hills, a subdivision that's located just off National Avenue south of Plainview Road. |ret||ret||tab|

"It's a subdivision that really has been in existence for 10 years, but I bought the remaining 41 lots there and an additional three acres that will be 10 more lots," he said. |ret||ret||tab|

Greystone at Cherokee Hills was de-veloped by Terry Dean, Fitzgerald said. |ret||ret||tab|

"We'll be working with builders to build houses in there and increase some additional activity. I think it's a wonderful location ... it's convenient to everything and these are bigger lots even yet. Typically these lots range in the 80-foot range. There's lots of oak trees, there's a lot of character to the land. The houses in there now are up to $300,000 and $400,000," Fitzerald said.|ret||ret||tab|

Lacey Brothers Construction has op-tions on Fitzgerald's Greystone lots, and brothers Tim and Tom Lacey will start construction of homes there in April, he said.|ret||ret||tab|

|ret||ret||tab|

Decisions|ret||ret||tab|

Location isn't the only thing that plays a role in residential real estate development, Fitzgerald said. |ret||ret||tab|

"You have to look at availability of services, sewer, water, gas, to make sure that it's close enough that it makes sense," he added.|ret||ret||tab|

While Fitzgerald declined to disclose the amount he invested in the land for his developments, he noted that the price of land also is a key factor in purchases.|ret||ret||tab|

Developers must consider "what it costs to build the lots, different costs that are involved in terms of the terrain of the land and what you have to deal with to put the services in, so there's lots of things to consider when you're looking at a piece of raw dirt to determine whe-ther you want to develop it," he added.|ret||ret||tab|

For his developments, Fitzgerald said he's used several different engineers, and for the actual construction to change the land and its layout, he's used the services of Tom Bolin Construction. |ret||ret||tab|

Fitzgerald sells his own developments through Fitzgerald First Realty. But, he noted, he's also "very Realtor-friendly," and makes his developments available to other Realtors to sell. |ret||ret||tab|

"I welcome anybody to come sell my lots. I think it's just important to keep those doors open," he said.|ret||ret||tab|

|ret||ret||tab|

Fitzgerald facts|ret||ret||tab|

Fitzgerald has worked in real estate for 30 years, and he has experience in new construction and new construction sales. "The majority of my sales, when I was selling, was in new construction. I worked with builders ... and I've always enjoyed it," he said. |ret||ret||tab|

He came to the local market from Iowa in 1995 to work with Carol Jones Com-pany, when that firm was purchased by Iowa Realty. Fitzgerald stayed with Carol Jones Realtors until 2000. He said he and his family love the community, so they opted to stay here after he left that company. |ret||ret||tab|

"It's just a great place to live. This looked like an opportunity for me, to get involved in this, so we started out and here we are," he said.|ret||ret||tab|

"I am happier doing this than anything that I have ever done in my life. It's exciting, it's fun, it's rewarding, and I just feel like I'm really doing something that I really like to do." |ret||ret||tab|

Fitzgerald was named Broker/Realtor of the Year in 2000 by the Greater Springfield Board of Realtors. He's vice-president of the board and will be its president in 2003, he said. [[In-content Ad]]