Company Announces Berkeley Terrace Pre-Sales of 45% - 9 homes of the 20 in Phase 1
FORKED RIVER, NJ / ACCESSWIRE / October 21, 2020 / Dream Homes & Development Corporation (OTC PINK:DREM), a regional builder and developer of new single-family homes and subdivisions, as well as a market leader in coastal construction, elevation and mitigation, today announced a very strong start to its Berkeley Terrace Reservation Program.
The Company announces a strong start to its Berkeley Terrace Reservation Program with 45% Reservations for Phase 1, Building 1 & 7.
CEO and Chairman Vince Simonelli had the following comments, 'Within the last month, we began accepting non-binding reservations for our new townhome development in Berkeley Township. Though we anticipated a very positive reception, we were surprised at the number of people who have signed a reservation agreement for a new townhome. Even though with a
condominium project, we can only accept non-binding reservations and not binding contracts, I'm quite surprised to have received 9 reservations in the last month. That's a very, very strong interest level for homes to be delivered in July through September of 2021.'
Simonelli continued, 'We're expecting to acquire the purchase of the property late this year or early in 2021, and will start the water, sewer, roads and drainage immediately, along with the other improvements in Phase 1. We will follow shortly thereafter with construction of the first 10-unit building. Our projections are for the first homeowners to move in summer of 2021.'
Simonelli had additional remarks. 'The lack of affordable housing in New Jersey, combined with the migratory and demographic trend towards an exodus from the more densely populated northern NJ areas and New York boroughs, is creating stronger than projected demand for our new townhomes. A price point in the $275,000 range for an 1,850 square foot townhome with a 1 car garage is extremely attractive. We continue to receive numerous inquiries from both existing and potential new clients about our Berkeley Terrace townhouse development.'
He added with a smile, 'I'm sorry I have only 70 units, and not 500 to offer to the market right now.'
Dream Homes and Development Corporation, through its subsidiaries and affiliate companies, continues to pursue opportunities in the real estate field, specifically in new home construction, home elevations and renovations.
In addition to the above projects, which are in process, the Company has also estimated numerous additional residential construction projects and currently has over 1,200 active prospects in its data base. All these prospects are prime candidates for new homes and rebuilding projects.
This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding strategy, future operations and plans, including assumptions underlying such statements, are forward-looking statements, and should not be relied upon as representing the Company's views as of any subsequent date. Such forward-looking statements are based on information available to the Company as of the date of this release and involve a number of risks and uncertainties, some beyond the Company's control, that could cause actual results to differ materially from those anticipated by these forward-looking statements, including consumer, regulatory and other factors affecting demand for the Company's products, any difficulty in marketing the Company's products in global markets, competition in the market for consumer products and inability to raise capital to fund operations and service the Company's debt. Additional information that could lead to material changes in the Company's performance is contained in its filings with the SEC. The Company is under no obligation to, and expressly disclaims any responsibility to, update or alter forward-looking statements contained in this release, whether as a result of new information, future events or otherwise.
Dream Homes & Development Corp.
Vincent Simonelli, President & CEO
Office: (609) 693-8881
Matt Chipman, Investor Relations
SOURCE: Dream Homes & Development Corporation
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