This quarterly report on Form 10-Q and other written reports and oral statements that the Company makes from time to time may contain so-called “forward-looking statements,” all of which are subject to risks and uncertainties. One can identify these forward-looking statements by their use of words such as “expects,” “plans,” “will,” “may,” “anticipate,” “believe,” “estimate,” “should,” “intend,” “expect,” and “display” the negative or plural of these words, and other similar terms. One can identify them by the fact that they are not strictly related to historical or current facts. The statements are likely to address a company’s growth strategy, financial results, product and development programs. One must Carefully consider any such statement and understand that many factors could cause actual results to differ from the Company’s forward-looking statements These factors include inaccurate assumptions and a wide range of other risks and uncertainties, including some that are known and others that are not. No forward-looking statement can be guaranteed and actual future results may differ materially.The Company assumes no obligation to update any forward-looking statement.One should carefully evaluate such statements in light of the factors described in the Company’s filings with SEC
, particularly the company’s annual report on Form 10-K and the company’s quarterly reports on Form 10-Q. In various filings, the Company has identified significant factors that could cause actual results to differ from expected or historical results. One must understand that not all of these factors can be predicted or determined. Consequently, the reader should not consider any such list to be a complete list of all potential risks or uncertainties.
Use of Terms
The following discussion analyzes our financial position and results of operations for the three months ended September 30, 2022 and 2021. Unless the context indicates otherwise or indicates otherwise, references to “us,” “our,” “us,” and “the Company” in this section refer to the operations of Dream Homes and Development Company (DHDC),
PLAN OF OPERATION
Building on the history of over 2,400 new homes built with over 400 upgrade/renovation/add-on projects since 1993, managing Dream Homes and Development Company It has made the company stand out as a rapidly growing regional developer of single-family subdivisions as well as a leader in new coastal home construction, modular construction, elevation and mitigation. Since Hurricane Sandy flooded 40,000 homes owned by their owners, Dream homes Help hundreds of homeowners build new homes or upgrade their homes to match new FEMA requirements. while others are involved in coastal construction in flood risk areas, Dream homes He excelled. Because many of our competitors have failed,
Dream homes He gained a reputation as the area’s most trusted builder and became known as “the rescue builders who struggled to adjust to a changing market and complex federal, state, and local regulations” for homeowners whose projects had been abandoned by others. Because of the damage caused by the storm, as well as physical changes in FEMA Flood maps that now require more than 40,000 homeowners along New Jersey On the coast to raise their homes, Dream homes Positioned to take advantage of this opportunity to generate significant revenue growth.
A new trend in the real estate market that has seen significant growth in the past year is the emerging build-to-let trend. This focus and focus on building single and multi-family projects with a view to renting them out upon completion is implemented in response to several factors. One factor is the severe shortage of rental properties in the market, not only for first-time housewives, but for retirees and young professionals who have no intentions of settling in just one place. The second factor is the lender and financing source’s general preference for lending construction projects to lease, rather than the more traditional build-for-sale developments due to the perception of build-to-let as a safer long-term investment. Finally, the extraordinary amount of interest from non-traditional sources such as pension and hedge funds, insurance companies and venture capital firms to purchase new completed projects for lease at attractive metrics based on capitalization rates has led to significant growth in this segment of the market.
The company took the decision to change focus in their new home development projects to better accommodate this growing trend. All new multi-family developments are currently located at Ocean County, which represents a total number of 155 units, will be changed from building for sale to building for rent. The company now intends to hold these properties upon completion and to lease for an indefinite period of time, generating rental income from the property. This strategy will become a very important revenue stream for the company and will become a third division of the company, behind new bespoke homes and renovation/elevation projects. The company is also under contract with a lifetime of 63 units = restricted property located at Gloucester County which will also be held for hire.
Dream Homes and Development Corporation You will continue to pursue opportunities in real estate, specifically in new home construction and renovations. The amount of these projects is currently under contract as of September 30, 2022
he is $7,093,273.
In addition to the above projects, which are in progress, the company has also estimated additional projects $6,500,000 Value of residential construction projects and adding over 200 active prospects to its database. All of these possibilities are prime candidates for remodeling and new home projects.
The properties are currently owned and are in the development phase
Berkeley Terrace – Bayville, NJ – 70 approved housing units
The Company owns this property and is actively working with various permanent lenders to finalize the Infrastructure and Construction Finance Facility.
The company is preparing to start heavy infrastructure work on the property, and clearing and site stabilization work has been completed to control soil erosion. Infrastructure work should start in the fourth quarter of 2022 or early 2023.
Lacey Township, New Jersey“,”Dream homes in pines
Dream homes She currently owns a plot of land that has been approved for 68 new homes in Ocean County NJ, 54 of which are market price and 14 are affordable housing. The acquisition took place in June of 2021. This property has received final approvals, Department of Transportation approval, CAFRA approval, MUA, County, FIRE and other third party approvals. This development is scheduled to begin in 2023.
Initial approval was granted in 2021 and final approval was granted in the fall of 2022.
Development approval costs are expected to be approximately +/- $20,000.
The company may need to obtain loans from financing sources to finance the infrastructure and vertical construction of this project.
The company acquired this property in June 29, 2021 He is currently at the address.
Clayton NJ - 112 Apartments
on me February 26, 2021The company took ownership of the property via a group of 3.
The company has successfully obtained redevelopment approval from the district in
July 2021 and approval of the initial and final site plan in December 2021.
Later event: The company sold this property on 8/22/15.
Louis Street – Bayville, NJ – in the address
The company has been heard of before Berkeley Township Planning Board on me October 3, 2020 The Planning Council granted initial approvals for 17 housing units.
The company acquired this property in August 4, 2021.
The company obtained the final approvals on August 8, 2021.
Real estate under the purchase contract and in the approval stage
– Gloucester County
on me December 7, 2018the company signed a contract to purchase a property in
Gloucester County, NJ, which will be approved for +/- 63 units of age-restricted manufactured housing. The property is currently in the approval stage. A request was submitted to the Department of Environmental Protection for a letter of interpretation specific to the wetlands, which was approved as proposed. Further action by the Planning Council is on hold due to delays caused by the towns lockdown due to Covid-19. The company held a virtual workshop meeting on September 15, 2020 An additional virtual meeting was held on November 17, 2020.
The application of variance of use was heard in May 24, 2021 And the contrast was approved.
The company is in the process of applying for initial and final approval of the site plan and should be heard in January 2023 Planning board meeting.
Dream homes Saw strong growth in both the home and new heights divisions, as well as strong additions to our people infrastructure, which are just beginning to bear fruit.
The company was awarded Ocean County Best of the Best in 2017, 2018, 2019 and 2020 in two categories (Best Custom Modular Builder and Best Home Improvement Contractor), causing great awareness and interest from the public. This has resulted in increased exhibition traffic, estimates completed and contracts signed. About referrals Dream homes They are also generated from various industry professionals, such as architects, engineers, and attorneys, who either have clients with abandoned projects or simply want to keep Dream homes
Due to its superior performance and reliability.
The phrase “the area’s most reliable builder” accurately describes the company and has become well known to homeowners in need of new homes, lifts and renovations. The management team has never failed to complete a project in over 28 years in the industry.
The Company’s business model over the past year has focused on increasing the new homes and new development portion of our business, until it represents 50% – 70% of the entire revenue stream, from the current level of 20%. New home development has much more developability and growth potential than upgrading/renovation work. Although the company has been enjoying steady growth in the renovation/upside segment of the company, the new homes division still represents a larger percentage of total revenue.
Management hopes for steady growth across all segments of the company, as the rebuilding process will continue for the foreseeable future, and the build-to-hire category is very strong and growing. The total number of homes affected by Storm Sandy that will have to be built or demolished and rebuilt exceeds 30,000, of which less than 15,000 have been rebuilt. This remaining common market for new construction and elevation projects in the company’s market area is estimated to range $3.4 billion. The company expects to be able to efficiently address a significant portion of this market. Dream homes Potential operations include the development and sale of a variety of residential communities, including construction of semi-custom, entry-level and first-time single and multi-family homes.
Given the opportunities offered by market conditions, Dream Homes and Development Corporation You will continue to pursue opportunities in construction and real estate, specifically in new home construction, home renovations and renovations, and build-to-let developments.
Operations results – Dream Homes and Development Company
The summary below should be referred to in connection with the following discussion’s review of our results of operations for the nine months ended
September 30, 2022 and 2021.
Operational Results – Comparison for the nine months ended September 30, 2022
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