Starting back in the early days of the real estate recovery, GHO Homes president Bill Handler began buying up lots in stalled subdivisions along with entire subdivisions that were planned during the building boom but faltered in the recession, cutting his building costs by getting land at bargain rates.
GHO continues a version of that successful strategy today, preparing to build in Bella Vista, at the northwest corner of the Indian River Mall property, and at the long-delayed Michael Creek development on the island, which has been renamed Orchid Cove.
At the same time, the company is moving into the final phase at Segovia Lake, another prominent project that has been a big success for the company.
GHO bought the 31-acre subdivision site near the intersection of 58th Avenue and Route 60 from a bank for $3.5 million in 2016, acquiring the existing infrastructure and 82 lots.
Construction got underway in early 2017 and sales began in January 2018. Just a year later, the clubhouse is complete and only 19 lots remain for sale, according to the company’s website, along with a dozen or so inventory and model homes.
The award-winning subdivision is located where 16th Street dead-ends into 58th Avenue, a stone’s throw from Indian River Charter High School and Indian River State College and only a minute or two away from the mall, close to scores of restaurants and shops. “It’s right in the middle of everything,” Handler said, but still secluded within its own gated confines.
GHO Homes expects to be sold out in Segovia Lake by 2020 with construction wrapping up by 2021.
If you buy one of the remaining lots next weekend, it will take about 10 months to get your new house, according to GHO. For those who want to move in more quickly, there are inventory and model homes ready to go.
“All our spec homes are appointed with [finishes and features] chosen by our design studio professionals,” the company said.
GHO offers three models in Segovia Lake – Avila, Camino and Seville – with starting prices from $277,990 to $306,990. Homes range in size from 1,885 square feet to 2,098 square feet and come with two or three bedrooms and two or two-and-a half baths.
Two of the models GHO features in Segovia are award-winners, having garnered the Parade of Homes Platinum award for their category. The Avila and the Camino were awarded in consecutive years.
“They’re beautiful homes,” said Handler. “Since the opening of the community, we have won every major award in our category for the models in Segovia from the Treasure Coast Builders Association and the Choice Awards.”
Homes in Segovia Lake feature standard quartz or granite countertops; standard spray foam insulation; and a number of other standard items many builders would consider optional.
“We work to include features other builders call options, and offer options to customize the house to make it a home with our interactive floorplan options,” Handler said.
Homebuyers in Segovia Lake or any of GHO’s other communities can sit down with GHO home designers to customize just about every detail of their home.
The company considers special requests – such as a parrot room one homebuyer wanted. So long as it can be permitted, it can be done.
GHO doesn’t build age-restricted communities but the different types of communities – the house and lot sizes, the price points – do attract certain types of buyers. At Segovia Lake, the homes appear to be enticing buyers approaching the empty-nest stage of life – those who are better served with two- or three-bedroom homes.
“Each community is unique to its own,” Handler said.
Along with Segovia, GHO is building or preparing to build in more than 20 other subdivisions in Indian River County, according to the company’s website. Handler said GHO sold 300 homes in 2018.
“Our goal is to build value in homes and continue to be a value to the community,” Handler said. “We plan to have a constant, consistent presence in Indian River County. We are busy making sure that we constantly are planning ahead for new projects to fill the needs of the future buyers.”
Segovia Lake boasts a brand new clubhouse complete with covered cabanas and a pool, a fitness center and a social room that is well-appointed for everything from card games to watching the big game on TV. There is no additional fee to make use of the amenities; the basic HOA fee covers it.
The sales center is located at 1505 Segovia Circle. It is open daily, Monday through Saturday, 10 a.m. to 5 p.m., and Sunday noon to 5 p.m.
- Neighborhood: Segovia Lake
- Location: 58th Avenue at 16th Street, Vero Beach
- Builder: GHO Homes
- Community size: 30.9 acres
- Homesites: 82
- Models: 3 – Avila, Camino, and Seville
- House sizes under air: 1,885 sq. ft. – 2,098 sq. ft.
- Beds: 2-3, some with den
- Baths: 2-2 ½ baths
- Garage: 2- and 3-car garages
- Base prices: $277,990 for Seville, $294,990 for Camino and $306,990 for Avila
- More info: ghohomes.com/community-segovia-lake-40.cfm