Company: DREM
Filing Date: 2025-05-19
Form Type: 10-Q
Source: 0001641172-25-011417
Chunk: 7

Company: Dream Homes & Development Corp.
Filing Date: 2025-05-19
Form: 10-Q
Item: Item 8
Chunk 7
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 Company submitted for finals in the 4th quarter of 2023. The Company has since received final approvals.

The
Company took title to this property in early September of 2023. It is the Company’s intention to develop this property, sell the
individual manufactured homes and continue to own and operate the development as a land lease rental property.

Properties
under Contract to Purchase and in Development

Southern
Ocean 1: The Company has signed a contract to obtain approvals, acquire and improve a 96 unit townhome property (of which 80 units
are market rate and 16 are Affordable Housing) in Southern Ocean County. This property has been pre-sold on an “as-improved”
basis to a national builder.

The
initial closing to acquire the property should occur in 2026, with site improvements to begin shortly thereafter. The sale of improved
building pads should begin in late 2026 / early 2027.

Southern
Ocean 2: The Company has signed a letter of intent and contract to obtain approvals, acquire and improve a 120 unit townhome property
(of which 100 units are market rate and 20 are Affordable Housing) in Southern Ocean County. This property has been pre-sold on an “as-improved”
basis to a national builder.

The
initial closing to acquire the property should occur in 2027, with site improvements to begin shortly thereafter. The sale of improved
building pads should begin in late 2027.

Gloucester
County: The Company has signed a letter of intent and contract to obtain approvals, acquire and improve a 70 unit property in Gloucester
County. This property will be developed as a manufactured home community.

Summary

These
new developments which the Company owns or is in contract to purchase represent significant future earnings in new construction or forward
contracts for improved building pads that have been pre-sold. This work will occur over the next 3-4 years and will occur in addition
to the custom homes & elevation/renovation division of the business. Management is very positive about these new developments.

4-
Inventories

Inventories
are summarized as follows:

Schedule
of Inventories 

    March 31, 2025  
    December 31, 2024 

    Berkeley Terrace 
     2,154,761  
     2,664,839 
  
    Lacey Pines 
     3,868,472  
     4,411,163