MasterBeat Corporation (OTCMKTS:MSTO), which is involved in acquiring tangible assets like vintage automobiles, real estate and precious metals among others, has seen its stock soar by 40% this morning.
The rally in the stock was triggered after the company announced this morning that it has broken ground and commenced construction on the first of the many Florida Panhandle properties. These properties are located in Santa Rosa Beach in Florida. This is an important project for MasterBeat Corporation and the excitement among investors is understandable. At this point of time, MasterBeat has successfully completed the acquisition of four different parcels of land at the development phase.
MasterBeat seeks to build custom vacation homes at these locations. The first vacation style home that the company is building is going to consist of as many as 9 bedrooms to go along 9 bathrooms, a rooftop deck and a 16 person hot tub among other things. The company had bought the land parcel for $400000 and after construction, the total cost of the same is going to be in the $1.6 million to $1.8 million range. It should be noted that similar properties in the area are currently value in the $2.5 million to $3.2 million range.
Market Action
As of 11:15, MSTO stock soared 40% to $0.0049 with more than 161.73 million shares, compared to its average volume of 14.03 million shares. The stock has moved within a range of $0.0038 – 0.0066 after opening the trade at $0.0039.
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