Creative Thinkers NEEDED!!
Okay- I need MAJOR help on this one. There is 149 acres of prime development land for sale in my town. It is in a great location and the current popular subdivision is now full. People paid crazy prices for these lots because of the location.( I live in a small town) I have been saying for a couple months that we need another "meadowbrooke" and asked my realtor friend if a particular area was still for sale. It had been with his agency but the sign has been down for a while. They still have it AND the price has dropped from 440,000 to $249K. This is prime development land but I don't have one red cent. Most of the developers in my area probably don't know that it is still for sale.
The question is- are there any creative ways that I can get control of this property without a huge amount of my money invested.
I will be anxiously waiting for your ideas! :-?
What about finding a partner? What about being willing to work with a developer who needs properties to build on? What kind of terms can you get from the seller? Would they be willing to sell you the property and carry back the first?
Most mom and pop builders will be intimidated by 149 acres. What would it take to subdivide the property? Maybe you could presell a few of the lots to contractor/developers for the capital, with a contract that states you will subdivide the land, and what lots they would have after it was subdivided. They would get the needed lots for development, at a substantial discount. You would get the rest of the property (which they don't want to have to worry about).
Break the big pie down into bite sized pieces that your average home builder can handle.
HTH,
Robert
PS-commercialKing, you see I did learn something from you
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Some good advice from robertt.
My question is have you done all the proper research. It strikes me as funny that your realtor friend's company had the listing for some time, was not successful at selling the land, and allowed the signs to be taken down. On top of that the price has dropped from $440K to $249K (almost in half).
Could it be that the developers in your area know something you do not yet know? Can this small town support this major development? Have you been to any city planning meetings and city board meetings to try and get a handle on the projected growth of the town?
I think robertt was headed in the right direction. You may want to "feel" the situation out by gathering some opinions of the town's growth from the builders/developers and elected officials. Good Luck.
Dave
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Dave,
I had similar questions about the deal. A 40% drop in price is significant to say the least. and does make you wonder.
Robert
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If everything is ok with the land (that price drop is fishy) you could also look at a rolling option.
Subdivide the 149 into lots (not sure what size would suit the buyers in that area) and contract an option for the first lot. When that sells, the option "rolls" over to the next lot... and so on and so forth. Just another angle to look at.
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