Beach lot purchase, Bethany Beach, DE - what should I do?

[Chris D.]

Hi All:

Happy Friday. I co own a building lot in Bethany Beach, DE. For those of you in the DMV area, the community is called The Salt Pond and the lot is approx. 2 miles from the ocean. It is a desirable lot as far as the community is concerned (large, private). The co-owner wants out and I have the cash to buy it out. Buying it would not affect my financial situation. I could hold financing for a builder but am not sure how risky this would be. 

I already own 1/2 share in the lot so my buyout price with closing costs would be about 80K. I do NOT plan to build a vacation home there for my use. There is a quite a bit of inventory, (approx. 6 building lots and 18 homes for sale). The lowest price for an available SF is 359K for a 3/2/1. The highest price for an available home is upwards of 850K. I have no idea what the recently settled sales comps are. 

I keep hearing about the fact that something like 10K adults are retiring each day. DE is fairly active state for retirement. The commuity is about a 3 hr. drive from DC. 

My concern about buying it is the extremely high inventory. 

Any advice/thoughts would be appreciated.