Latest New Construction Spec Development Deal in Charlotte, NC

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This was an abandoned house listed on the MLS for 400,000 in Charlotte, North Carolina. After watching it sit on the market for months and months, I put in an offer and was able to purchase for 287,500. Being a corner property, I rotated the property so that the previous side, was now the front property line and was able to subdivide into 4 lots. All 4 homes either sold during construction, or within 2 weeks of being staged. Square footages and prices starting on the left were:

1,700 sq ft- 385k

1,900 sq ft- 399k

2,050 sq ft- 440k

2,100 sq ft- 450k

Total development time took approximately 3 months to get demo complete and lot lines approved. The 3 homes on the right took between 5-6 months to build. The left house was originally flood plain, and although we built it fast, the FEMA process slowed us down considerably to get CO and avoid flood insurance for our buyer. The way I structured this with the lender, I received construction funding for the 2 middle homes, then after 4 months, funding for the next 2 outside homes. Someone will ask me why, and the answer is I have no clue :) For this reason, and dealing with the flood plain, the entire deal lasted about 14 months. Pictures below