Lots forsale in limited market

[Robert Arquilla]

Hey everyone!

So My plan was/is to buy a single family house in a nice but inexpensive neighborhood that I used to live in, however my mother in law ( who is a real estate agent) asked me today why don’t I think about buying the vacant lots in my neighborhood instead. And it made me think maybe that’s a good idea.

A little about my current neighborhood, most houses in my development are newer 2001 and up. Everyone wants to move to the small town I live in. They have a great school district and a brand new school.

My concern is why these lots have been vacant for so long? Is this an opportunity to try and buy low and wait for the right time to sell? What do you guys think? I haven’t done much research into buying land so I have some research to do. Anything specific I should look up about this?

Thanks!

[Benjamin Tighe]

@Robert Arquilla

One reason is when they started we still had a shortage of work in construction. They came in offering below market rates to all their subs and many jumped in it because it was steady. They also had all their suppliers lined up and were one of the biggest purchasers in the area at the time. They are still building subdivisions around here but the house prices have caught up and start in the low $300k's. I love the idea of sitting on a few lots for a rainy day but I don't want to tie up what little I have and not have something coming in.