Commercial Land
Hey All,
I am looking into buying a few acres of commercial land. It is a play in a small town that is about to get a couple hundred million development project that will bring jobs.
Some activity has taken place but most of the land is still available. I have an opportunity to buy at a time that is still early. Values have only gone up on parcels that are in the immediate area of the project. I have a shot at some of those but I believe that the entire town is going to have a great boom as a result. There are other projects in this town that will get a direct benefit as a result.
The project is 99.5% ready to go and I will make my offer with an escape clause if the project collapses.
The obvious things to consider are price, utility access costs, and taxes. I did purchase land in the past but all the development plans were completed already.
My plan is to buy in a location that would lend itself to a bank, chain restaurant, drug store, etc.
Does anyone have any helpful advice on things to watch out for? How about lot sizes? I am currently looking for a minimum of three acres.