Sell or hold 5.56 acres in Highlands, NC
Hi everyone,
I wanted to see what ideas others could offer on my current situation and provide me with some needed feedback. I purchased this property in Highlands, NC two years ago for $10,000 due to the previous owner wanting to get rid of the property with no plans to develop it. I paid cash, so no mortgage on the lot.
Due to covid the entire area is seeing a steady increase, housing options are scarce, so land development is the next piece of the market that’s slowly starting to come up. I’ve done a market analysis on the lot myself, and have spoken with three local realtors to gauge what they’re seeing in the area as well. It’s in a good development with the average home price around $750,000. The lot is valued anywhere from 75k-200k, and has no septic permit, water well or tree clearing. My plan right now is to reevaluate the market next summer.
How could I use this lot to help further my investment strategies. Should I sit on it, sell it, develop it, or use it for the equity?