Updated over 4 years ago on . Most recent reply
Develop lots left from previous project
Just got a call from a realtor about a property I inquired about. It is a 18 acres lot where the developer started the development process but stopped. They did complete the 2 lots next to it with 21 homes completed in 2012, some for rent and some the residents own. Not sure what the process would look like to complete and the cost for it to be profitable any advice is helpful, the realtor provided the below:
1. The property is subdivided into 1ac lots
2. No timeframe to build
3. Builds must be of equal design and equal or greater price range.
4. Houses in area sell for around $145K but no recent sells noted
5. It’s a high rent area
6. Lot sizes around 1600sq/ft or greater
7. Developer has intended on completing development but decided instead to sell after COVID-19 (probably because of cost increase) they moved back to Oregon