I just talked to a good friend who bought a home in the second phase of a 5 phase construction project. The builder is now working on phase 4 construction, and just put phase 5 for sale. The properties are going for well above what he paid.
Have many people had good success investing in multi-phase construction projects? :?:
I hear a lot about investing in new home construction. My friends have been buying new homes in different parts of the country. They've all done really well. I guess when the market is hot, you can't really go wrong, can you?
I wonder if it is as good an investment during a flat or down market?
I have had great success in buying a house in a multi-phase subdivision. Had a beautiful 4,000 SF home Brick built 4 years ago for $247,000. Built by Ryan Homes in Northern VA. Just had it appraised 3 months ago at close to $600,000. Opened a revolving line of credit for $200,000 against the equity in the house and just recently used it to buy my third property.
It seems the market is still very healthy in the DC/MD/VA metro area.
Phase 4 might be a little too late if you want to sell after phase 5~
Phase 1 looks better~
First phase construction available in Central Florida for only $2000 out of pocket. Very healthy market. Lots are increasing on average of $3,000 a month alone.
It all depends on the area but I would say Florida, Arizone and the DC area will stay hot for a few more years.
Originally posted by "pleonard33":
First phase construction available in Central Florida for only $2000 out of pocket.
I agree with that, its solid advice that i would follow myself.
lot prices have peaked in ocala, i bought a vacant lot here a few months back and cant give it away now. a realtor i know has told me that there is 8000 vacant lot listings in Marion county now.
anyone who bought anything in ocala 2 years ago has made a lot of money, but now things have slowed considerably here
If you are looking for pre construction projects I have the location for you. At this time there is a lot of pre construction going on just outside of Orlando int he Kissimmee/St. Cloud area. Great time to get in. I am a realtor that can help you with your needs in this HOT Orlando market. Feel free to contact me via email or phone.
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