Solid $500,000 profit, poss sl more, SOLID comp, no takers, what gives?

[Kelly Sennholz]

I have a property for sale, price and renovation costs are $1,375,000 and have a nearly identical property 10 doors down with a solid $1,850,000 after renovation sale (they did nearly same thing - I think my architectural plans will yield slightly more, maybe another $50-100K), Sloans lake w/ $3M homes abounding, no takers.

What gives? 

[Scott E.]

Are you saying that you are trying to sell a spec home before construction has started?

If you're selling the completed house for $1,375,000 but it's just a dirt lot right now, that's going to be a tough sell (as you are experiencing). I've tried to do this out here and have friends who have pulled it off. But unless you have a great builder, great plans, and GREAT renderings, it'll be hard to get a buyer who can visualize the house until right around when drywall goes up.

Hard telling if you're the owner, the developer, or a wholesaler. A bit more context would help.