General thoughts on buying land?

[Sam Guertler]

What are everyone's thoughts on purchasing land where city development is scheduled to occur? For example, a downtown park is scheduled to expand in a few years and there's a house within a few blocks of the expected development for sale. The house on the lot needs a tremendous amount of work, so it seems like the value is in the land. I'm under the impression it's not a sound strategy to buy and hope for appreciation, but I wanted to get other's thoughts. 

[Jay Hinrichs]

I dont know about that as a blanket statement.. some of the biggest hits in real estate are buying raw land in the path of progress..  granted buying rural land in the middle of no where I agree.. but strategically located land can be HUGE wins