Saturday, July 02, 2011
Dear Reader,
We've written this week about distressed markets, the fire sale property opportunities they throw up, and why they are worth investigating.
But today I am writing about discounted property that isn't in a distressed market. It is in a fully functioning development. So why has the developer slashed the price?
In this case, the developer has already completed the first three phases in his project. These three phases are almost entirely sold out. Only five lots remain.
The entrance gate...the roads...the utilities (including cell phone and internet cover)...are already done in the first three phases. The first homes are under construction. And the on-site equestrian stable is available for owners to use.
The developer is about to embark on phase four, the last phase in his development. But a new business interest (a manufacturing plant) is taking more of his time than he expected. He has taken on a new partner for phase four to make sure standards stay high, and the project goes to plan. But before they can start, they need to clear those last five lots in phase three. They want to start the new partnership with a clean slate. And they need to do it quickly. They are waiting on a final approval to go ahead with phase four. They expect to get it in the next couple of weeks.
So the developer has slashed prices on those five remaining lots. The lots range in size from 1.46 to 2.42 acres and in price from $78,000 to $101,000. But generous discounts of up to $40,000 cuts the start price to just $53,000.
Lots in phase four will come with higher price tags than those in phase three. This is a chance to buy low, taking advantage of a one-off opportunity.
If you want to snap up one of these lots, you can contact the developer here.
Margaret Summerfield
Posted Under:
appreciation potential, affordable, discounted property
Want More?
Sign up here for your free Pathfinder Alert e-letter, and we’ll send you our $50,000 Report...showcasing seven real estate opportunities for $50,000.
