It's a fact that since 2008 most buyers of oceanfront lots are looking to build. They're no longer looking to buy a lot just to "sit on it" and wait for the value to double before dumping it. This means that since 2008 the number of potential buyers for your oceanfront lot has plummeted. Less potential buyers = downward pressure on the value of your property.
Happily, it's also a fact that beach front homes are in great demand with some big prices being paid for such properties.
So, if you have an oceanfront lot consider building a really nice home on it and then selling it. Your profit will be a lot greater than if you are just trying to sell the lot on its own. Just bear in mind a few pointers:
1. Don't hold back on the quality of the construction. Buyers willing to pay the big bucks want something of real quality.
2. Try and find a buyer while the home is under construction...this way they can choose their own tiles and colours.
3. Don't try this trick if your lot is in a remote and difficult to access location. The house will cost a fortune to build and you'll have problems getting your money back. This tactic only works if your land is fairly close to town (5 miles or less) and with good road access.
This is something we're actually helping clients with right now and I think they're going to make a very nice profit from their efforts!
No comments:
Post a Comment