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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Jim McMannis who wrote (49816)3/8/2006 6:49:33 PM
From: BWACRead Replies (2) of 306849
 
So you think $12,000 per acre for one of the 2 or 3 remaining public undeveloped tracts over 100 acres in the area is high?
When developed lots with lesser views and rougher terrain are going for a minimum of $60k per acre in 10 acre sizes upwards to $90k per? Or for $100k per acre in 2 and 3 acre sizes?

Ginn Developers out of Florida just plunked down a huge amount for 1000 acres nearby, removing that tract from the markIt. It worked out to 10k per acre. And they are going to have to conserve some of it to get thru the zoning hoops.

Borrowing 3 or 4 million to develop it might work. but the bank won't be loaning it to anyone without development experience.
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