Monday, October 31, 2011

Families eye empty land

Real estate sales may be at an all-time low, but developer and broker Gerald Haymond has been busy - thanks in part to what may be a new trend.

Before the real estate slowdown, Haymond primarily sold land to developers. But new development is at a near standstill as the region copes with a housing glut and financing for new commercial projects remains scarce.

This fall, Haymond heard from a new type of buyer - people looking for a long-term investment for their family.

In September, Haymond sold 20 acres off route 84 in Union County. Last month, he closed on an 80-acre deal in Waxhaw. The buyers in both cases were individuals planning to put the land into a family trust.

The price of raw land in Union County, and across the region, is about a third to 40 percent of what it was four years ago, appraisers say.

Haymond said it’s the first time in his nearly two decades in the business that he’s seen this type of interest in real estate.

“People recognize they can’t buy to flip,” said Haymond, whose company, Haymond Properties, specializes in land and commercial real estate. “They are looking at the long-term purchase.”


Rak Free trade zone said...

80 Acre is enough for investor that spend and earn just few years wait. this stretedgy not follow in your area focus all over the world. Investor invest any zone after few years their prices increase maximum 40% prices increase that is the best chance for selling it and invest in other plat foam.

Rumah Dijual Semarang said...

Its like you read my mind! You seem to know so much about this, like you wrote the book in it or something.