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.”