Land at 15 cents on the Dollar
Last night I spoke with a land developer. He just purchased improved land in SoCal for $0.15 on the dollar from a homebuilder (builder’s total cost). The deal closed Friday. The purchase price was less than half the cost of just the improvements (grading, streets, etc)! The deal has no leverage, and the buyers are hoping to sell in 3 to 5 years to another homebuilder. They can wait much longer if necessary. The other details (like buyer and seller) are confidential….
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