Well, that's a start. I'm listening. . . Maybe you have something in Avon you'd like to swap? It's paid off, so it's mainly a matter of waiting until it comes back up, and like anyone, I'm just trying to get as close as I can to break even. How about $50k?
Last edited by MDSurfer; Feb 11, 2012 at 09:16 PM.
I originally paid 65k for it in 2005, so I'm a realist about how values have plummeted, but like I said, I'm just trying to lose as little as I can. At the time my reasoning was, "they're not making anymore land" so it seemed like a good investment, especially with it's proximity to Sebastian Inlet and the coming tide of retirees who think Florida is the answer to all their dreams. In Melbourne Beach at the time the lots were going for double that price, but, the rest is history. I'll just have to be patient. I don't actually lose the money until it sells, so it's a matter of how badly I want to sell and how badly someone wants to buy. I'm not anxious to sell, (it's fully paid for) but I'm not ready to invest even more in clearing and filling the lot because then I'd have to cut the grass, and cutting grass is the bane of every surfer's existence.
Have you run the numbers on the average costs on clearing/leveling the lot, putting in all utilities and constructing a home - need to add that to the cost of the lot and compare that to exiting homes available or buying new construction from a builder. With so many people underwater in FL and the level of foreclosures, a buyer should be able to have his/her pick of short sales at a lower price point? What are your carrying costs now (taxes, ins.)? What are the typical RE taxes for the neighborhood? How many blocks from A1A? I know this info is all available on-line with Zillow, etc. but just asking...