Tuesday, January 24, 2006
Dyersburg "land"
I mentioned in the last post that I would discuss what land sales are doing in the Dyersburg area. I ran into a developer(yesterday) of some lots just off Upper Finley road that will be ready to sell by summer or fall 2006. He told me that he bought the farm with the idea of developing lots in the $20,000-$25,000 price range. After getting all his bids in for development costs that price just jumped to $26,000-$32,000. I had a similiar discussion with another developer very close to this location. He developed 10 lots and tried to stay in the $18,000-$20,000 range but ended up pricing them around $22,500 because development costs went up so much(in 1 year since last time he developed in this area). Having said all this,there is a severe shortgage of available lots to build homes $125,000 and lower.
These developers have seen the price (for farms to develop) go from $1800 per acre to over $6000 per acre over a three year period. This in turn with the higher costs for the water, sewer and roads has translated into higher costs for lots to build on.
Now what about land out in the county for the average homeowner to buy and build their new "dreamhome" on. First of all, there is very little right now available for purchase to build a home on. I get 4-5 calls a day looking for acreage(2-5 acres) to build on. I currently have two parcels available but do not expect them to be available much longer. I have a friend that just bought 100 acres about 9 months ago to build his new home on. This land 2 years ago would have sold for $1800 an acre but he paid over $3000 an acre just a few months ago.
While typing this article I got another call about a lot to build a $200,000 house on. After reviewing what is actually available on the market, I told them we would look at for sale by owners that I know about.
Having a good knowledgable realtor will definately be worth it for the person looking for a house or land right now in the Dyersburg area. Call me today if you need a good realtor. Mike at 800-896-8016 (toll free) Carousel realty
These developers have seen the price (for farms to develop) go from $1800 per acre to over $6000 per acre over a three year period. This in turn with the higher costs for the water, sewer and roads has translated into higher costs for lots to build on.
Now what about land out in the county for the average homeowner to buy and build their new "dreamhome" on. First of all, there is very little right now available for purchase to build a home on. I get 4-5 calls a day looking for acreage(2-5 acres) to build on. I currently have two parcels available but do not expect them to be available much longer. I have a friend that just bought 100 acres about 9 months ago to build his new home on. This land 2 years ago would have sold for $1800 an acre but he paid over $3000 an acre just a few months ago.
While typing this article I got another call about a lot to build a $200,000 house on. After reviewing what is actually available on the market, I told them we would look at for sale by owners that I know about.
Having a good knowledgable realtor will definately be worth it for the person looking for a house or land right now in the Dyersburg area. Call me today if you need a good realtor. Mike at 800-896-8016 (toll free) Carousel realty
Thursday, January 12, 2006
Hot market continues into January!!!
Home sales in Dyersburg are still hot! My agents and I are all super busy assisting clients in buying and selling homes. Not only are many people moving into the area but local people are also buying homes and land.
My company is working with several Florida families relocating to Dyersburg. I had a Florida couple leave yesterday to return to St. Petersburg,Florida. We looked at several homes, some of which already had contracts on them. Our Florida clients are all(without exception) looking for lake frontage. In my opinion, our Lakewood community will see a real boost in sales and prices in the coming months.I talked to another Florida guy yesterday that called on one of our listings in Lakewood. That house currently has a contract and two back-up offers. Six months ago, we couldn't even get any kind of offer.
Investment property is also benefiting from out of state buyers. However, many of them are choosing to purchase the investment property and let a local realtor manage the property. I have sold several investment properties over the last few months and my company is managing those properties for the owners.
I will be discussing in the next post what is happening in the raw land market and where I believe it is headed.
My company is working with several Florida families relocating to Dyersburg. I had a Florida couple leave yesterday to return to St. Petersburg,Florida. We looked at several homes, some of which already had contracts on them. Our Florida clients are all(without exception) looking for lake frontage. In my opinion, our Lakewood community will see a real boost in sales and prices in the coming months.I talked to another Florida guy yesterday that called on one of our listings in Lakewood. That house currently has a contract and two back-up offers. Six months ago, we couldn't even get any kind of offer.
Investment property is also benefiting from out of state buyers. However, many of them are choosing to purchase the investment property and let a local realtor manage the property. I have sold several investment properties over the last few months and my company is managing those properties for the owners.
I will be discussing in the next post what is happening in the raw land market and where I believe it is headed.
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