Home builders are vying actively to buy land to buy in anticipation of a
market turnaound."There's been an absolute land rush," says Gregor Watson, a partner with
McKinley Partners, a California-based real-estate fund.Builders prefer land with improvements, including sewers and streets because
it allows homes to be constructed quickly. Especially attractive are
suburban lots in neighborhoods that are easy commutes.Nationally, the price of finished lots are up about 20 percent from early
2009. Prices for attractive lots in Phoenix and Southern California have
risen 60 percent. Nationwide, the best-located lots are fetching twice as
much as they would a year ago, said Greg Vogel, CEO of Land Advisors
Organization, a land brokerage firm based in Scottsdale, Ariz.Source: The Wall Street Journal, Dawn Wotapka (04/21/2010)
market turnaound."There's been an absolute land rush," says Gregor Watson, a partner with
McKinley Partners, a California-based real-estate fund.Builders prefer land with improvements, including sewers and streets because
it allows homes to be constructed quickly. Especially attractive are
suburban lots in neighborhoods that are easy commutes.Nationally, the price of finished lots are up about 20 percent from early
2009. Prices for attractive lots in Phoenix and Southern California have
risen 60 percent. Nationwide, the best-located lots are fetching twice as
much as they would a year ago, said Greg Vogel, CEO of Land Advisors
Organization, a land brokerage firm based in Scottsdale, Ariz.Source: The Wall Street Journal, Dawn Wotapka (04/21/2010)
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