15 acres


#1

Good Day All,

I’m looking into purchasing a lender owned platted subdivision in the City of Atlanta being offered at 29% of its 2008 sales price which asking price is 80k. 33 lots with slightly rolling topography. May be able to re-zone for apartments. Great investment inside the perimeter on 15.2 +/- acres. All utilities available at site. Located on the MARTA bus line. New fully occupied subdivision across the street with beautiful homes.

I thought about selling the lots individually but then again the idea of contacting a developer to work hand in hand crossed my mind if I purchased the land.

Then I have that " What If " syndrome

1-Asking price - is it strange that for the price to be that low
2-Location - I’m out of VA and the Land is in ATL, GA im not familiar with the area
3- I never ever thought about a deal like this coming thru my door of opportunity

Just curious on what would you do?

Happy Investing!

Jose


#2

Is there a road w/curb and gutter in ? or just the utilities ? If the road is in, I would just buy it, and wouldnt ask too many questions.


#3

Jose,

I am not sure there price is a bargain. I have no way to know based on the information shared so far.

It does not matter much what the discount is from the 2008 price. The past is the past and the lots might be worth less than zero. In other words, you need to do more homework before you will know if this is a bargain.

Once you know more about what you have, what is needed before the lots could be built on and what the costs might be then you can start making up possible plans.

When you say it might be possible to apply for a change to the zoning so you could build apartments, what do you know? Are you guessing or is there something that shows apartments are a viable path?

The land has no value until you have a way to use the land successfully. Once you have some possible development options sorted, then you can figure out what the land would be worth in for the various options. Logically the land has value. Financially it might not be worth much at all if the cost of improving it exceed the finished value.

You also need to look at what the market needs. Does it need more houses, town homes, apartments, or something else? Unless the market needs something there is no need supplying it.


#4

AmotoXracer,

                        I was informed there's a main road. I'm planning on making a trip down there to see for myself hopefully within the next 2 weeks.

John,

                       The land has been approved to be divided into individual lots. There's a subdivision across the street so I'm researching that subdivision as well before I make my final decision to see how much the houses sold for. If my assumptions are correct, the return can be extremely rewarding. Thanks