Four years ago we decided to purchase a piece of land to subdivide and develop into a neighborhood. Will is a civil engineer and he wanted to try developing and we both felt it would be a good investment for our future and hopefully be something that we enjoyed enough to turn around and do another after the first one was sold.
About 3-6 months after we purchased the economy really started to tank, and the home building industry was hit hard. We tried to flip the land at first and just re-sale for a little profit, after a few more months passed we went ahead with plans to have the land divided, roads built, and electrical lines put in. A neighborhood was born, Glen Iris, and we were developers!
At this point we were ready to sell off individual lots to builders...so the subdivision was listed and since then we have waited and waited and waited...a few bites, but no takers. Builders are interested but cannot get loans from the banks to build. So we waited longer and hoped things would get better. We are still waiting....
Now we've decided to bite the bullet again and build a house on the land to get the neighborhood started. Our hopes are that if we build it they will come(it worked in the movies), that is builders or homeowners looking to build new.
Here is our lot....
We hope to start building in a few weeks. As soon as ground is broken our current house will go on the market. Here's the maybe part...we will also try to sell the new home. If the new home sells we stay put, if our current house sells first we move. We really are not sure what will happen. There are restrictions on listing a new construction house while it is under construction so we have a better chance of selling our current home, but there are also several homes for sell in our neighborhood giving us more competition. I just pray something sells and praying that however it works out, it is the right plan for us.
We are still very excited to see what this neighborhood becomes. We still believe it is a good investment and the location is great.
We have chosen Grey Heron Construction to build our home and hope that they will continue to build more in the neighborhood along with other interested builders. Grey Heron builds fantastic low country style homes and we are happy to have them on board! The homes in this neighborhood will be very similar in style to the homes they currently build but they will be able to offer more affordable homes to prospective buyers.
We will put our current house on the market in a few weeks. Soon there will be lots of new home ideas!
I don't know whether to be :) or :(
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