Market in land regaining health
February 18, 2013, 10:00 pm by Alexandria Randolph
After the economic downturn in 2008, the market for land real estate may finally be turning up – which may mean higher prices by this time next year.
According to Chad Calhoun, real estate broker and owner of Jim Berry Hill Country Ranch Sales, the cost of land has reached the "proverbial bottom,” making it a good time for those interested in buying land.
Calhoun said that the mark of the recession was the disappearance of developers, who were the primary land buyers.
"Developers became bigger players looking to buy ranch properties,” Calhoun said. "Between 2003 and 2007 I was selling multiple ranches a year to developers... they disappeared in the fall of 2008... We went three years without hearing a peep.”
After major developers left the market, the demand for land
dropped drastically, bringing with it the selling price.
For the full story, see Tuesday's Highlander.
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