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larrywww

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Reply with quote  #1 
Aaron mentioned to me that Bruce isn't holding on to ANY land at all---that he is in the process of building out all the land he owns.

Bruce takes the position that land essentially has a negative value during the downtime----so zero land is the optimum amount of land.
 
Not to mention you have holding costs until it makes sense to build again---and no specific idea how long you will be holding it.

Is anyone holding onto any land?  I think under some circumstances it might make sense, although  this assumes you got a really good deal and holding costs are low.  I suppose it might make sense to do some development deals while waiting for the market to turn around, although clearly that is a hassle.

But I can also see that in most instances you would be better off getting rid of it.  Any thoughts?
Paul

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Reply with quote  #2 
I sold a lot in Canyon Lake in May 2016. I carried the note. The down payment was about 15%, and I collected interest-only payments through last month. The buyer's wife had some bad medical problems, and they aren't going to build this spring as planned. I suspect market conditions compounded the problem.

They want to give the land back as a settlement of the debt. I'm fine with that. It's a premium lot, and Canyon Lake doesn't have that many buildable lots left.

If I still lived in California, I would be tempted to build on it.
 
The only thing that annoys me is having to pay the steep, monthly POA payments.
larrywww

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Reply with quote  #3 
Good, to hear from you, Paul.

Well, I always have liked Canyon Lake, so I'm sure that it makes sense.

Anyway, I thought that Bruce might be selling some land----and his land might actually be worth it, even in a downturn.

Well, unfortunately, there was nothing to sell---he is getting rid of everything by building on it.  So, I guess he was way ahead of me.  Bruce Norris has always been VERY conservative in his approach.

Anyway, I guess it was worth a try.


Robertbouffad

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Reply with quote  #4 

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