Land Is Still The Overlooked Bargain

Land sales continue to be few and far between.  Recently sales of vacant land have improved slightly, but the situation remains as it has been since 2009.  The only buyers are those paying cash, the only builders are those building with cash, and there is a ton of inventory on the market.
At the end of the 3rd Quarter, there were 373 lots for sale in Summit County.  32 were under contract and 91 had sold in 2014.
Even though nearly as many lots had sold in the first nine months of 2014 than in all of 2013, there was a four year supply of land for sale.
As long as banks refuse to finance land or new construction without huge cash equity and impossible terms, almost no contractors will be able to build new spec homes.  Owner occupants will continue to build with cash taken out of other investments.
For those few who have cash to pay for land, this is the best time in history to buy Summit County land.  There is no more land to subdivide and what we have left unbuilt is all there is.  At some point land will once again be the fastest appreciating segment of our market.  Price increases will then accelerate until there is no vacant land left.
If you are a long term investor, now is your time.

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