Quote:
Originally Posted by TVMayor
I will say $210,000 but because of the price paid the land I think that is low.
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You nailed the price, but I don't understand why you think the price of the land is low.
If you look at home owners insurance for the manufactured homes on this side, you'll see that the value of the land is about $39,000. The developer is paying about $100,000 for the lot and then has to remove the old home and then remove the driveway and sidewalks. Many of these older homes have stick built additions that slo have to be torn down.
Then a lot of the site work is more complex because old infrastructure has to be removed before new pipes and conduit can be installed.
It seems to me that he's over paying for these lots by a wide margin.
Maybe $120,000 or so is less than what one would pay for a lot on the other side, but these just don't seem to be worth that. I can't imagine that the developer is making money on these few homes. They must have some sort of long term goal in mind.