Fitzgerald T-Shirt This post isn’t real estate related but I couldn’t help myself. A friend of mine from college just launched a new online store selling t-shirts with out of print book covers for first edition classic novels. My favorite is F. Scott Fitzgerald’s, “Tales of the Jazz Age.” Check it out here.
New Study: Residential Lots in Atlanta worth $8,000 Each Since it is not possible to deliver new lots at $8,000 each, new homes can only compete with resales if the builders purchase distressed lots at depressed prices. Most new homes in the next couple of years will be built on foreclosed lots.
After a steep drop during the first half of 2007, the number of land transactions has remained fairly steady for the last six quarters. However, the price per acre for residential land continued to decline through the end of 2008 while commercial acreage prices reached steady levels in 2008. A review of the list of transactions shows a larger number of banks taking title to land in each succeeding quarter. The land bottom will not be reached until the banks unload their inventory or demand returns for new construction.
Expect to see a slight uptick in land sales in the second and third quarters of 2009 as small pockets of demand develop for new construction. Also look for an increase in vacant land sales beginning . . . PLEASE COMPLETE THE FORM BELOW FOR THE FULL REPORT.
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