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Old 11-28-2017, 01:05 AM
 
1,057 posts, read 1,193,112 times
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Quote:
Originally Posted by bpollen View Post
Also consider...the "subdivision" owner...whoever that is, does not HAVE to continue with residential plans. He could change it. Zoning could be easily changed to accommodate a new purpose. OR...he could change the price range of the homes.
Quote:
I'm sure you've seen subdivisions like that...a few big, expensive homes, and the rest of them are lower priced and smaller
. That may have been because the price point set turned out not to be as salable. So after the first few homes sold, the builder started building "down" to get faster sales. Which impacted the property values of the first several expensive homes.
This happened to us. Never again.
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Old Today, 04:47 PM
 
27,655 posts, read 63,420,769 times
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It can be very very difficult to assess the market in areas that are primarily driven by things like tourism -- factors in the general economy tend to run at their own pace and the ripples are impacted by things like local demographic trends as well.

Even if the OP has "stable" finances / employment it can be very dangerous to be involved in a development that has uncertainty in its past or future. The issue is NOT just slow selling homes but things like a "major shift" that would result in things like significantly smaller homes or some kind of rental / vacation type development where you are the "odd man out".

Frankly given those sorts of potential unknowns even an enormous discount might not be a motivating factor -- regardless of whether this would be more year round home or a vacation type place any sort of home ownership should come with less uncertainty.

The degree to which the seller can "guarantee" that this time plans won't stall out and/or the municipal authorities have "locked down zoning" is something the OP really needs to wrap their head around AND EVEN THEN there needs to be serious thought about what factors beyond the scenic site are really driving the "dream home" designation. Personally I would feel compelled to NOT jump into a situation that could change dramatically...
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Old Today, 07:46 PM
 
30 posts, read 12,601 times
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Thanks all of you so much for the great advice. It certainly threw ice water on our interest! I'm most curious to see what happens with the development over the next year or two, and if anyone else is ever brave enough to risk buying there. Will keep you updated.
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