U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
Old 11-18-2017, 12:31 PM
136 posts, read 55,801 times
Reputation: 655


My husband and I are hoping to buy some land around Kimberley, BC upon which to build our dream home.

Pickings are slim for vacant land, but then we found a development with the perfect lot: .4 of an acre, all services in place, in town, magnificent mountain views, great price.

HOWEVER (you knew that was coming lol). The development is over 8 years old. After selling two measly lots back at the beginning, the developer went belly up when the real estate market crashed and the ensuing years have been a mess of lawsuits (now settled) and court ordered wheeling and dealing. One of the original parties is now back in business and trying once again to sell the lots. Nobody is touching them.

Which comes to us. We could buy and build, but if the rest of the lots don't sell we might have some serious problems down the road if we ever need to sell our place. Or, we could get an amazing deal and when the market picks up (maybe because we bought and others saw that someone else had the confidence to buy??), the development will, you know, develop, and our lot will become a desired property.

What say you?

Here's the view from the entrance to the development.

Reply With Quote Quick reply to this message

Old 11-18-2017, 05:46 PM
Location: Columbia SC
7,917 posts, read 6,674,139 times
Reputation: 10670
All real estate is local. Impossible those not there to answer you.

That said, I learned to only buy in at the end of development when all the facts and figures are known. Might cost more but if a sound place, it will prosper.
Reply With Quote Quick reply to this message
Old 11-19-2017, 07:36 AM
454 posts, read 912,471 times
Reputation: 527
How big is the development? (How many lots). The two that sold, are they developed or never built? Is the development near “town” or in the middle of nowhere? How long do you expect to live there before selling? Are you getting a great deal on the lot to compensate for the risk? So many factors to consider. Have you talked to a local realtor about this?

ETA that picture is beautiful
Reply With Quote Quick reply to this message
Old 11-19-2017, 09:12 AM
Location: Columbia, SC
8,831 posts, read 17,414,688 times
Reputation: 6173
I recommend you finding a local real estate expert and consulting with them on it. They'll be more familiar with your risks.
Reply With Quote Quick reply to this message
Old 11-19-2017, 09:15 AM
Location: North Idaho
20,942 posts, read 25,629,374 times
Reputation: 39212
I don't know anything about that area.

My feelings about a house way out in the beautiful mountains is that I would be happier to not be able to see any neighbors. So I wouldn't be sad if none of the other lots sold. In fact if the lots aren't selling, I might try to get a bargain on the lots to either side and in back of me to keep neighbors away.

Then I would plant a couple of rows of blue spruce on the outer property lines for screening.
Reply With Quote Quick reply to this message
Old 11-19-2017, 10:11 AM
Location: NC
6,079 posts, read 6,996,048 times
Reputation: 12052
The important thing to me is what infrastructure is shared by the lot owners. Water? Sewer? Roads? If those are all public, then if I liked the lot for that price I would buy it. But, you don't want to have just a couple of lot owners responsible for paving the road or keeping the community well going.
Reply With Quote Quick reply to this message
Old 11-19-2017, 10:34 AM
164 posts, read 130,721 times
Reputation: 105
How much is the maintenance and insurance on the GIANT rock entrance security guard?
Reply With Quote Quick reply to this message
Old 11-19-2017, 11:10 AM
Location: Vermont
10,088 posts, read 10,582,370 times
Reputation: 13433
That's a beautiful sight and a great inukshuk. I'd be most interested in how close this is to the nearest city, public services, etc.
Reply With Quote Quick reply to this message
Old 11-19-2017, 11:59 AM
5,917 posts, read 4,042,703 times
Reputation: 16282
I have seen this work where a developer "overshoots" an area by overpricing or a recession hits and he goes belly up...remaining lots sit empty for a while. The the market recovers or new developers price it reasonably and new buyers get the same lots for a fraction of the first buyers.
Reply With Quote Quick reply to this message
Old 11-19-2017, 03:56 PM
Location: Blue Ridge Mountains
1,787 posts, read 2,483,824 times
Reputation: 2755
Jmo..too risky.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.

Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Follow City-Data.com founder on our Forum or

All times are GMT -6. The time now is 12:23 PM.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top