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Location: River's Edge Inn, Todd NC, and Lorgues France
1,738 posts, read 2,576,135 times
Reputation: 2780
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Quote:
Originally Posted by maestromaestro
Thus - as I noted, I don't regard this is a high-risk venue; ultimately, it can be sold if things go sour. So, in that sense, to me this is essentially buying a vacation home sans the actual home...
You sound like you mind is already made up, but ......
Buying a vacation home and buying an empty lot are very different. You can actually use or rent out a vacation home. The lot will just sit there, accumulating tax and possibly maintenance expenses. There are better places you could put that money for thirteen years.
You sound like you mind is already made up, but ......
Buying a vacation home and buying an empty lot are very different. You can actually use or rent out a vacation home. The lot will just sit there, accumulating tax and possibly maintenance expenses. There are better places you could put that money for thirteen years.
Nope - not yet made up; what I would like though is to get a sense of where (IF!!) a parcel of land may be available such that a delay in construction is permissible.
As to parking the money - well, there are risks in any investments. Real estate is not without risks as well, but in that sense - it's not unlike any other instruments. So, yes, another recession can hit and the property prices may go down, but again... AVL recovered from the slump, and there is just as good a chance for an upside. And, the option to sell is still there - not as liquid as stock, but is there. Thus hoping that it wouldn't 'just sit' there. After all, the underlying thought (?) is that in general the RE prices do go up in time.
And even if the valuation of the land would lag the S&P, there is something to be said about the vistas, that you can't easily replicate... So, there is that.
Trying to figure out if my reasoning squares with the availability of the land parcels...
And even if the valuation of the land would lag the S&P, there is something to be said about the vistas, that you can't easily replicate... So, there is that.
Vistas are usually more suitable for summer or seasonal residents. Year-rounders need to consider year-round access. MotorDavid can chime in here as well. Just a little food for thought.
Maybe I didn't make myself perfectly clear - not looking to "homestead" at the outposts of civilization. Much simpler, really - given that RE prices tend to go up, I am wondering I could get a relatively small plot of land (subdivision???) in the general proximity of Asheville, such that I would have the option of not building right away.
This discussion is quite helpful, mind you. Hence I am curious what a realtor would have to say - as to where, what options, and all that jazz.
If you just like the idea that real estate appreciates, why not buy something local to you now, let it appreciate, then sell it when you are ready to move to AVL?
All even handed advice above...
The OP really needs to spend some time in the Asheville area, (and maybe other towns in some radius), and go see 'land'/parcels, lots in the nearly required task of finding where one wants to live/build a house.
As Lakefront noted, that process often requires at the least a few trips to many trips, in our similar experience.
A RE maven, even a 'land/lot' oriented person, can only offer up some pics/specs which will require some trips and time on the ground to make the leap to buy a lot, for building a decade down the road, imo.
Not a bad or crazy idea to begin the land/lot process now, but time is on the OP's side and 'lots' are not skyrocketing based on what I see/know. And, 10-13 yrs is often an entire new Chapter or two in one's life, as many of us toddle into our later years.
My 50Cts...
GL, mD
Much simpler, really - given that RE prices tend to go up......Hence I am curious what a realtor would have to say - as to where, what options, and all that jazz.
I think a Realtor would be much more willing to talk to you if you have $200,000 to spend versus $50,000. But their job is to sell, not to provide financial advice.
It is a big mistake to assume that the price of land will appreciate. I live in a development that was over-sold in the boom years of 2006-7. Some of the lots bought for $100K are selling to builders for $60K.
I suspect if you look at similar mountain lots bought in 2007, and see what they are trying to sell them for now, you would also see a decline.
Most subdivision are in HOA's, and lots are sold with rules about builders, and timeframe from purchase. You would not be able to wait so long to build.
Hmmm... Why do I get a feeling that y'all just don't want me to come to AVL and buy a parcel now? :-)
So if I said - OK, what about if I bought a house (vs. land) now, with the idea that I will move into it in 13 years, would your advice be any different?
[I am in Houston, and I can tell you that the RE in certain desirable areas - land parcels specifically, where the houses surrounding it are small bungalows that need extensive rebuilds or complete demolition - have been increasing in leaps and bounds. Perhaps that's what's driving my queries.]
Location: River's Edge Inn, Todd NC, and Lorgues France
1,738 posts, read 2,576,135 times
Reputation: 2780
Quote:
Originally Posted by maestromaestro
Hmmm... Why do I get a feeling that y'all just don't want me to come to AVL and buy a parcel now? :-)
So if I said - OK, what about if I bought a house (vs. land) now, with the idea that I will move into it in 13 years, would your advice be any different?
[I am in Houston, and I can tell you that the RE in certain desirable areas - land parcels specifically, where the houses surrounding it are small bungalows that need extensive rebuilds or complete demolition - have been increasing in leaps and bounds. Perhaps that's what's driving my queries.]
What is happening to real estate in Houston does not mean it will happen to real estate in western NC. There are huge amounts of undeveloped land in this area.
But if that money is really burning a hole in your pocket, go for it. I promise not to say "I told you so" in 2029.
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