Lot Purchase Activity

There has been a continued interest in lot purchases recently. As many of you know The Forest has experienced considerable activity with 5 lots purchased in the past 6 – 8 months. Four of those buyers are in the design phase presently with plans to commence construction during the next 6 months.

 Additionally, the only two remaining lots in Reverdy Glen have sold. One has a house under construction and the other has recently gone under contract. That buyer plans to proceed to the design process immediately.

Moreover, all the bank owned lots in Arbor Way were recently purchased by an investor who believes they are a real opportunity in today’s market, given their price point and location. It will be years before any additional single family lots are developed locally and the inventory of existing lots is diminishing rapidly.

The present interest rates are causing people who have been sitting on the sidelines for several years to finally make the move toward building, while lot prices are historically low and construction costs are down.