My investment is looking good...
Last year, I bought a 10 acre parcel that I happened to find a great deal on. It didn't need a well, it's in an area that's been somewhat rural, but the closest city continues to grow in it's direction, it's minutes from the area's largest employer, it's in SC, which is a hot area in general, & I was aware of a very exclusive new golf club being built along the same road. I got it for just $8300 and acre, which was a fantastic price, & I'd just sold my home & was able to use the equity to buy it in cash.
It was originally a 100 acre parcel that had been purchased & subdivided into the 10 acre lots, & I recently saw a home was being built on the 10 acre parcel next to mine. I literally just saw it's now a pending sale for a 5/4 2700 sq ft home for nearly $600k, & needless to say - I'm really happy to have come across this info! And the golf course isn't even completed yet!
I'd like to hang on to it longer, but it left me somewhat cash poor, & I'd really like to pick up some different acreage to possibly build an RV park on, so I'd been thinking of getting a loan against this property to buy more. I'd wondered how it might get comped, so even though I only have raw land, hopefully, this will boost it up.
I'd also been a bit curious what I might could get if I did decide to sell, & I now I'm really wondering how this home sale could affect the asking price of the land...