Bank Owned Developments

The current economic climate is creating many wonderful opportunities. Currently there are many available bank owned properties suitable for future housing development. These properties consist of multiple housing lots that are available in partially developed neighborhoods. With the credit crunch banks have refused to renew short term loans that had been given to developers. Having now foreclosed on these properties, the banks want them liquidated at prices that are far below original cost. Many such properties are complete with all infrastructure in place and ready for new homes when the market recovers.

Local builders such as Pat Neil are currently selling many new homes in developments where the land cost is low enough to make new construction profitable at today’s market pricing. At the new lots prices that are available from the banks these lands will perform well for savvy investors who take advantage of such opportunities.