Stay for a Lifestyle

A client asks, "What needs to happen for my land to sell?"  Good question!  Land, like houses, has many facets:  location, terrain, mountain views, building sites, price, access, utilities.  But, few of these - except price and utilities - can be changed.  It is like remodeling a house.  You never get a return on investment, but it helps to sell it. Does it make sense to drill a well?  It can be expensive, but it gives buyers a sense of security.  Is it important to provide electricity to the land?  Some people like living off the grid; for others, it's no electricity=no deal!  Can a property be divided?  The planning department knows.  Does it have covenants? 

Here are vacant land statistics for Salida:  There are currently on the market 297 parcels.  From Nov. 2008 to Oct. 2009, 59 pieces sold; from Nov. 2007 to Oct. 2008, 89 pieces sold; from Nov. 2006 to Oct. 2007, 103 pieces sold; from Nov. 2005 to Oct. 2006, 141 pieces sold; from Nov. 2004 to Oct. 2005, 97 pieces sold.

In the early 2000s, there was little land for sale, and developers got busy!  The result is a 5 year supply.  Overall, it is a buyers' market.  However, within that inventory, there are pockets where it is a sellers' market.