inman
Unimproved property can be cheap, but financing poses challenges
As 2009 limped to a close, down in suburban Miami beleaguered homebuilder Lennar Corp. sold a 9-acre parcel of raw land for $2.3 million. The property, located in the city of Kendall, was, according to press reports, originally acquired in 2003 for $15 million, but I assume Lennar executives were just happy to get the property off the company’s corporate books, where it sat as a non-revenue-producing asset.
The deal was notable because the market for raw land has been relatively quiet over the past three years, despite best efforts to make something happen