There has been a stir of activity surrounding re-development properties. I have one such property listed on Hendricks Isle, Fort Lauderdale. This property is a total of 5 lots, one vacant and the other four are currently earning income. This purchase would not be for the investor who wants a strong CAP rate, but rather entitled land that is ready to develop. The asking price on this assemblage is $4.5MM.
Within the past 2 months, we have received seven Letters of Intent and two contracts and will be in an executed deal by tomorrow, very close to asking price. We sent out over 100 packages on the property to developers and developer's representatives.
Compare this activity to a year ago, when we got no calls, tours or interest for months at a time. These are sure signs the market is heating up and developers are back to developing.
Michelle Farber Ross