Quote:
Originally posted by datatank
Do you mean with houses on them or just the lots?
Where are they located? What size houses? I have a few friends with some cash in vegas looking to invest.
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They are just lots. They're in Seven Hills in Henderson and all of them have strip and golf course views. It's a gated neighborhood and the lots have already been subdivided and the final plat has been approved by the city. The lots are ready to build on. The road is cobblestone and needs to be paved. I would say the project is 70% completed.
I would estimate it would cost about $100k to finish the development of the lots (including the gate -- I would prefer doing guard gated as it raises the value). Lots with a comparable view in Seven Hills sell for $500-$700k. If we could get them down to $10mil for the whole thing the project would double its money without having to even build any houses.
Houses in the neighborhood sell for about $350/foot ($1.5mil+ homes)