Not everything is what it seems. This vacant lot right next to the Pacific Ocean and a nature preserve is currently for sale for less than $100K. In case you don't know.....that's a steal! There are land investors that would jump on this in an instant. But not you, right? You know better than that. You know there is a BARF (Big A*% Red Flag) just waiting around the corner. You just don't know what it is. It seems too good to be true....but is it?
Yes I was on my anniversary trip....away from the kids. Super nice, but it doesn't stop us from stopping and wondering....what's the deal here? Remember, there's always a reason a lot, especially like this, hasn't been developed. Turns out that this area has a serious water shortage. In fact, there is a long waiting list for water meters. In fact, the list was started in the 1980's and this lot in particular is number 423 on that list! This is a super small town by the way. How long do you think it would take to get to number 423? Oh, and by the way, there is a moratorium on right now where they aren't connecting anyone to water. What's interesting to me is that this has created a water meter black market in a sense. The town ordinance allows you to sell your spot in line to another qualifying lot. How much do you think that spot in line is worth? This is a beautiful town in the coastal wine country of central California. It isn't cheap I'm sure. Next time you find a dream lot, remember that it could be many others dream lot as well and there is likely a good reason that it's sitting vacant.
0 Comments
Leave a Reply. |
Who are we?Our purpose is to inform and advise investors through next level education and services so they can distinguish themselves in their market. Archives
February 2023
Categories
All
|