I posted this three years ago:
http://blog.wenxuecity.com/blogview.php?date=200811&postID=8438
I tried to sell it at buying price before, for $30K. After the listing expired after six months, I decided not to relist it because nobody wanted it anyway. It becomes a keepsake to remind me how much a bad investment it was.
Last month I talked to my PM, and asked him what to do with the lot I bought. A couple of months ago, I looked the listings in this town, there were many lots for sale, from $25K-$30K.
"You have a lot here? I never knew it!" My PM exclaimed. Well, he owns the RE office and normally it was other people handling my properties.
"You are lucky to have a lot here", he said. Then he went on to tell me what just happened recently.
In October, a company in town, in order to solve the problem for staff housing, bought ALL the lots on the market. The price went from $25K to $50K! There were no new lots for sale from city hall, and there are very few lots holding by individuals. City will try to develop some new lots, but the develop cost per lot alone will be more than $75K, which means new lots on the market will have to sell for more than $75K to have a profit.
PM is a big investor in this town, he still holds 15 lots himself. He said when springs comes, lots will have to come on the market for at least $85K.
Well truth be told, nobody can predict the future, but this little investment is not the worst any more.
