By Brian Farmer, sales manager of CBCTMP
During our weekly meetings, our Land Group reported that due to pickup in land activity, our Advisory Services team has created a focused Land Group with the following members: Mark Howe, CCIM (team leader and 25 year land sales vet), Tara Kreider, Mike Keen, Jay Sprayberry, Wallace Green and Jim Poindexter. The group met on Wednesday morning and reported on the following activity:
Jay Sprayberry - Specializes in land and industrial leasing, reported that residential land is very active near I-540. Mike Keen has also seen this to be very active up in the Highway 98 / Falls Lake area. Jay and Mike both represent a fund that is writing offers on land tracts! Lastly, Jay reported that land listings he's had for 2 years with very little activity are now getting offers on the table.
Tara Kreider - Specializes in lots and bank-owned 'REO' land, reported that lot prices are moving up rapidly due to demand by builders. She stated that 6 months ago, offers were coming in from $40-50 thousand per lot and now she is getting active offers in the $65-70 thousand per lot! These are Wake County lots. Tara just brokered and closed a sale on several finished lots in Raleigh with Habitat for Humanity.
Mark Howe, CCIM - Reported that infill parcels in Raleigh are very hot right now with sizes ranging from 5-25 lots. Builders are seeking to do half-million dollar homes on these lots. Mark just put an infill tract under contract that will close quickly at a price of $90-100 thousand per lot.
Wallace Green - just closed on a South Raleigh parcel today and reported good activity on his other Raleigh land listings.
For more information on Land availability, please contact one of our expert advisers at 919-782-5552 or email them at:
Brian Farmer at bfarmer@cbctmp.com
Jay Sprayberr at jsprayberry@cbctmp.com
Tara Kreider at tkreider@cbctmp.com
Mark Howe at mjhowe@cbctmp.com
Wallace Green at wgreen@cbctmp.com
Mike Keen at mkeen@cbctmp.com
