Closers Daily episode 46
So continuing on the past couple of episodes that we've done on how to buy when the market is as crazy as it is and you don't necessarily want to compete. Another strategy you can use is purchasing new construction. New construction right now is something that, in London, is very, very limited. I know there's about 300 lots that are coming up in phase five of Carnataka Village. I also know that London didn't plan accordingly for the amount of absorption rate that we needed. I know last year we absorbed about 900 new builds into London. This year we're on pace to do about 1,300. I've heard rumblings that there's some stuff on the back end that they're going to be releasing a whole bunch of new lots coming up. As of right now, the builders actually just jumped their prices so the lots that maybe were $75,000 last year, are now a buck 25. Some of the lots that were $175,000 are $200,000. So what they're banking on is the limited inventory, prices reflective of the demand, so the builders know their in that position. I've also heard they jumped some of their building costs so it's important to know what's out there and what's coming down the pipeline so that you don't over pay, but that is another option.