Great Deal Alert! Off Market – Vacant Land RTI Eagle Rock – $275K

I have an off market opportunity for a contractor or a builder who knows his way around new construction; or perhaps someone who wants a brand new home and would like to hire a builder to build it for them.

If you are the builder and just want to build it and then sell it afterwards, you have an opportunity to do so and likely make about a $500,000 profit. As it is permit ready to issue, you can break ground immediately. It is not a flat lot but it is also not a super steep slope. And it is in a very good location in Eagle Rock. The approved plans are for a 2500 sq ft home that will sell for $1.9 mm in this location. After holding costs and closing costs it should, according to best estimates, cost about $350/sq ft to build, or about $875K. If you do the math on this you will see that $500,000 profit is just about right. The seller is herself an architect and she says that, together with her engineer, she has designed it in such a way as to have the foundation be a much less expensive build. (You will understand when you see the plans.) If you are buying it as a person who wants to live in a brand new home and have a contractor build it for you, you will end up having paid, between the cost of the land and the cost of the labor, about $200,000 less than the market price.

The seller was going to test the market and try to get a higher price which I am pretty sure she would have. But her husband persuaded her to just let me get it sold rapidly off market, so perhaps you can be the beneficiary of that. If you think this is interesting, or that you might want to buy it, let me know and I will send you the plans, reports, etc.