Posted by Rob Minton
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In the county where I live, near the home of a person on my team, is a pretty visible symbol of this real estate downturn we're in.
It's a development that was to be three dozen or so residential lots, many of them desirable lakefront properties. Where homes were going to start in the $700,000 range and most likely surpass $1 million in some instances. "Villa Grande," it was to be called -- a gated community with lake views and access to a private beach club.
Today, it is little more than a sparse patch of land overgrown with weeds. Only two houses were ever built, builders' models, and only one was sold. The entire development is in foreclosure, and the developer went bankrupt. The once-glorious project is now a victim of the real estate bubble burst.
Here is what the development looks like today (click on the photo to see larger size):
The question is: When you look at these pictures, what do you see?
Many will answer that you see a deserted piece of once-prime real estate. Others might say it's a sad sight. But a few will look at this property and see opportunity.
Yes, things went awry for this project. Yes, it's in a bit of disrepair. But it's still lakefront property in an area where lakefront property is at a premium. It's going to take work and money, but somebody is going to purchase this property at a deep discount, and that somebody will be rewarded eventually. There are rumors, in fact, that the original owner of the land is attempting to buy it from the banks ... for less than what he sold it to the developer for a few years ago.
That is the kind of opportunity that is out there in this real estate market. It's opportunity for all of us, whether we're buying a nice single-family home or an entire gated community.
The question is do you see the opportunity when it's there?
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