Apparently an Aledo investor thought that 106 vacant lots were a fairly decent investment. Big Sky Investments bought the lots out of foreclosure from JP Morgan. No surprise that the bank had significantly lowered there asking price in several months time. The buying company, owned by John Vernon, intends to build “affordable housing” on the lots.
That is all fine, but I don’t understand where these buyers are going to come from. I personally don’t think that investing in blank land is that bad of an idea, but I would prefer to hold the land as is. No sense in developing something residential at such an uncertain time, and at the end of the day he is really betting on the availability of credit in the mortgage market. My bet would be that JP Morgan reduced their prices to something more average to national market levels. This would look fairly attractive in the Fort Worth area as our market prices have seen the same declines of the national market.
Guess we’ll just have to see what happens with Big Sky’s investment. Mind you Dallas Fort Worth NEW home sales are down 30%. The listings should be popping up in the Rolling Hills subdivision.
