Does this sound fishy to you????

Hello I put out an ad on craiglists today for anyone looking for a property locater and this is one email i recieved:

I am the owner of a completed subdivision. I am offering $250,000 to anyone who brings me a buyer that closes on the property. The subdivision was appraised in July of 2007 at $9.5 Million retail. I am, however, asking $6.2 Million. The subdivision is located close to the Florida/ Georgia line, in Kingsland, Georgia. There are 96 total lots, 17 of which are on Crooked River with ocean access. All of the roads are paved with curbs and gutters. Water, sewer , electric, cable, and fiber optic lines are also installed to each lot . I will send you pictures, plats, and anything else you may need to give to possible clients. If interested, please call or email me.

Well i’m very new and don’t know what are the question i need to ask to find out if it’s a good deal of not or if it’s even real. The property is in Georgia but i’m in Tampa and i wouldn’t know how to handle this. I just started my investors list (of 5 right now but looking for more) and 6.2 million is not in any of their criteria. I also have a couple brokers on my side that have investors they deal with if i find a deal (of course they get a referral fee).

How can i present this to my investors( or if not them ask them if they know of anyone that deals in that ballpark) if the numbers look right and everything check out.

The same with my brokers with the question above.

I will be definitely willing to share the fees because I’ve learned for this site 50% of something is better than 100% of nothing.

Can someone please let me know if i’m missing something or even if this a waste of time?

This particular deal has been shopped all over the place… I wouldn’t even bother looking at it. If it was such a good deal, it would have been gone months ago.

Since it is difficul t to borrow on land, and since banks didn’t get so stupid over developement loans, the seller probably has a lot of equity in those lots. He might be willing to take less for a legitimate offer.

It depends upon how desperate he is. But anyone doing a 96 lot subdivision is not an amatuer.

At 64K per lot, wholesale, those puppies had better be very nice property in a desirable area. So how attractive is that area? Ocean access for what? A canoe, or a 60 foot yacht? That’s going to make a lot of difference in who is buyiing those lots and how valuable they are.

When inventory builds up, construction generally stops and builders aren’t looking very hard for buildable land. The big guys with money will be taking advantage to buy up land and put it into their inventory for later, but they want bargains.

It would surprise me if anyone wanted to start building 96 luxury houses any where in Florida right now, and individual owners seem to be wary of starting construction right now. The best way to sell those lots is individually, but it would take some time.

It depends upon how nice the land is, but as Rescue That Home says, this property hasn’t sold at the price offered. If you know a high powered builder who does his own negotiating and can get the price to where he likes, there might be a bird dog fee for you.

Do you know any high powered, big money developers? Do not put a property that expensive under contract unless your buyer is a lock.

Exactly! I totally agree. This guy is practically BEGGING you to pay market value if not more. July of 2007 appraisal means JACK to me in this market…oh wait, it does mean something…it means take 30% off that valuation…guess what you have…about 6 million! Don’t be a sucker, walk from that mess. :beer

I agree with Rescue that Home, don’t even bother looking at it. The whole world already knows about it yet its still avialable.

Smells like trout…or it could be salmon… rotting fish all smell the same.

GooD LucK! :beer