Just wondering if we have anyone here close to Leeland Station in Fredericksburg Virginia. It’s an unfinished housing development that just sold in bankruptcy court for $11 Million. The unfinished development consists of 415 approved building lots which consist of single family, multi’s, and commercial property.
The buyer ended up with 415 approved lots (some commercial, some residential) for LESS than $30K EACH…From looking at some online neighborhood data, the average value of a single family home in Leeland Station was $271K
The QUESTION is…
Is $30K SHORT MONEY for an approved LOT in this area or did they pay TOP DOLLAR???
It LOOKS like this was a STEAL of a deal…BUT I always like to have someone with REAL WORLD, boots on the ground knowledge.
Any insight from someone that knows this area would be helpful.
I’m working on something here that I will share with everyone as I work through the research.
STAY TUNED