bc0510
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Dear Friends,
I bought a piece of land which is situated at a canal front, sea facing. It's a north to south direction from the sea, so it is more safer in terms of Hurricane or Cyclone threats. This is a rare piece of land I own and soon there will be very little availability of this type of land on the Island where I live. I bought this a couple of years ago to build my dream home. However, after the pandemic, the price of construction went so high and I can't afford to build a house anymore. The price to build is approximately 1.5 to 2 millions for a 2 floors 4500-5500 sq ft house with pool. From last two years, I don't see much appreciation as the inflation is high, the interest rates are high and people are not investing too much here. Now, my problem is - I cant build the house for the next couple of years until I get enough money. I can't keep the land as it is not appreciating for the last 2 years. Currently, it is worth 1m USD.
My options:
1. Sell this land and buy two condos and put that on rental. Passive income. (I have an emotional attachment to this land and I wanted a dream house, so this will be my last option)
2. Keep the land and save money to build (maybe a couple of years until my FL business starts growing).
3. Find a construction partner, ask him to build on his own cost, and then split the profit. This type of house here selling between 4-6 millions, so I can still get 2-2.5 millions of total. However, I don't know if there is anybody to partner with. I have not started looking yet.
4. Dont know.
Here is a picture of the land
This picture was taken by me when I was flying to Miami. It's very close to the airport.
I would love to have some suggestions on this.
Best Regards,
BC
I bought a piece of land which is situated at a canal front, sea facing. It's a north to south direction from the sea, so it is more safer in terms of Hurricane or Cyclone threats. This is a rare piece of land I own and soon there will be very little availability of this type of land on the Island where I live. I bought this a couple of years ago to build my dream home. However, after the pandemic, the price of construction went so high and I can't afford to build a house anymore. The price to build is approximately 1.5 to 2 millions for a 2 floors 4500-5500 sq ft house with pool. From last two years, I don't see much appreciation as the inflation is high, the interest rates are high and people are not investing too much here. Now, my problem is - I cant build the house for the next couple of years until I get enough money. I can't keep the land as it is not appreciating for the last 2 years. Currently, it is worth 1m USD.
My options:
1. Sell this land and buy two condos and put that on rental. Passive income. (I have an emotional attachment to this land and I wanted a dream house, so this will be my last option)
2. Keep the land and save money to build (maybe a couple of years until my FL business starts growing).
3. Find a construction partner, ask him to build on his own cost, and then split the profit. This type of house here selling between 4-6 millions, so I can still get 2-2.5 millions of total. However, I don't know if there is anybody to partner with. I have not started looking yet.
4. Dont know.
Here is a picture of the land
This picture was taken by me when I was flying to Miami. It's very close to the airport.
I would love to have some suggestions on this.
Best Regards,
BC
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