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Just as with equities, there are buys in any market. Last year I picked up two identical riverfront lots for about $67.5K each. In my opinion, they were undervalued. I did my due diligence and realized that with only a little prettying up (grading and turf establishment) that the lots could easily be worth $100K (or more) each. I awarded a contract last week to a local builder to construct a vacation cottage on one of the lots. The lender's preconstruction appraisal came in today at $50K above my investment. Not a big surprise, (as the appraisal only verified what I already suspected was true) but it's fun to see it in writing. Of course the increase is in equity, not cash, but it's better than a poke in the eye with a sharp stick.
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Hellbender
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