Pittsboro land sales expert Eric Andrews explains that in 2017 and 2018 people are indeed flipping land in Pittsboro and Chatham County by developing the land.
Eric has built 5 subdivisions where he was either the 100% owner or a consultant or partner.
A big deciding factor when purchasing land is the sewage, if city sewage is available or not and if the land passes percolation tests. Other misc expenses include:
- soil evaluations
- per permits
- legal expenses
- recreational fees
- recording fees
- draft covenants
- draft road maintenance agreements
- erosion control plans
Land values are appreciating in price, so some people are buying and holding land.
Another important point is that developing land and houses is a cash only game.
Eric explains subordination and more in the video below: