Interesting day yesterday.  Back in March of 2004 I had mailed a letter to several lot owners in a certain subdivision.  I remember because I did buy a couple of lots to flip from that mailing.  What is interesting is that I had a copy of the letter with a handwritten note stating

“Dear Sir,

If you are seriously interested in buying our property in ________-please make us an offer------We are in the process of notifying all interested parties and will sell to the best offer”

Well here is what happened.  I was making offers of 6-8K and selling 11-15K.  Well lots went through the roof and stopped.  All flippers have left town.  Builders are stuck with lots that are at the high end of scale.  Currently there are 28 lots listed in MLS priced from 28-56K.  One builder bought at low of 27K and he has several in the 30-52K range.  Price point of homes in the same area are 130-150K for existing homes and as high as 170K for new construction.

No lots have sold within the last 4 months.  Tax assed value of these lots went from 4-5K to 15K.

So here is what I did.  Since flippers have left town, and nothing is selling I went ahead and made my 2004 offer of 6K.  It will be interesting to see what they do.