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Andreas Joha…,  in Westhampton Beach, NY

What is a realistic price to pay for a building site in Palm Springs?

Asked by Andreas Johansson, Westhampton Beach, NY Thu Jul 24, 2008

We are a small developer and we have been seeing land to be used for multi family properties within 20 minutes from Palm Beach being advertised for $20K-$30K in a few places. These sites seemed to have the correct zoning and were also advertised to be in an area with good rental potential.
We have European investors on our side who would possibly buy the units with a leaseback agreement, so we would like to explore the options we might have of getting land at that price - some were even offered with seller finance!
Also, any advice on construction costs in the area would be vey much appreciated.
Thanks in anticipation,
Andreas Johansson

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Answers

4
This is the Palm Springs, CA area forum. I believe you are referring to Palm Beach, Florida.
Web Reference: http://www.investdesert.com
0 votes Thank Flag Link Fri Sep 5, 2008
Hi, I have been selling land in this area for the past several years. Prices fluctuate sometimes because of the Seller determining the price, and sometimes because an out of area REALTOR. Many lots that are cheaper than the others might not have utilities available, they might be in a flood zone, or any number of things. Cheapest isn't always best. I have several lots for sale in this area and they range in price from 35,000 to 70,000. You best bet is to find an Agent that specializes in land in the area. You want to make sure your clients get a good property, not just a cheap one.
0 votes Thank Flag Link Fri Jul 25, 2008
Hi Paul,
Thanks for your response and sorry about the confusion - I mean Palm Springs, CA and not Palm Beach, FL.
I agree that the prices look low, they were supposedly some 20 mins outside the city but still it seems low... Thanks for your response once again.
0 votes Thank Flag Link Thu Jul 24, 2008
Are you referring to Palm Beach or Palm Springs? Your prices sound low for the Palm Springs area, and unrealistic unless you are in the open desert somewhere. Construction costs for residential average about $150 to $200/square foot on average.
0 votes Thank Flag Link Thu Jul 24, 2008
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