Land Inventory Depleted Before Enough Homes Are Built
February 11, 2022
Peter Curry, partner, real estate practice, Farrell Fritz, Uniondale, N.Y., agrees, and tells GlobeSt.com that the announcement of a fund to acquire residential development land throughout the United States is an interesting one.
“The ability to find buildable land tends to be a local one,” Curry said. “The developer needs to identify so many different factors, ranging from access to water, sewage and transportation to the willingness and ability of affected municipalities to approve development, in order to determine to buy land.
“This cannot be done from a distance. The development team also needs institutional knowledge of the success or failure of other recently-constructed projects in the community to focus on a product most likely to succeed with the potential renters or purchasers.
“Further, it must have an ear to the ground to see if other new communities are being planned or built to determine whether a glut of the desired housing type will exist at the completion of its project.”
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