The old saw, that they aren't making any more land, is still true. The pandemic has made people look for room to spread out, whether it be to live or to work. We've been seeing more land sales as a result.
It's probably also because land is harder to finance, and requires more money down. Money is cheap now, and also doesn't have a lot of value just stored in a bank. In addition, most people with investments have seen them go up in value, so they have cash with which to diversify.
Given our prime location in Connecticut, between NYC and Boston, land should be at a premium. And, since so much of what's already built is being repurposed for newer uses, it makes the cost of building from scratch look less steep. Plus, you can have exactly what you want. The lack of supply feeds into this too. If you can't find it, build it yourself.
Finally, entrepreneurship is at a high level these days. Risk takers take other risks as well. Building is often seen as riskier than buying an existing property, and certainly building on spec is always a risk.
What does this all mean? If you have land, now just might be the best time to sell.
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