Here, like many places in the U.S., the building of homes really took off during the years 2000 to 2007, when suddenly the real estate ‘bubble’ popped and everything came to a screeching halt. Since that time many real estate markets have been in the ‘short sale’ or ‘mortgage crisis’ mode and now in some places, there actually are shortages of homes. Here in the Bay Islands it was a similar situation with developers liquidating condos and home pricing decreasing substantially in the years that followed. We have now gotten to the point of a lack of inventory.
With the price of vacant land and home sites decreasing by as much as 70+% after the bubble burst, consumers are finding bargains in the land offerings and once again both developers and individuals are starting up in construction of homes. With builders ‘hungry’ to build and land at bargain prices, clients can once again easily find great value in building a home for themselves or hanging out on the island for the winter up north to build spec homes here.
We do have some quality builders here on the island and if you purchase vacant land, your own little piece of paradise, you have always wanted you can get people to build it to very good quality. Ask your favorite REALTOR for a referral on a good builder in that it should also be noted that although there are quality builders here, there also is no ‘Better Business Bureau’ or ‘Angie’s List’. Get references. Everyone that has a hammer or a tool belt may not actually be a builder.
Right now is great time to buy that home site for future building and retirement.
