This article was originally posted on DothanHomeSearch.com
Ok, that headline is a little misleading. However, some land owners near the proposed Country Crossing development have raised their asking price substantially, anticipating a rush to buy land for off-shoot development that would almost certainly accompany a project of this size.
Since the exact location of the development was announced last month, local land owners are seeing dollar signs. Sellers are hedging their bets it seems that even though the sale of the land for the actual development has not closed and no construction has begun, speculators are going to swoop in and pay a premium price for land in close proximity.
Here are a few examples:
-
15+ acres located on Hwy 231 South just before the Country Crossing site went from just under $600,000 to over $750,000, or $50,000 per acre
-
Slightly over seven acres, nearly four miles from the site on Hwy 231, back toward Dothan, listed for over $770,000, or $109,000 per acre
-
2.69 acres across from the National Peanut Festival fairgrounds, which is about two miles from the Country Crossing site, offered for $425,000, or about $160,000 per acre
The price of land restricted to residential development is also going up:
- 55+ acres on Hwy 109 a short distance away went from around $550,000 to almost $1.5 million, or around $27,000 per acre
- 20 acres also on Hwy 109 is listed for just over $500,000, or $25,000 per acre
It will be interesting to see how this all plays out. Watch for an update of the status of the Country Crossing development later this week.
Comments(1)