Hey Land Investors!
We came across this article the other day and thought you’d love it! Read on to see how some other savvy investors have turned a huge profit from buying land during the recession!
Buying land in bad times leads to pay dirt
But as the housing industry reeled from a global economic meltdown, Irvine, Calif.-based Standard Pacific Homes began to invest in the next housing boom.
By late 2009, the company had begun to buy land.
“If there’s a silver lining to the lousy market, it’s the land-buying market,” former CEO Ken Campbell said during a 2010 call with industry analysts. “[In] 2014, the market’s going to be good, and you need to buy the land now for 2014.”
By the end of 2012, Standard Pacific had spent $1.6 billion, accumulating almost 20,000 sites in seven states in three years. The company plans to spend from $600 million to $900 million more on land this year.