Lot Search 9/5/22

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  • $13k&18k next to each other - 719 S 10th - https://www.zillow.com/homedetails/717-S-10th-St-Saint-Joseph-MO-64501/215118708_zpid/]. Maps - [1]
  • $20k 1 acre, house 5 houses south 1300 sf sold for $250k. South of Belt, going to Menards. [2]. Location - 2931 S 28th St, Saint Joseph, MO 64503 - [2931 S 28th St, Saint Joseph, MO 64503] across from rec center.
    • There is a $6k ghetto lot nearby at 1314 Atchison St, Saint Joseph, MO 64503 zillow at [3]
  • $20k with $300k homes around corner is small development - while rest is ghetto, 1/2 acre [4]. 5810 Diagonal Rd, Saint Joseph, MO 64504 - map - [5]
  • $35k with 250+ comps [6]. After Frederick Ave on way to Home Depot - 3106 N 39th Terrace - [7]
  • 1.1acre $40k. A 1929 home, 1100 sf sold for $140k around corner. By Menards area - 1032 Mason Rd - [8]
  • $36k-40k lots. 775 sf zestimate for $270k in subdivision. [9]. Also by Menards area - 6309 Oakridge Ct. More here - $39.9k 1/3 acre, subdiv, 250+ comps with 2 more lots close [10]. By Menards - 2713 Meadow Ridge Dr
  • HOA with builder approval - $40k new subdivision [11]

Hi Steve,

I went to visit 8 land parcels today. I liked most of the lots. Lots 2, 3, 4 are the best, possibly 8, from the comps perspective. 1 may work, as the area is good (not ghetto) and it seems that our new house would bring up property values. In most of the old construction areas, there are old houses, but none of the areas appear particularly run down, so I was pleased to see all locations. I am surprised to find around zero new construction in any old area - consistent with our expectations that other builders won't touch these areas. Thus I am inclined to think that even if the comps are not great like in 1, we could still sell a house at a much higher price than typical for the area - because the area itself is not bad - it's just missing new housing stock.

Each left hand image is hyperlinked to a video of my quick walk-through if you want to see: