Comment of the Day: Big Lots

COMMENT OF THE DAY: BIG LOTS “In regards to crazy land values inside the loop, I have an opinion as an active RE broker. Anything that is 2 to 5 acres seems to be in huge demand from institutional multi-family developers. They have lenders that want to lend on apartment projects and the scarcity of larger in-fill tracts result in the $75psf average that hits a range between $60 to $85psf. What is missed here is that owners who sit on dirt in the same dense areas with smaller parcels way under 2 acres, have no market driving forces paying anywhere over $50psf. Home builders used to drive the market, but they have gone on a diet. Hope this helps put it all in perspective; there is just a higher premium paid for larger tracts.” [Janak, commenting on West Ave-Style Apartments and Retail Planned for Dunlavy Fiesta Site?]

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