According to Reese Stigliano, Senior Vice President of Brenner Real Estate, small parcels of residential zoned land are in huge demand.
“We’re seeing the local and regional residential developers jumping back into the market in a big way. With the large national developers going after the last remains of the large parcels of residential zoned land, the smaller developers are now in a feeding frenzy over the small infill parcels,” said Reese.
Last week Stigliano closed on a 3.58 acre parcel of residential zoned land located in Lake Worth, Florida. The parcel sold for $460,000 and was zoned for 28 units. That equates to $16,400 per unit for raw land.
The parcel is located at 3900 Melaleuca Lane, just west of Congress Avenue and the Palm Beach State University campus.
“Not exactly a prime location but in the last 6 months we raised the price three times and had multiply offers,” said Stigliano.
The buyer was Little Road Café, LLC. The seller was Savannah Lake New, LLC , managing member, Stefan Hoyer.
“Reese is my “go to” broker when I need to sell land. His tenaciousness, negotiating skills and knowledge of commercial real estate are unmatched in South Florida,” said Mr. Hoyer.
Reese has done over half a dozen deals with Mr. Hoyer in the last five years.
