“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.