St George Lots Update
I had booked 2 view lots in St George, Utah.[actually they were in Hurricane, but its close by St George] last year for $70k. Apparently they’re worth around $130k right now. However the developer still hasn’t gotten them ready to build on despite messing around for nearly a year.
I’m really pissed and apart from the loss of opportunity, I’ve tied up 10k in that project. I asked the builder to refund my money. About the same time I heard the builder was refunding everyone’s money anyway. Being the nice guy that I am, I got quite a few of my friends in on the deal. Somehow everyone got their money back earlier than I did. Anyway, I finally got my check in the mail this week.
I was considering sending a threatening letter from my lawyer, but I thought against it. For one, I don’t have the time to waste on bad investments. Secondly [and more importantly], the St George market has become saturated. The standing inventory has gone up about 400% in 12 months. So if the builder did get me my lot and the builder built on it, it would be ready in October which is a bad time of year to be selling a house!
Anyway its the same builder I metioned in this post and I’m just happy I no longer need to work with them anymore.
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April 6th, 2006 at 12:50 pm
Wow, adventures!
Sounds like you got out just in time.
What’s your next target? How are the oil wells doing?
makingourway
April 15th, 2006 at 1:37 pm
If the lots are truly worth 130K now, you should have stayed put. The fact that investors got their money back so easily tells me that either the developer has lots of liquidity, or he’s quite confident that the properties will sell. Two questions:
(1) What view do the lots have? Desert views? Have you visited the properties?
(2) If you got your money back, why were you considering a “threatening letter from my lawyer”? I assume the check you got didn’t bounce.
April 21st, 2006 at 6:02 am
The lots have great mountain views of the begining of Zion Nat’l Park.
I should’ve stayed put, but with the inventory building up significantly I’d rather pull out and look for lower risk investments. Remember Buffets 1st rule of investing – Never lose money!.