Land Banking Opportunity? What Does This Mean?
Okay,
Without sounding really stupid, what exactly does a "Land Banking Opportunity" mean?
There is a property (vacant land) that I'm looking at and that's what the realtor is calling the property.
Anybody have any idea what exactly that means?
"Land Banking"
I have some money, I want to park it someplace, I have identified a parcel that I think will appreciate over time and in x years will either fit my needs or I will be able to sell. I will land bank it. In other words keep it until its value approximates a great return.
_________________
Gregg Fous
Investor/Developer
"Under-promise and over-deliver"[ Edited by GFous on Date 01/05/2004 ]
Each year the State of South Carolina loses over 70,000 acres of land to development. In the 2002 list of the most rapidly developing states in the country, South Carolina comes in 10th!
As a direct response to our rapidly evaporating natural wildlife habitats, SC recently passed The Conservation Bank Bill. The Bill will set aside a funding source or "bank" whereby the State of South Carolina can purchase and protect historically important or natural areas of our state. The purchased property will be put into a "land bank".
In SC, the answer to your question depends upon whether you are referring to a land "bank:" or to a "land bank".
Because a real estate sales agent is involved, I suspect that he is proposing that you purchase the property on speculation that your state will want to acquire the land for its "land bank".
DaveT - Florida does the same thing with "land banking"
I have also seen the term used ( as I have described in the pervious post.) I have customers using the term with me when acquring property for longer term plays.
Gregg
[addsig]