The Killarney land sellers continue to dream of lotto winnings via selling old junk houses on 50 ft lots. With the market now further imbalanced and the federal government continuing to meddle with the buyer mortgage rules, the risk of these redevelopment lots has never been greater. Adding to this risk is the lingering recession, unlikelihood of significant improvements to the energy economy, and rising cost of building materials along with lots of new supply now half built throughout the area.
I'd say now is not the time to be setting new record prices on 50 ft lots. Is there a greatest fool out there ready to buy this one?
The $700k threshold awaits for standard Killarney building lots. I'd avoid this property at such a horrible price. It is hard to imagine this working out well for the builder.