http://www.ascensionrealestateappraisers.com/ – Ascension Parish Real Estate News – $7.7 Million Lots Sale Indicates Trend Towards Smaller, More Affordable Homes To Be Built and Sold
The Baton Rouge Business Report is reporting a $7.7 Million Lots Sale In Keystone Of Galvez Subdivision, purchased by the very active Vicknair Builders. At a time when some local builders who built on the higher end of price range and still can’t sell their inventory and now with Allstar Homes offering a free $15,000 with a home purchase, Vicknair Builders, who builds in the more affordable $130K to $180K market, is in a building boom in several local developments.
Here’s the link and snippet:
“Developer Kevin Nguyen sold 199 lots in his Keystone of Galvez subdivision to A and T Management. A and T, headed by Allen Tomlison, paid $7.7 million for the lots off La. 933 in a deal that happened Tuesday. Tomlinson bought 145 lots at $40,000 each and 54 lots at $35,000 per lot. They will construct houses on them for sale. Tomlinson and Vicknair builders have been buying lots in Galvez in blocks of 10 for the past year before they went ahead and bought out the rest of the developed properties in the subdivision. Nguyen kept the remaining land that has been approved for an additional 500 lots. He will install utilities and develop the lots as market conditions improve.-Tom Cook”