You know what I'm talking about. Those flyers you get in the mail for that fabulous property in the North Georgia mountains for some rock bottom price. They usually have some picturesque view of a stream and a beautiful cabin in the corner. How tempting is that? 4.3 acres with mountain views and river access for only $7,500. And let's not forget in big letters across the top "Land Liquidation" or "One Day Only" to get you to act quickly.
So is this a good deal, or just clever marketing.
Just like the hay day of the Timeshare sales strategy, if you go to check out one of these deals, you are going to get the hard seminar sales pitch. You remember; you just had to sit thru a 90 minute presentation that ended up with you being cornered until you relented or forced your way out. And the 'From Only $7,500' is not what you saw in the picture; rather they are usually crap spaces, with the good lots being much more expensive. Oh, the best one is when they put one of those 'Future Home of' signs in the really good lots and use a name of a famous person, to make you feel like you would have some exciting neighbor.
Then there are the clauses in fine print. Like having to build a certain size house, from a specified builder within a specified time period. Or the mandatory association with high fees. And don't forget you will have to pay property taxes, even when it sits as raw land.
In the end these offers are usually not worth your time. So make your Smart Money Move and toss those mailers.
Written by: Van Pappas CFP®
Vice President and Private CFO™, oXYGen Financial, Inc.
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