New Parker House Poll

[Community]

So I have these two lots up on Rio Vista in Parker. Not on the water, but only 3-5 minutes to the nearest ramp. I am trying to decide to build 2 smaller homes 1200-1300 sqft with 25 ft garages or one 2000 sqft with RV garage and 2, 30 foot deep, 2 car wide garages - something that either a car collector or someone with a lot fo toys would appreciate. The smaller houses would need to sell in the 350 range to make it worth doing and the big house would need to sell for 550 or so.
If you were looking in Parker, what would you prefer?

[voodoomedman]

Even though some peeps like to take their ocean barges on the strip most people take smaller boats. Maybe see if you can stretch the length of the garages on the two to 30 feet or something to expand the market and go with that. It seems you would make more money. Use one yourself and rent the other. Use one and sell the other to pay for the other. Also depends on how long you want to keep them. For a long term investment two house are better even though individually they would sell for less. You already own the land so let's talk houses. Let's say it cost you 150k a house to build the two and in ten years they are worth 1 mil. Not figuring the loans or anything you have a 1.7 mil profit. Now just build one bigger one at a cost of 200k and in ten years it is worth 1.5 mil you only have a profit of 1.3 mil.

[mondorally]

So I have these two lots up on Rio Vista in Parker. Not on the water, but only 3-5 minutes to the nearest ramp. I am trying to decide to build 2 smaller homes 1200-1300 sqft with 25 ft garages or one 2000 sqft with RV garage and 2, 30 foot deep, 2 car wide garages - something that either a car collector or someone with a lot fo toys would appreciate. The smaller houses would need to sell in the 350 range to make it worth doing and the big house would need to sell for 550 or so.
If you were looking in Parker, what would you prefer?
What about option #3 for us single guys with too many toys - A two story - bottom floor all garage, top floor one big loft !
In all honesty I would say the two smaller homes would make more sense but a lot of boats these days require at least 30' of garage. Is it possible to get the garages larger?
-Justin

[Boatcop]

I doubt you'd get anywhere close to either of those prices for homes up in that area. At least not right now.

[Mrs. Bordsmnj]

Seems kind of pricey to me.

[Cole Trickle]

Hold off.....
Your about 75-150K over current home prices.

[Community]

I think the most recent comp was 280K up there. I think the driveway was a bit of an issue too. I would like to know what the neighbors place is worth. Its a beautiful home. I have considered the two smaller ones and renting them, at a loss, until the value catches up to where it makes sense to sell. Seems like I must have overpaid for the lots based on everyone's responses so far. Lets hope BoatCop should stick to his Police Work .

[Tequila-John]

I think the most recent comp was 280K up there. I think the driveway was a bit of an issue too. I would like to know what the neighbors place is worth. Its a beautiful home. I have considered the two smaller ones and renting them, at a loss, until the value catches up to where it makes sense to sell. Seems like I must have overpaid for the lots based on everyone's responses so far. Lets hope BoatCop should stick to his Police Work .
Damn bud. If you want a place in Parker buy my Condo! its already rented too

[Community]

Well, I just sold my condo to start working on this project - so I will pass on that.
The land is just sitting there. I would rather rent out 2 houses and take the loss, I can pay the bank or the IRS, than just sit on the vacant land.
We will see. The contractor is pushing for the bigger home, which surprises me as it will be less money for him than the total to build the 2?

[Boatcop]

If I was in your situation, with 2 lots, and a plan to combine them into one at a later date, I'd throw a couple of manufactured homes on them, and rent them out for a few years. You can probably bring in 500 or so a month, each.
The property values will do nothing but increase up there, and at the present time, quality rentals in this area are few and far between.
It's only a matter of time before all those lots with 30-50 year old trailers on them are bought up and improved with new builds. That will only bring up property values. It's hard to pry some of those places away from their slumlord owners, but the market will eventually price them out, and make selling more attractive than a paltry $300 - $350 a month.
Several years ago, my folks sold a singlewide on a narrow lot for around $19,000. Bare lots up there are now going for around $50-$60 Gs.
I remember when Miraleste Shores was just like the Lakesides, with $hit-hole trailers and tweaker rentals. Someone with some insight bought up all the lots, and now lots are going for nearly $500,000 and homes (off the water) are in the mid $800s.
I look for pretty much the same thing happening up in the Lakesides within the next 5-7 years. Although you wont see mid $800s up there, your goal of 350-550 might be realized.
By putting some relatively inexpensive MHs on them, you can wait out the market while the property works for you. And then when it's time, yank off the mobiles and build what you want.