The client wanted to purchase land on a high traffic location for a speculative investment. He purchased just under four acres in SW Lubbock. The land was zoned Garden Office. In 2014, the land was purchased for $7.27 per square foot.
Karen Higgins through business brokerage connections brought the buyer of the land an offer to sell about half of the land. The contract was entered into while the property was under contract. The purchase price for about 2 acres was for over $9.50 per square foot. The same day that the client purchased the property, they also sold half of their investment with a $2.26 profit on the land. A few years later, the balance of the land was sold for over $11.79 per square foot.
In less than five years, the property owner made over $572,000 on this land and two transactions. Needless to say, this was a great investment and they purchased at the right time to reduce their initial investment immediately which gave them time to hold the land several more years to capitalize on appreciation of the land market in Lubbock.
Karen did a great job bringing us the initial land deal and made it better by turning an immediate profit. We were extremely happy with the results of this transaction and will continue to work with Karen and Alison on our Lubbock Commercial transactions. They run circles around others in the Lubbock real estate market.