I’m thinking that this will be the year that we finally come out of the recession. There are definitely positive signs, although I see a few negative signs still hanging around, too. Homebuilders are out looking for sites, especially any “infill” tracts in the northern suburbs that did not get developed after the market collapsed. Today, not only have prices come down, but many parcels hat don’t have a prayer of being developed as commercial sites are being rezoned for single family.
Some cities, such as Plano, are being very cooperative in working with developers to rezone these sites and get them generating higher taxes. Property owners are realizing that their sites may no longer be suitable for commercial development, or they may have overpaid for the sites, in which case rezoning to single family gives them an opportunity to re-coup some of their investment. I have one such site under contract to a homebuilder, which should close soon.
During times like these, you’ve got to be flexible. Remember, “Wise men can change their minds, only fools cannot.”
Sam Kartalis is president and chief operating officer of Henry S. Miller Realty Services LLC