Hi all, I have a Sub dividable block of land that im looking at developing in the Perth Suburb of Karrinyup, I have been looking at properties in the area that are up for sale and assessing interest / trying to establish what the market demand is in the area.
My question is how do you guys and girls go about assessing the market and what they desire when your looking into developments? and hence refraining from over/ under capitalizing.
Basically im seeing a lot of spec homes (although very nice) coming on and selling well. however i feel something a little more custom and unique (and more expensive to build) would demand a premium, but there isn't a lot of comparable sales of this type of product in the area. i do understand i am opening myself up to more risk buy doing this?
Thoughts, comments, stories of similar situations, all very much welcome.
Cheers
My question is how do you guys and girls go about assessing the market and what they desire when your looking into developments? and hence refraining from over/ under capitalizing.
Basically im seeing a lot of spec homes (although very nice) coming on and selling well. however i feel something a little more custom and unique (and more expensive to build) would demand a premium, but there isn't a lot of comparable sales of this type of product in the area. i do understand i am opening myself up to more risk buy doing this?
Thoughts, comments, stories of similar situations, all very much welcome.
Cheers