The Impact of the COVID-19 Coronavirus Lockdown on Land Markets
The impact of coronavirus will be felt for years in the real estate development industry. So how does this translate to land markets?
In this video, Scott Choppin, Founder/CEO of Urban Pacific explains.
From this video:
Scott: The other area that will see costs decreases will be in the land markets. We're already, again, seeing the leading edge of that. There are several sites that we're tracking actively that were good UTH sites. Particularly, we're very focused on the Opportunity Zone capital space, and we're already starting to see in the listing information for some of these sites ... Probably 20 percent of the sites that we track are already having immediate land-price reductions. We're tracking a site in downtown Long Beach that they basically had about a 20-percent decrease in their asking price within a couple days of really the beginnings, or the true impact of this coronavirus lockdown. We would expect to see more of that.
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