The simple answer is yes, but the deals are a little tougher. A better question is, are there any easy deals left? And that one is probably no. Many overlook the difficult and complicated projects, and they have the greatest success, but it takes time. So often, I have clients coming in and inquiring about a particular piece of property surrounded by development, and there's a reason the site has not been purchased, and we dig in to find out why. In my 50 years of doing due diligence on prospective land acquisitions, it is true that those who work the hardest, hire the most creative and talented, and remain persistent in evaluating every aspect of the site come up with the winners. What often makes them winners is the ability to quantify the development cost and its relationship to adjoining comps and educate the seller on the realistic value of the property and/or contingents that the seller must solve before closing. This should always include the investigation by a seasoned land professional or civil engineer. Early in my career, I worked for the real estate development arm of a restaurant chain opening 36 stores a year.
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