Hedge Fund Bets on Land
Hedge Fund Paulson & Co. is now betting that land is undervalued. It is bidding on 8,000 residential lots in Arizona, Colorado, and Nevada, owned by home builder Tousa Inc., which is in bankruptcy.
In other areas, builders are making similar wagers, snapping up property while it is cheap. They are in agreement that values will increase. It is only a question of when.
"The real risk is timing," says John Burns, an Irvine, Calif., home-building-industry consultant. "It's hard [for investors] to realistically estimate when they can sell and for how much."
Source: The Wall Street Journal, Lingling Wei and Robbie Whelan (06/23/2010)
Ruth Ann on Real Estate
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