Test the waters first. A beach lot may have a lower cost of entry than an investment in a beach home, says Gary Eldred, author of Investing in Real Estate, but your risk is much greater.
At issue: conditions that limit what you or anyone else can do with the land, such as access to utilities and zoning that restricts the size and location of any structures.
You'll need a good agent and appraiser to determine whether that price drop signifies a deal or simply reflects news that has lowered the land's value.
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|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||4.45%||4.52%|
|15 yr fixed||3.47%||3.55%|
|30 yr refi||4.44%||4.51%|
|15 yr refi||3.46%||3.54%|
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