An opportunity was sent to me last week.
A site in a highly sought after suburb in Auckland.
The zoning is favourable for greater development. Tick.
Close proximity to amenity is great. Tick.
The existing dwelling is run down and needs improving or replacement. Tick.
The views are to die for. Tick.
The topography is challenging. So needs a bit further investigation there.
Services look ok. Again needs further investigation.
All fine and part of the process.
But then you get to the vendors expectations for the value of the land.
I never cease to be surprised to see vendors expecting the margin that would rightfully be due to the person undertaking the risk of development.
Its all about risk and return.
If you want the return, you take the risk.