Things are really tough in the housing market. New home sales, especially. Why, some builders are actually offering buy one, get one free deals. For new homes! Builders are facing a glut of new construction in the residential market. Of course, this is a general trend, and you're likely to find pockets of healthy demand if you go looking.
Amid this backdrop, Crestview Builders is making a new pitch to sell its 6-acre Ponds of Hobson West property to the Naperville Park District for $2.5 million, no strings attached. You may recall, the Park District passed on the opportunity previously. Crestview hasn't dropped its price, but it has removed a number of conditions it had attached to the sale. Yep. The Park District can have the land, free and clear. For $2.5 million, or about $416,000 an acre.
Yikes. That's a lot for park space. Heck, Indian Prairie didn't want to pay anything close to that figure per acre to acquire land for a high school. To us, that still seems steep. We'd all love to see that land remain open. But in today's depressed real estate market, we think the park board was smart to pass on the prior offer, and it should be able to negotiate a steep reduction in price if it seriously wants to acquire the Ponds of Hobson West land.
Do you agree? What do you think would be a fair price to pay for the 6 acres? What's the most the Park District should pay, in your opinion?