Anyone out there own land in Lancaster,Ca.?

Question

I bought 2 1/2 acres for about $50k in a proposed development area. i bought it in 2001,paying $476mo. for another 7yrs. I bought it for retirement reasons or my for kids. Any comments on this kind of investment good or bad. I just hope it pays off big time.

Answer 1

I would not sell it now.   But, it should pay off later.   There is only so much land to go around, there will never be any more.

Answer 2

If the housing market manages to stabalize within the next few years, or even decades, that little bit of land can be worth quite a pretty penny. If you manage to build a good house on it, then you'll be pretty much set for life...