Westfield Center, Ohio
Built 2006

A 20+ acre site of minimum half acre lots fully developed with sewer, water, concrete streets, curb and sidewalks. The land was purchased from widow whose husband who had started the development years prior.  All approvals had transpired; new engineering and approvals had to be obtained. Hired contractors to construct and maintain site during and after construction. Realtor was commissioned to sell the lots. Prior to dedication of plat six of the twenty four lots were presold. Completion of project was spring of 2007 just as the housing bubble was beginning to burst. Three of the presolds reneged.  No more lots were sold during 2007 and 2008. An auction was conducted in late 2008 to satisfy the construction loan. Lots originally selling for $45,000 to $65,000 were sold for $20,000 to $25,000.