DE Communities: The Land-Owner Rules

June 29, 2015

Although the real estate market has been in full recovery mode in Delaware for 2 years now, change is still rearranging the landscape. But then, the only thing you can really count on in real estate is that it will change.

Strange Bedfellows

The process of creating and building a new home community where once there was corn or soybeans takes many years. Property can change hands multiple times in between the growing season and the sculpting of a new neighborhood where transplants from surrounding states will make a new home in Delaware.

In the beginning, there was a Developer and that Developer brought on a Builder/partner. They may have worked together many times and had a good working relationship. Then the crash came and some did not survive. Some Developers didn’t make it and some builders also failed. Banks ended up owning some of these communities and they often sold to the highest bidder. Banks do not like owning things. Some of these new partnerships thrived and some did not. Sometimes, the new owner of the land is also a builder who will take over building in the community.

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