Dallas-Fort Worth land sales slowed in the second quarter as the coronavirus pandemic hit. Sensing weakness in the market, some investors are circling, looking for opportunities, but there may not be enough blood in the water yet to send buyers on a distressed land feeding frenzy.
“We haven’t received any information of a fire sale from sellers,” Younger Partners’ Michael Ytem said. “What we are finding is at the advent of this situation, you had some … buyers thinking they could probably corner sellers into renegotiating deals and dropping prices.”
Distressed asset buyers are chomping at the bit to find overleveraged property owners who need to quickly sell their land at a discount.
“I’ve had groups call me who are basically sharks,” Transwestern Managing Director of Retail and Urban Land Services Steve Williamson said. “They are looking for blood in the water, and they are saying, ‘If you come across any really good deals where there is pressure on the landowner, let us know, because we will come in and pay cash.’”
But DFW land assets remain relatively solid for now.
Kerri Panchuck, Bisnow Dallas-Ft. Worth