In I quarter of an acre of land (about 4000 square meters. M) in the U.S. on average sold for $ 41,651, compared with $ 36,829 (data from CoStar Group). Although these prices far to $ 102,631, which developers had to pay per acre during the boom in 2007, it is obvious that the market revives. The reason - to reduce the supply of land.

"After several years the need to survive, companies engaged in construction of houses, are beginning to realize that the number of sites ready for development, decreases" - said the head of the Real Estate Investment Fund Angelo Gordon Keith Barket. According to broker land Colliers International, in Las Vegas available land has already run out in 2011

"The main risk - a matter of time - notes the California consultant John Burns Construction Company. - Investors difficult to realistically assess when and at what price they can sell [those assets]. "

Nevertheless, some private equity funds have managed to capitalize on this market. In 2009, SunCal and D. E. Shaw bought the 1,700 plots under construction in Las Vegas at $ 28 million (or $ 16,470 per site). Eight months later they sold the land to developers, including KB Home, Lennar and Ryland, the rate of $ 35 000-40 000 per plot.

SunCal began buying up land and only intended, but unprepared for the building, says vice-president Randy Titik, counting on future demand from developers, as will end areas with infrastructure. "We always try to be ahead of them", - said Titik.

Angelo Gordon bought about 10 000 sites in 5 times cheaper than paying their previous owners, a few regions - from Las Vegas (Nevada) to Southern California, which is stronger than other states hit by the crisis in the real estate sector. The company intends to keep these areas up until the market does not recover completely. Until 3000 sold plots.

Hedge fund Paulson, earn good money three years ago, making a bet on overpriced housing market, now playing at the undervalued land. He is preparing to participate in the auction of 8000 lots for homes in Arizona, Colorado and Nevada, owned by construction firm Tousa, is in a state of bankruptcy. The auction was due to start in August. More recently, Paulson also buys land in San Diego, Denver and Florida. John Paulson at the negotiating table for each transaction, "- says the broker GW Realty Graham Weiss.