What characterizes Finished Lots in real estate?

Finished Lots in real estate are characterized by having all development fees paid and being fully prepared for construction. This means that all necessary approvals, clearances, and infrastructure requirements have been met, making them ready for builders or developers to commence construction activities without further permits or approvals.

This stage indicates that the lots are shovel-ready, allowing for immediate development which is essential for investors and developers aiming for fast turnaround times on their projects. The readiness of these lots often enhances their attractiveness in the market, as buyers can quickly move forward with building plans.

The other choices depict different stages in the real estate development process, such as vacant lots pending permits, lots that have zoning but lack further approvals, or properties needing significant renovations, showcasing that they do not align with the characteristics of Finished Lots.