You can still do part 1 but you can't do part 2 anymore. Part 2 was finding the spot and it has been found.
If you got started today, you would need to do part 1 and then do part 3.
You are getting a chance to win the house with every character that does part 3. You are also getting another chance to get the good items from the war chest.
The foundations for the new plots are going to be placed in the game soon by Mesanna. They will ALL say that Mesanna owns them even thought the quest text says that you are searching for a way to deed the house (it's a limitation of the game engine). If you win the house, or buy the winning ticket from someone, contact Mesanna at the email address listed on our website and she will transfer the house to you.
You will be able to keep the winning ticket after she has verified it (she will mark it as having been redeemed and give it back to you.)