Thread: Buying/Selling Land

Yes.

Land commands more money when near (walking distance, in the line of sight even), of a body of water. Albeit a small lake, privately owned stream/brook or pond or ocean.

Land near an ocean will command more money than land near a lake.

Level land seems to bring in buyers/lookers more so than land that is hilly and depending on the area. If this hilly land is located near a tourist town and a body of water and just so happens to be hilly: that's ok. Investors should scoop that up because it's near a town with a night life, and shopping.

Land that is rocky, usually is leveled off by the buyer depending on how bad they want it. Some educated buyers don't care though.

Land that has a down grade to it is looked at by buyers who don't know what they're doing as: a flood zone.

Land located inside a Home Owners' Association/development with several hundred by-laws, doesn't command as much money as it would if it were located outside of this community because of said rules.

Land with mature trees sell to those who enjoy peace and quiet and nature and don't want to see, smell, or hear their neighbors. Conversely, pastures sell to those looking to build a football field or private shooting range next to their house and for those who enjoy nature but also enjoy seeing people.

Correctly priced land sell to those looking to build their dream home. Albeit with a pature, with mature Oaks coming into their living room window or on the rocks in Montana.

Land sells to those investors who are looking to either build a vacation home on it or investment property on it because it's walking distance to a lake.

Nothing really under .46 acres sells: neighbors will be too close so therefore building on this small strip is pointless.

Land over .50 acres not in a community with more rules to follow, seems to sell because the new owners have had it with buying a home (which is now almost worthless do to the economy), and having to hear "no". Lack of rules will cancel out the fact that the new owners will see their neighbors.

Land usually is purchased for to build on. Maybe for drilling rights or a home, condos near a ski area or mobile home.

Land isn't always mandated by buyers to be near a body of water: The woods or forest, literally ontop of them, is good enough for a lot of buyers because they don't want to see anyone.

Land inside campgrounds, literally runs without seeing any borders unless land owners fence in their piece. This type of land is good enough for a very small market. That market, in my professional opinion is the Suburban, or city folk. They don't require much to enjoy themselves on their land over a weekend.

Large lots of land sell of course to investors looking to build condos or hotels or a gun club on private hunting land.

I knew this one science teacher two years ago, who bought 2100 acres from a former logging company. Needless to say he got it for a song and a dance and charges people who join his hunting club to hunt on his land, that is also surrounded incidentally by State Forest Land. Lucky *******.

Land that is further away from the electric grid is usually lower in price because of it's perceived limited use and therefore only commands a very small portion of the buying market.


CM

When buying land you need to make sure;

1. you don't have to build on it in some pre determined time frame

2. The land will will hold a private sewage system or there is access to sewage, and how much this will cost.

3. Is the land stable enough to build on and will the condition of the land make building costs prohibitive.

4. are wetlands involved

5. are there zoning issues which might deter people from wanting to live there ie. commercial property nearby, bad school district, road assess

6. hire a local professional

1. you don't have to build on it in some pre determined time frame. - Right! Dammit, forgot...again.

2. The land will will hold a private sewage system or there is access to sewage, and how much this will cost. -Yeah, make sure it'll pass the perc test.

3. Is the land stable enough to build on and will the condition of the land make building costs prohibitive. -Right! Is it safe? "It's so safe you wouldn't believe it".

4. are wetlands involved -Yeah! Fuggetaboutit. Buyers of land will definitely know when Wetlands are involved.

5. are there zoning issues which might deter people from wanting to live there ie. commercial property nearby, bad school district, road assess....Yeah! And 12/6 public shooting ranges in their proposed backyard.

6. hire a local professional. Exactly.

Wow! Your responses have been well beyond anything I figured I would get from here. Thank you VERY much! That was nothing short of AWESOME!!!

Does anyone on here know how to be able to detect which direction that an area's growth will occur?

I'm thinking that this could apply to

1. an "out of nowhere" area that suddenly becomes a hotspot. (I suspect these are entirely too speculative, but I'm open to suggestions.)
2. an undeveloped area surrounding a city that is expanding.
3. a suburb that will be developed further.
4. an area within a specific city that will soon be renovated.

Am I missing any other important category in my list?

Does anyone on here have thoughts about any of this?

BTW...I'm really glad that I asked the question incorrectly. The advice given on here is priceless, and I don't think I would have gotten it, otherwise. Therefore, I'm open to any other sort of advice about land buying in general.

The main thing you have to remember when buying ANYTHING involving RE is: Hire a local professional. Many people in your shoes have made this mistake and it will cost you as it did them. Cost what? Legal fees for example. A local pro albeit Appraiser, REaltor, surveyor, investor, birddog, or anyone willing to play ball is your friend.

1. an "out of nowhere" area that suddenly becomes a hotspot. (I suspect these are entirely too speculative, but I'm open to suggestions.) -Too speculative.
2. an undeveloped area surrounding a city that is expanding. -If I knew this I wouldn't have to chase after prospective customers. You're looking for the next Vegas to break; this could be anywhere. In 2010, keep your eyes open for archaic legislation being over turned with respect to, uh oh, that word: prostitution. Of course we'll all still have to brush it under the carpet. I.e. -brothels on the outskirts of town. Got it?
3. a suburb that will be developed further. -Check the burned down sections of The Valley in Ca. It is my opinion since land is indestructible and everyone's house pretty much burns down once a year, you should be able to get a decent lot size for a decent price; now that there's no more trees/view of anything but burned down houses. The only thing controlling the cost of those lots is the proximity to the over crowded highways. BFD. Offer $1k an acre; that's about all it's worth.
4. an area within a specific city that will soon be renovated. Aaaah. Again, if I knew we'd be doing business together within the hour. You're a Sec. 8 pro. Why not buy up all of Harlem and rent it out to.....Sec. 8 people......You don't seem to mind the stress or chasing after your money. Plenty for sale in Harlem. Turn of the 20th Cen. abandoned buildings too. Buy Elizabeth NJ; it's for sale. Plenty of places to buy and rent out in that fleabag town. You could be the self-appointed Mayor. Don't laugh. I'm sure if a large corporation came to town with jobs, they could buy up so much property, they'd own the entire town.

CM

Tips on Buying Land

1) Location
2) Land Quality
3) Access
4) Easements
5) Financing

Several more considerations when looking at land is the current zoning, available utilities and the utilities already in place.

Originally Posted by markbrian

Several more considerations when looking at land is the current zoning, available utilities and the utilities already in place.

Any idea how to tell whether land has a good potential of being rezoned? (or what it has NO chance?)

You can ask the county codes people or zoning commission, but the reality is until it is zoned how you want it to be, it is NOT zoned correctly for you. It is a gamble to think it may be changed since it may not, even if someone says it will. Until it is, it ain't