Posted by Bert NH on August 25, 2003 at 07:58:01:
No, I don’t think it would be a waste at all. Would the average person mind living in this neighborhood? Are there any other homes nearby? Just being commercial doesn’t have to add any value if there is no demand for the land as a commercial parcel. The seller may think that because it is commercial that it has tremendous value. He might be thinking that Wal-Mart will want his property and pay dearly for it. That may be true but any large retail concern is going to want commercial neighbors to help generate foot traffic. If the area is as quiet as you say it is it could be years before the commercial zoning adds any additional value. I think the seller is dreaming.