Ideas for my property? - Posted by Stone

import · June 25, 2005, 6:40pm

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import · June 25, 2005, 6:40pm

Posted by Stone on June 25, 2005 at 18:40:18:

Hello gang,

I have 7.5 acres in Florida. About 2000 acres adjacent to my property has been purchased and is in the process of being developed into an upscale golf course community. The developer purchased the property for approximately 20k-30k per acre.

They recently had an auction of developed homesites. In one weekend they sold everything in their inventory and pulled in 39.9 million in sales. One particuler lot (100x180) sold for 400k - no home, just the lot.

Here is my issue, the developers offered me the standard 20k per acre deal, with no money at all for the home.They want to knock the house down and don’t think they should have to pay for it!I dont want it (the deal they proposed). I think the property is worth 2 times that much. Is it possible for me to subdivide the property and develop homesites myself? What exactly would be involved?

Thank you for your patience and understanding - I dont really know what Im doing!

Stone

import · June 29, 2005, 10:53am

Re: Ideas for my property? - Posted by Don Dion

Posted by Don Dion on June 29, 2005 at 10:53:21:

Here is the place to go to find the help you need:
http://www.nahb.org/local_association_search_results.aspx?state=FL
Take a look at the page and pick the association nearest to your property. Make a call to them and set a meeting with the manager. Bring pictures of your property with you and a brochure from the property next to you that sold recently. They will be able to guide you to a member that will Joint Venture with you on this type of deal. Selling outright up front is with the least risk but a joint venture deal while it has some risk is the way to reap higher rewards.

import · June 27, 2005, 3:24am

Re: Ideas for my property? - Posted by Robert

Posted by Robert on June 27, 2005 at 03:24:48:

Put a big “For Sale” sign in your front yard with the asking price on the sign in big letters. Price it at whatever you think is fair considering what nearby property is selling for. What could it hurt? You don’t have to sell it to the first person who offers the asking price posted on your sign. Someone who has paid $400,000 for a small nearby lot may consider your property a steal. I would certainly try this before I sold to the developer for $150,000.

import · June 26, 2005, 7:38pm

Development is not an easy process… - Posted by David Krulac

Posted by David Krulac on June 26, 2005 at 19:38:14:

The price of the land can often be a less than less than expected in the overall scheme of things.
Time is money and developments and subdivisions take time, sometimes a lot of time. One subdivision I did took over 3 years. Another took 16 months to get only 1 of a dozen approvals. All the time you are waiting the clock is ticking, the dollars are being spent and absolutely no income is coming in. There was a subdivision in Princeton that Toll Brothers did that took 15 years to get approvals, after the original owner had already spent 10 years unsucessfully getting approvals.
You’ll need a professional engineer, surveyor, and attorney specializing in land use. You may end up in court adding years and thousands of dollars.
You’ll need utilities access public water and sewer, or approvals for wells and septics, all of which are getting harder and harder to get.
You’ll need all kinds of studies including streams, wetlands, crossings, flood plains, storm water, waer replemishment, endangered speciies, historical and archtechural. At least in FL you won’t have to do a steep slope study.
And of course you’ll need infrastucture, streets, sidewalks, curbs, street lights, street trees, storm water control and detention, as well as utilities.
If you decide to do yourself gets lots of professional help and be prepared to spend money. Sewer capitcity limits and building moritoriums can kill/stall your project before any dirt is turned. Good luck.

import · June 26, 2005, 6:07am

Re: Ideas for my property? - Posted by michaela-ATL

Posted by michaela-ATL on June 26, 2005 at 06:07:38:

Stone,

great opportunity! I think you have to decide between ‘the bird in the hand’ or ‘2 in the bush’. Would you rather make money quickly and sell to the developers now or would you develope and subdive and make more money later. There are some people on this board, that have developed land and that can give you good advice.

Also, keep in mind, that the developer bought the land rather cheaply, because there was no developement. Now, that the sales are under way, your land should be worth more than what they paid. And once the golfcourse and community is established it should be a lot higher.

I’m sure you’ll get some good pointers.

Michaela

import · June 26, 2005, 4:03am

Re: Ideas for my property? - Posted by Sgt.Sausage

Posted by Sgt.Sausage on June 26, 2005 at 04:03:54:

Better take their offered deal. If you don’t, they’ll just lobby the local govt. to take it away from you based on the new Eminent Domain ruling. They’ll get it even cheaper that way.

import · June 26, 2005, 6:36pm

Re: Ideas for my property? - Posted by Stonew

Posted by Stonew on June 26, 2005 at 18:36:20:

Nah, In Florida there are a few protections in place. For example, the condemning authority would have to pay for my legal council. Also Jeb is pretty ticked at SCOTUS as well and promises legislation to correct this injustice.

Stone.