Posted by ray@lcorn on April 24, 2006 at 12:19:23:
My first question would be why the builder/developers are distressed in the first place. Often the reason is related to a weak market. That may affect the outcome of your Steps 3 &4.
Step 2, adding value, is a discipline all to itself. Subdivisions must be planned in accordance with the local zoning and development standards, along with requirements for public utilities, streets and any set-asides (park land, impact fees, etc.).
As an FYI, it’s becoming increasingly common for localities to require the developer to bond the improvements (i.e. streets, utilities, storm drainage, etc.) and/or the payment of any impact fees prior to approving a subdivision plat. Be sure to check with the local planning department for a comprehensive overview of the approval process.
p.s. for a comprehensive discussion of the development process, see Howard Zuckerman’s “Real Estate Development Workbook and Manual”. It’s available on Amazon.