Feb
22
Just rezoned my property to C-2 Commerical. Got a question?
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What is the average your property value goes up once this happens? I live along a strip of 5 homes…Each of which is roughly about 1 acre. I have a Meijer being bulit across the street along with a so called “Town Center” with other shops as well. All of my neighbors have jumped on the oppurtunity to rezone. I am in a good way ( i think) because the neighbors on either side of me are already going through an agent and have their homes up for sale as Commercial Property. I guess i have another question in addition to the the very beginning regarding the estimated value of my home now that it is Commercial. Do i have a good bargaining chip seeing as how i am smack dab in the middle? i would think that a prospective buyer would be looking for a 3-4 acre lot as opposed to two 1 acre lots surrounding a house (MINE). Anyone with any thoughts? Just want to be sure i am going to get as close to top dollar as possible. Thanks!
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1 Comments
September 6th, 2009 at 11:23 pm
There is no average.
There is the idea of ‘highest and best use’. What could be built there? What would it take to build the structures? Subtract all the costs and that starts to provide an idea of what the land could be worth.
Note that a developer is taking a risk when they build. Hence they need to make a profit and be compensated for all the risks they might be taking.
Expect that you need to leave enough profit on the table for the next guy if you want someone to buy the property. Before or after constructions if you choose to do the project yourself.
It is not about ‘top’ dollar as much as making a reasonable profit while moving forward. In the extreme you could do the whole project yourself and take all the risks. That will provide the largest profit but the greatest risk.