Development deal

Wanted to talk a little more about that call I mentioned in my last post of the lady that apparently owned about 50 acres next to the small house I had on my radar to buy.

Talked to a friend that has some experience with doing developments and dealing with 40B regulations (This is the law in MA dealing with the amount of affordable housing a town/city must have and developers generally have to promise some amount of that until the municipality hits the mark) and his quick take is that the land is probably not worth paying more than the $1.2M she had tried to sell it for 10 years ago (And quite possibly less). She asked $2M quickly on the phone.

Didn't seem very motivated since she has been sitting on it the better part of a decade now since that other sale fell apart.

Just a very interesting experience that I wanted to share.