Hello, Im not sure if im posting in the correct forum. I am currently trying to find a direction with a piece of property I have inherited in a very desirable area in the Orlando area.
approx 3 acres of land wedged in a very up incoming area, and I would rather be apart of a project to design/build modern multifamily units, or even VRBO these structures rather than to just sell off the land and have a developer build single family homes.
First obstacle would be a rezoning, im assuming, There is actually a single family home already on the property, and the rest of the acreage is zoned agriculture as it was once an orange grove, but still holds the zoning.
Would love some opinions on an undertaking of this size! thanks
Contractor · Winter Garden, FL · Member since 2021 · 3 posts · 1 vote
4y
Good morning @Jim Halpert. I live and work in Winter Garden. I would be interested in discussing your vision for the property further.
I'm not trying to discourage you by any means, but I do agree with what has been stated previously regarding your initial plans for development, as this is an extremely difficult time to build. Construction costs are significantly higher than they were two years ago and we are experiencing consistent delays associated with the availability of various construction materials.
Winter Garden is a very desirable location, so I am sure your land has great value. However, if you decide to re-zone and develop the land, be prepared for a min of 18-24 months in design, planning/zoning, and permitting. Depending on your cash/financial position, you would need to start ordering and paying for strategic items in advance the moment you have approval from zoning and a permit to avoid subsequent delays, as some products have 30-60 week lead times at the moment.
Either way, I wish the best in your endeavors whatever you decide.
Realtor · Central Florida-Orlando · Member since 2014 · 1k+ posts · 892 votes
4y
@Jim Halpert by no means an expert on this subject. But first off, if the property is in Orange County/Orlando you will have ordinances for short term rental to deal with, so that's probably not a path you can go down (if it is in Lake,Polk, Seminole, Osceola counties, not so much of a problem).
Rezoning isn't usually that difficult, but again, depends on the county and area of the county, some have density rules of X # of homes per acre etc. Doe the property have utilities, sewer, water, electricity to the other sections of the parcels? Are yo prepared to pay the impact fees and costs of putting utilities in? Is the current SFR in livable conditiion? What are the surrounding parcels zoned, are they all still Agricultural or have any of them flipped?
Best of luck, I'd love to follow along with updates as I'm in Orlando and always interested in or know people looking for opportunities like this.
@Shawn McCormick Thanks for the reply. It is indeed in Orange county, In the winter garden area which as you know seems to be a very hot spot currently . Let me know If you have any ideas!
I have always been intrigued with the whole modern shipping container designs, as a small living space. I see plenty of airbnb/ vrbo short term rentals in orange county, I just dont know how regulated it would be to build "tiny homes" for that purpose
Real Estate Agent · Boulder, CO · Member since 2015 · 284 posts · 226 votes
4y
Hey Jim,
This may not be what you were hoping to hear, and yet if you are new to investing or Real Estate, I'd suggest finding something easier to start with then a big development project. It sounds like you could sell it rather easily and then 1031 (tax deferred) the funds into another project, maybe a quad that is in the right area to short term, etc. Happy to discuss with you more if you want to bounce ideas. Feel free to message me.
@Shawn McCormick Thanks for the reply. It is indeed in Orange county, In the winter garden area which as you know seems to be a very hot spot currently . Let me know If you have any ideas!
I have always been intrigued with the whole modern shipping container designs, as a small living space. I see plenty of airbnb/ vrbo short term rentals in orange county, I just dont know how regulated it would be to build "tiny homes" for that purpose
I agree with@Zeona McIntyre, Winter Garden is literally one of the best submarkets in the country, the value of the land could be a tremendous way to kick start your RE career without having to do much. I do know a few poeple that are doing small projects with tiny homes and eco-friendly homes, but depends on how much land you have and what part of WG it is in. And, although many try it and some will get away with it, I promise Orange County does not allow STR.
Contractor · Winter Garden, FL · Member since 2021 · 3 posts · 1 vote
4y
Good morning @Jim Halpert. I live and work in Winter Garden. I would be interested in discussing your vision for the property further.
I'm not trying to discourage you by any means, but I do agree with what has been stated previously regarding your initial plans for development, as this is an extremely difficult time to build. Construction costs are significantly higher than they were two years ago and we are experiencing consistent delays associated with the availability of various construction materials.
Winter Garden is a very desirable location, so I am sure your land has great value. However, if you decide to re-zone and develop the land, be prepared for a min of 18-24 months in design, planning/zoning, and permitting. Depending on your cash/financial position, you would need to start ordering and paying for strategic items in advance the moment you have approval from zoning and a permit to avoid subsequent delays, as some products have 30-60 week lead times at the moment.
Either way, I wish the best in your endeavors whatever you decide.
Developer · Boulder, CO · Member since 2018 · 530 posts · 365 votes
4y
@Jim Halpert Jim you can go a long way to remove the mystery of site use and zoning by visiting with the planning department to hear what they’ve got to say.
Their opinions will drive what can and can’t happen on your site.