How can I market some land, and make a quick sell?

Question

I have an opportunity to by some land (@ 2 acres) for 8k, which is tax value for the raw land. One plot has a septic tank and well in place, both have a creek on it. It is rural land, but in a neighborhood with mobile homes. I would like to buy the land, and split it so I can keep an acre because it boarders my family farm. This would give me access to the backside of the farm to build soon.

How should I market his to make a quick sell, and what would be a good price to ask for a .75 acre plot with a septic tank, well, and creek access?

Land is not a hot commodity in our area at this time, but I still see this as a good investment opportunity. All advice is appreciated.

Michael Leffelholz · Answer

@Andrew Tisdale Selling land maybe one of the "tougher" things to market and so a quick sale is probably not realistic. There are too may unanswered questions which @J Scott and @Bill Gulley eluded to. What is the land zoned for? Can it be rezoned for a higher better use? There are costs associated with obtaining approvals that you would need to know. You could potentially have some issues with the creek that passes through both parcels that could impede development. Rather than sell the property, is there an opportunity to lease the land to someone who could use it to farm thereby creating a potential income stream for you?.

Good luck

Michael

Good luck

Michael

Bill Gulley · Answer

Andrew, if it neighbored my property I'd buy it and hold it. If sales are slow I wouldn't go to the trouble of dividing until I had a buyer. Another neighbor might be your best prospect. :)

Pam R. · Answer

Hi Andrew - if the lot already has well and septic, why wouldn't you build on it? That saves a pretty penny. Also, you definitely need to check zoning - where I live, new lots cannot be smaller than 2 acres. Some places also have road frontage and flag lot requirements.

Andrew Tisdale · Answer

Thanks guys. I'm thinking about calling a dealt in the home/land market to see what they could do. Holding it sounds like a good option also. It may help increase they house we plan to build value.

Pat L. · Answer

I would go the other way....keep it as an operating investment!!!

We have a local farmer we bought feeder corn from. He got away with 9 MH on the front 2-3 acres & he just rents them out. They had propane tanks & I assume they are all on septic with 'city' water. It's his 'retirement income'.

However, that county/town did not, at the time, require a slab so he got away with sonar tubing piers. (We were looking at a local MHP so were quite interested at the time).

Another friend put 'summer rental' cottages on the land next to his farm around a large pond he stocks. The creek he has runs through the pond to keep it fresh.

But he built them from 84 Lumber kits & are in much better shape than the avg MH you see sitting forlornly on the odd rural acre.

good luck....

J Scott · Answer

Not really sure anyone here can tell you how much it's worth...since you live adjacent to the property, you're in a better position than we are.

What is the best and/or most likely use for the land? How is it zoned? The answers to these questions will tell you who the likely buyer would be, and depending on the buyer, you'll know how to market.

As for price, what will the improved value of the property be? From that, subtract any improvement/building costs, subtract soft costs and subtract equity/profit that a developer would expect, and you can get an idea of what the land is worth.

Sorry to be so vague, but it's unlikely anyone here can offer more detail without more information.

How can I market some land, and make a quick sell?

How can I market some land, and make a quick sell?

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