I'm not sure if these forums are for questions about land or not but I thought I would ask a question about property that I'm involved with. An elderly lady with serious health issues has 20 acres with a house and farm (both in extremely poor condition and not livable). Part of the property, 8 acres she finally agreed to have me try to sell. The property is in Youngsville, LA in an area that has a market maturing but not yet fully matured to sell at prime commercial rates (lots of interest from residential developers). I listed it for 6 months at 1.6 Million with no firm offers and one serious inquiry. In 5 years this growing market will mature and this property will be very valuable in the opinion of most people. I'm trying to decide what to now do and thought I would ask for opinions for the objective I have of helping this sweet lady which is simply to have her live what life she has left given her stage 4 cancer, with enough money to so she can pay her bills. She literally has no money for even the most basic bills.
Does anyone have any creative thoughts on how to generate income from an 8 acre piece of farm land that joins a main road (330' frontage) in a growing area that everyone is watching that would provide income for her to pay for her treatment and pay bills?
Get that land zoned and the price should instantly go upwards significantly. The catch is that zoning is expensive and then you've now locked any developers into using the land for that specific purpose.
Offer to do a lease option on the land. Someone can come in, lock it in at a price for a given time and at the same time make healthy payments to the owner who sounds in need of some extra monthly cash flow.
YOu have the property way over priced... there is a price that everything will sell for.
Developers will factor in hold cost as the path of progress reach's them. I suspect you listed this as it was already a development property.. 200k an acre is really strong for that area I would think... that would indicate 100k lots... are lots worth =100K there now?
as was suggested above lease option for a developer would work small payments that help her that are credited towards purchase price while they work on zoning and wait for market to mature.
YOu can waite a long time my friend for these deals. I bought 4 acres in Rohnert Park CA. in 1994.. that is now just coming into the city and it was 300 feet from a home depot shopping center. although I paid only 27k for it back then.. and the value once it comes in will be 750 to 1 mil an acre its still a 25 year process.