Buying an empty 5000 square foot lot of land in a western suburn

4 Replies

Is it a good idea to buy a empty lot of land  in a suburb?  It is a mixed use lot at end of a residential block where a house, a condo building, maybe three town homes can be built.  Even a commercial building can be built.  I do not want to build these myself but will sell to a developer who wants to build.  I am getting a good deal from a motivated buyer but is it still a good idea?  Please tell your experiences.

This is an upper middle class suburb by the way.  I can possibly get it for 90000.

Thanks

$90K for 1/10 acre.

Not sure how you are going to fit it all, per your post: "a house, a condo building, maybe three town homes can be built". 

A "good deal" is in the eyes of the owner/developer/speculator. And you are buying from a motivated.. .buyer? This deal is something I wouldn't do personally. Now $66K for 86 acres that I recently bought, where I could put houses, townhouses, and commercial buildings... and the rest in 2017 loblollies, that's more my speed;) 

I meant either a house, or a small multiunit building?  I can probably bring price down.  The next door houses sell for 600000 plus.  I am also not sure to buy which is why this post to see what inputs people smarter and experienced people have.

Thanks.

What's the demand for land in your area? How did the seller find you, what are their motivations? What if the seller has reached out to developers/builders already and no one wants it... that's why they are so "motivated"?

Seller has no job.  Lives off on income from two houses in the same area inherited from her dad.  Has problem is paying taxes.  Each house has a tax bill of $19000.  This empty lot has tax bill of $2400.  Good questions, appreciate your inputs all.