20 years ago my husband bought 23 acres in Glen Spey close to Port Jervis, Sullivan County. It's undeveloped and we just didn't end up doing anything with it , except paying the property taxes every year. However, the other day I realized that over the years we have paid 60K in taxes and counting for this land.. if I could make more money selling it subdivided maybe that's what we should be doing, but I don't have any experience with the procedure.
A realtor told me that she would list the land for 65K. We paid 40K for it ourselves 20 years ago, so in reality we have 100K in. What would you do? If someone has an idea on how to maximize value for these acres, would you be willing to partner with us to do the work and split the profits? Appreciate any ideas.
@Anna Johnson what was your plan when you bought it ?
My father in law and husband bought it as an "investment" 20 years ago speculating that once Sullivan County gets a casino permit business would be booming.. here we go the casino is finally being built but I don't see the area turning around any time soon.. I would prefer to have the money to invest in a multifamily in the area we live in, closer to NYC.
Check out this resource for info on subdividing: landflippers.com
thank you Yonasan
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