Empty Lot next to a property

Buying & Selling Real Estate
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Empty Lot next to a property

Eli M.
Investor · Brooklyn, NY · Member since 2014 · 231 posts · 12 votes

Dear BP family,

I was wondering, what are your thoughts about empty lots next to your property, is it a risk factor for your property? Also, how can I find out what's the history of that lot? I am just thinking if they will start building there something, it might destroy my property, or maybe there are underground waters, so they kept that lot vacant? (there're two empty lots on the block).I am about to sign a contract for a property in west Philly (19139) and I see on google maps there's an empty lot adjacent to it, maybe it's not there anymore because the pictures are from August 2019.

Thank you all in advance, 

Eli

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  • Kerry Noble JrPro Member
    Investor · Indianapolis, IN · Member since 2018 · 2k+ posts · 1k+ votes
    6y

    if you feel it could be a liability.....buy it....check the county assessors site to see the history on it....the property card will hold the previous transactions

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  • Pat L.
    Rental Property Investor · Upstate, NY · Member since 2012 · 3k+ posts · 3k+ votes
    6y

    For us they have advantages.

    We picked up a duplex foreclosure with a much larger empty lot next door & although part of the sale it was on separate title & it is the ONLY parking available for the duplex tenants. 

    We then sold the duplex contract-for-deed & the buyers attorney filed it with the county BUT forgot to include the vacant lot as part of the sale. The buyer & his attorney are now trying to short change us $5k on the sale. So we're probably going to concede as we did make a lot of cash from it (as did he from rental income) plus we're tired of the back & forth. BUT that empty lot is NOT going to be transferred at the close so ours may have an interesting $$$ resolution.

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  • Mayer M.
    Investor · Cherry Hill, NJ · Member since 2016 · 860 posts · 324 votes
    6y

    @Eli M.

    Not a risk factor, there’s a lot of empty lots in Philly

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  • Kevin MoyerBusiness Member
    Property Manager · Philadelphia, PA · Member since 2019 · 270 posts · 301 votes
    6y

    @Mayer M. is mostly right in that there are tons of empty lots  in Philly. I disagree, however, in that it is a disadvantage in some ways. I have two investment properties with empty lots on one side.

    Trash accumulates and people dump there. Mattresses, construction material. Dog gifts. It will be an eye sore. People use it as a walkthrough area  if it leads to an alley or street. With more foot traffic comes more trash.

    If you’re looking at a rowhome- an entire side of your building is now exposed to the elements 24/7. There is a protective value from being butted up against an adjacent townhome. 

    it’s also not as simple as others suggested “just buy it” or “develop it”. Many lots in town are owned by the city or redevelopment authority. And unless you’re a healthy campaign donor to the right city counsel member you probably won’t be able to just purchase the lot. Check the atlas records to see who owns it.

    Should definitely not be a deal breaker. It’s far better to have a vacant lot than a vacant property next door...just things to consider 

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  • Mayer M.
    Investor · Cherry Hill, NJ · Member since 2016 · 860 posts · 324 votes
    6y

    @Kevin M.

    I’d agree that illegal dumping is the biggest concern.

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  • Joshua Rice
    Member since 2020 · 20 posts · 5 votes
    6y

        You could always look up who owns the land "parcel" next to your property and ask if they have any plans or better yet if they would want to sell. Google "county Name", pa parcel viewer

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