I own a nearly one acre parcel that has a single family home located on it that is rented. The home is in a small town, Clarkston, just outside Atlanta. The property can be subdivided for two additional parcels for single family development. The area has low home values due to the low to moderate income population of the community. I am looking for some input on the best way to separate out the parcels and either sell the parcels or joint venture with someone to get the property developed. Any ideas BP'ers??
More details: 40,000 sf parcel, 1300 sf single family home on one corner of the property, mixed area of single, duplex and townhouse units. Original purchase price was $150,000 ten years ago. The mortgage balance is around $110000, rent on the existing 2 bedroom/1 bath SFR is $825/mth. I don't have the time to work on it due to a very demanding day job. I would consider selling the property outright and am open to other options. Looking forward to your ideas.....
How much are 10k to 15k SF lots selling for? Any new construction in the area?
@Cheryl Grover I'm not too far from Scottdale. I don't believe it's time for new construction in that area.
However, PM me and I'll connect you with an agent who lives and invests there. He'll be able to connect you with buyers when the timing is right.
Hi Jon: there is only one similar sized lot listed in the area, in a town adjacent called Tucker. The lot is listed at $25k. There is no new construction in Clarkston. thanks for your questions....this was my first post so I wasn't sure what other information might be helpful...
@rickbaggenstoss: I sent you a connection request, would love to talk to a knowledgeable agent in the area.....thanks for responding...
If there is no other new construction, there likely is no demand for new construction. Also, your current mortgage includes the two lots you'd like to separate, and that would require the bank that holds the mortgage to release them from the mortgage.
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