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I am looking at buying 575 acres near a site where an airport will be going in. Any opinions on how this airport will affect this land? Airports usually will cause nearby houses to depreciate in value, but this is raw/untouched land. Is this a wise investment? Should I buy this land and develop it for commercial use? Or buy it and sit on it?
Currently what is the property zoned as?
Will the city allow you to rezone the current property?
What is the purchase price?
Do you have enough down to cover the loan that you will be requesting?
Some very good ideas near and around an airport:
Gas Stations, Hotels, and convience stores.
Great idea from Sacramento was that they built the airport in the middle of farm land about 15 minutes from Downtown Sacramento. Nothing was around the airport except farm land for about 3 years and now builders are beginning to build near it. Sooner or later people who bought there 500,000 home underneath the flight path will complain about the airport and more ordinances will be created. Til than I will enjoy this medium city living and I say medium because I grew up in San Diego and Lived in Los Angeles Area for 5 years so I know the difference between big city and medium city life.
If you need help with these purchase please email me and I would like to help you or at least give you some financial advice.
Seems like a good idea. Think about all the commercial development possibilities - hotels, car rentals, etc. I like the possibilities.
Hotels, Hotels, Hotels. Either purchase into a franchise or call up a franchise and tell them your going to be developing the land they will either find one of their other franchisee's or make it corporate owned. That way you start developing to their specs.
Also anything that can keep travelers in the airport area and not venture off into the city.
I would purchase it, then have plans approved by the city for strip malls and hotels. Then shop it to companies, would not hurt to purchase a franchise of something yourself and take advantage of the situation.
Just my $0.02
Ok, I'll be the jerk. If you are asking on BP about buying 575 acres near an airport, then you probably shouldn't.
How much is the land?
Thats funny David, but you do have a point.
It could be the greatest deal ever and it could be a pit. Hard to say with such little info on the details posted.
If this is where I think it is then most likely YES. I have a feeling that I am in the same area as you. I own lots of land there, I know the area extremely well.
You should really talk to me before making any final decisions though.
Big government projects like airports can take years longer than anticipated.
It is not uncommon to see investors who think they have gotten in early and picked up a huge deal run out of money as the development they were counting on near their property takes way longer to happen then they thought.
The DRI process alone can take years and it only takes a small group of citizens or an environmental group to bog this down even longer.
I'd pursue option contracts with clear language to extend the option for many years in situations like this.
What type of airport?? (regional or small commuter, freight only, etc)
People, if you look at the date of the original post, it was over 3 years ago, little chance to get a response from the original few posters.
good point! I hadn't noticed that.