[Update] Land Development.

[NoShangriLa]

Has anyone here has experience in dividing their lot or small subdivision development?

Please suggest me some good books/links on subdivision laws/financial/civil plans.

Thanks

--------------------------- [UPDATE]--------------------------

My family own a nice piece of property for almost 20 years and now new subdivision developments are encroaching around it. Recently a developer contacted us asking if we are interested in selling it. For the past 7-8 years there has been several thousand houses sprouted within a mile radius or my family property.

Is there a formula to calculate the value of my family property?

Is there away to search for selling price history of various properties around your property?

Should I consult a few realtors to find out what my property worth?

<-- Mom own the property & I have the power of attorney.

 

[NoShangriLa]

up

 

[chambersc]

Check your local government's website. You should be able to see your proptery value for any address you lookup. At the very least, I would talk to a few realtors to gauge the market. Are you generally interested in selling if the right price is listed?

 

[NoShangriLa]

Originally posted by: chambersc
Check your local government's website. You should be able to see your proptery value for any address you lookup. At the very least, I would talk to a few realtors to gauge the market. Are you generally interested in selling if the right price is listed?

We are interested in selling it if the price is right, but our family isn't in any hurry to off load it because it isn't hurting us for money.

Or, should we tell the developer to go away and not wasting anyone time because we are going to hold it longer as an investment.

And thanks for the head up.

 

[MikeyIs4Dcats]

Originally posted by: chambersc
Check your local government's website. You should be able to see your proptery value for any address you lookup. At the very least, I would talk to a few realtors to gauge the market. Are you generally interested in selling if the right price is listed?

tax valuation is NOT market value. The 2 rarely are even close, unless a property was just sold in the last year.


OP, contact a realtor in your area and ask them for comps in your area. Ultimately, if you have an interested party, it is worth only what they are willing to pay for it. That may be beliow or above market value, although with the softening housing market, I wouldn't expect a higher number unless there is something making your land more desirable.

 

[chambersc]

Originally posted by: NoShangriLa

Originally posted by: chambersc
Check your local government's website. You should be able to see your proptery value for any address you lookup. At the very least, I would talk to a few realtors to gauge the market. Are you generally interested in selling if the right price is listed?

We are interested in selling it if the price is right, but our family isn't in any hurry to off load it because it isn't hurting us for money.

Or, should we tell the developer to go away and not wasting anyone time because we are going to hold it longer as an investment.

And thanks for the head up.

Well now, this is THE eternal real estate question. Do I want to unload now because I feel that the market has peaked or should I hold out for more money later. If you choose incorrectly, you'll lose out on a lot of money.

I would talk to a realtor who's familiar with the area and get their opinion.

 

[NoShangriLa]

Well now, this is THE eternal real estate question. Do I want to unload now because I feel that the market has peaked or should I hold out for more money later. If you choose incorrectly, you'll lose out on a lot of money.

I would talk to a realtor who's familiar with the area and get their opinion.

The market price has risen 98% in the last five years in the area (Greater Victoria/South Vancouver Island), and 2006 gain is 14% in the west coast Canada and is expected to grow an additional 5-7% per year till the year 2011.

Is it wise to hold on to the property an additional 2-3 years or should we unload now?

OP, contact a realtor in your area and ask them for comps in your area. Ultimately, if you have an interested party, it is worth only what they are willing to pay for it. That may be beliow or above market value, although with the softening housing market, I wouldn't expect a higher number unless there is something making your land more desirable.

I don't know what make our property attractive, but currently there are 2 subdivision developments near the property (one project is adjacent and the second project in directly in front of our property) that total to almost 500 acres.

 

[HomeAppraiser]

Hire a real estate appraiser who has experience valuing subdivision developments.

 

[Kanalua]

This is a pretty complicated issue, I would discuss with a good property attorney...