I'm aware of a 4 acre piece of property on the bay zoned for 4 units per acre. This parcel is off of Chat Holley. It has over 300 ft on the water. There is one very small piece of wetlands on the property. It will not effect the density. I believe you could put 4 bayfront lots and 12 interior lots on this parcel. Asking price: $2.5M. What do you all think about that?
-
Trouble logging in? Send us a message with your username and/or email address for help.
-
Hello all! We will be performing a website & forum update soon. You may get logged out so now is the time to make sure your email address in your account is correct - go to your account to check it and update it now. Send us a message with your username and/or email address if you need help.
Bay Front Multi-Family For Sale
- Thread starter Spencer
- Start date
From what I've seen, access shouldn't be a problem. I guess you could but 6 bayfront lots if you wanted to make them 50 ft each. That would leave 31 feet to make a dock for the interior lots to use. Lets use a low number like $400K for the 6 bayfront lots. That almost pays for the property upfront and you can either sell the interior lots right away or just sit on them until things get better around here. There is also a brand new seawall already in place.
Smiling JOe
SoWal Expert
There is the little matter of sub-dividing and infrastructure. Infrastructure costs shouldn't be of great concern, but the sub-dividing may prove to be, no matter of the zoning.
Smiling JOe
SoWal Expert
I think the buyers whom would be attracted to the property are tight on cash and scared that they couldn't get the lots sold quickly enough. Lets say that infrastructure costs are $500K. Spread over all the lots, that is still not too high of a price, but add brokerage fees and that infrastructure costs, and time in the county splitting lots, I think the developer would have to sell those water front lots at $650K each, to make the profit for which they look. It will be a while still before they move any of the interior lots, so they need to be able to pay it off by selling the waterfront, and I don't know too many people willing to part with $650 right now for Bayfront lots. Let me know if any of you are willing to do so, and I can point you to three nice, deep (ranging from 215' to 320' in depth) Bay front lots located in a great area of SoWal, for less than $600 each. You just need to know how to look for them. ;-)Spencer said: