Large Testers Lot

Posted on Friday, September 9th, 2011 at 1:30 am

Has any subdivided land? If so, how do you believe the market is right now?

I'm looking at buying a large parcel of land and it's about 5 miles from some really great amenitites. It's also only a few hours from a big city. I've been looking for 2 years and feel this is a good buy. No floodplains or wetlands, no covenants, I've gotten estimates from a surveyor, paver to put a road in, a soil tester to test each of the lots to make sure they are buildable, an electric company will soon give me an estimate. I'm pretty sure I can make some really good money doing this, but my question is...what are some other's opinions who are familiar with real estate and subdividing thoughts on how risky is the real estate market right now?

I personally bought some land two years ago at a great price and sold at a great price, so I'm some what familiar with this on a smaller level.

Thanks so much for all the replies I hope to get

Stephanie

You need to get whatever local jurisdiction this land is in approve the subdivision. This is usually done by a city or county planning commission. Go to the counter at the planning department in your city hall or county government building and let them know you want to apply for a subdivision (also called a lot split). You will have to pay a fee, and present your case before the planning body. If the planning body rejects your subdivision, you can appeal to the city council or county board of supervisors. As to the timing, this is not the greatest time to do real estate deals from a seller's perspective, but if you can buy the land cheaply, you can hope that the real estate market will have turned around by the time you sell your lots.