Im wondering what to do with a parcel that I am looking at acquiring. I reached out to the city over some building restrictions during my due diligence and they got back to me saying that. my lot was zones Single family residential. Which is fine the issue im having is the parcel i am buying (as well as all others on the same street is 60 x80 feet. The city says the minimum lot to build is 60 x 100ft. Im 20 ft short. and so is everyone else. What would you do in this situation? the county valued is in the 25k range and i am able to acquire it for around $4000 maybe less when i mention this to the owner. HELP!!
- instead of buying now, offer to put the lot under option for a small amount of $, then see if you can buy the adjoining lot(s) for a price that works out so that you end up with enough area for building
- or, just buy it as cheap as possible and look for the next person who doesnt do proper due diligence… this seems all too common in the land business.
the county valued is in the 25k range and i am able to acquire it for around $4000 maybe less when i mention this to the owner.
The county’s valuation means very little (if anything) as it pertains to it’s actual market value. I would try to forget this number, if you can. Figure out what it’s value is based on comps in the area: https://retipster.com/valueofland/
The city says the minimum lot to build is 60 x 100ft. Im 20 ft short. and so is everyone else.
You could try to ask the municipality for a variance of some kind. Of course, there’s no guarantee this would happen, so it would be risk you’re taking on. Given that risk, you could make sure your offer is very, very, VERY low (so low, that the property is still a good deal for you, even if you can never build anything on it).
If the inability to build a house makes the property worthless, then don’t buy it.
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As was suggested earlier, option very low and acquire adjoining parcel is one option. The other Seth spoke about is a variance or see if you can lock up several and then go for a rezoning for ‘tiny homes’ designation. I don’t recall if all the parcels were affected was this due to a road widening project by the county/City? If this was how they were platted, you might be ‘grandfathered’ in. You need check on the dates of the Plat and the dates of the creation of the ordinance. That might be a loophole. The need for creativity is key. What other uses are available to you other than Single Family in that zoning category?
@ramrodd The lot could be grandfathered in. Call the zoning department and ask about the date of the last zoning ordinance and see if the platting of the lot pre-dates that. If so, the lot is buildable.