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Old 11-20-2017, 02:33 PM
 
30 posts, read 12,601 times
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Quote:
Originally Posted by Brandon Hoffman View Post
I recommend you finding a local real estate expert and consulting with them on it. They'll be more familiar with your risks.
We met with a local realtor when we were scouting out the area. She said worst case scenario is that we lose the money we paid for the lot, though I can't imagine a scenario where that would happen. But it would be something of a blow if we couldn't sell our home in twenty years time and use that equity for retirement. Not a killing blow, but it would still blow. LOL.
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Old 11-20-2017, 02:36 PM
 
30 posts, read 12,601 times
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Quote:
Originally Posted by oregonwoodsmoke View Post
I don't know anything about that area.

My feelings about a house way out in the beautiful mountains is that I would be happier to not be able to see any neighbors. So I wouldn't be sad if none of the other lots sold. In fact if the lots aren't selling, I might try to get a bargain on the lots to either side and in back of me to keep neighbors away.

Then I would plant a couple of rows of blue spruce on the outer property lines for screening.
Haha, we'd do that if we could afford it, but that's a bit rich for our blood. Excellent idea though, and believe me, we have thought about how nice it would be if nobody else bought for a few more years.
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Old 11-20-2017, 02:39 PM
 
30 posts, read 12,601 times
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Quote:
Originally Posted by luv4horses View Post
The important thing to me is what infrastructure is shared by the lot owners. Water? Sewer? Roads? If those are all public, then if I liked the lot for that price I would buy it. But, you don't want to have just a couple of lot owners responsible for paving the road or keeping the community well going.
Because it's in town, it's on city utilities such as water and sewage. Right now the two families who live there pay a private company to collect garbage and plow, as I understand it.
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Old 11-20-2017, 02:41 PM
 
30 posts, read 12,601 times
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Quote:
Originally Posted by unbalancedwood View Post
How much is the maintenance and insurance on the GIANT rock entrance security guard?
That's a good question! Would there be either on a giant inukshuk? I guess some punk kid could come and tag it in neon orange paint, but it's a pretty sleepy little town. Nobody is pushing that thing over, that's for sure.
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Old 11-20-2017, 02:43 PM
 
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Quote:
Originally Posted by jackmccullough View Post
That's a beautiful sight and a great inukshuk. I'd be most interested in how close this is to the nearest city, public services, etc.
It's right in town, so it has it all. WE ARE VERYYYY TEMPTED.
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Old 11-20-2017, 02:44 PM
 
30 posts, read 12,601 times
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Quote:
Originally Posted by elhelmete View Post
I have seen this work where a developer "overshoots" an area by overpricing or a recession hits and he goes belly up...remaining lots sit empty for a while. The the market recovers or new developers price it reasonably and new buyers get the same lots for a fraction of the first buyers.
That's about where this development is situated at present. The question is, will this particular development ever recover? The developer is betting a couple million that it will.
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Old 11-20-2017, 02:50 PM
 
30 posts, read 12,601 times
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Quote:
Originally Posted by mSooner View Post
My parents bought a lot in a development that had a story similar to this--started shortly before the crash, only 2 homes out of the 20 were built, developer went bankrupt, etc. 3 years ago the bank started selling the lots and my parents got in early. At this point, the entire neighborhood is built out. However, the HOA is a disaster in a neighborhood that size.

It might not be bad, but I'd definitely check into the HOA (if there is one) and any potential legal ramifications.
I honestly don't think there's such a think as an HOA here, at least in the way Americans think of it. The developer has building and living guidelines, and there are bare land strata fees (nothing crazy).

Your parents' situation is exactly what we wish would happen to us, if we have the nerve to move ahead with the deal!
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Old 11-20-2017, 02:55 PM
 
30 posts, read 12,601 times
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Quote:
Originally Posted by MikeJaquish View Post
OP states that the lot is in town, and all services are in place.

OP,
Is the lot an "amazing deal" because the price is very appealing in comparison to other lots on the market outside the development?
Or, is it only because it is heavily discounted from the development's peak pricing?

If the former, I could be interested in such a deal.
If the latter, I would think it would be much less appealing.
(But... Too much snow for me. )

What protections are there that future homes, if/when built, will support the cost and value of your dream home?
Zoning? HOA and Deed restrictions?
"The pioneers get the arrows." IOW, you have a lot of risk building in the first wave. If you can be certain to some degree that you will not end up with your dream amongst a scattered mess of shacks, the risk may be palatable.
It's an amazing deal for what you get, compared to other lots for sale in the surrounding area.

We're planning on snowbirding in AZ, so no snow for us either! We could possibly even rent it out for the winters, which would be rather handy.

The developer has many stipulations on what kind of and how the houses can be built. They definitely are going for a unified look, and building plans have to be okayed by the developer. Though with the dearth of buyers, you'd think they'd be willing to working with a potential owner. There definitely won't be any shacks or mobile homes, though.
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Old 11-20-2017, 02:58 PM
 
30 posts, read 12,601 times
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Quote:
Originally Posted by SmartMoney View Post
Is there an HOA? If yes, 3 lots (assuming you buy) will carry the weight of the subdivision. I just looked back up at the OP and saw this is in B.C., which I know nothing about. (I was getting ready to tell you what language in your HOA doc to look up, but it may not even apply).

Unless it is significantly less than other homes, I would not take the chance.
Thanks for the honesty. It's not necessarily less cost than other lots in the area (of which there aren't many), but it offers so much more bang for the buck.
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Old 11-20-2017, 03:04 PM
 
30 posts, read 12,601 times
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Quote:
Originally Posted by oceangaia View Post
Who told you the legal issues are all settled? Hopefully not the person trying to sell you a lot.

For whatever reason, a slew of the legal documents are available online. It's a fascinating read of the twists and turns all the involved parties endured for the last eight years. The court chose the present owners (who were also one of the original owners lo those many years ago), the lawsuit was settled, monies changed hands. We also found out there were a couple of other potential buyers at the time, so even if these guys don't make it, it seems others would likely be there to pick up the pieces in their place.
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