U.S. CitiesCity-Data Forum Index
Happy Easter!
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 06-23-2018, 10:10 PM
 
Location: Albuquerque, NM
1,390 posts, read 2,429,428 times
Reputation: 2371

Advertisements

Will we sell in the future?
- Yes. In probably 7-9 years

Might we want to develop the remaining part?
- Probably not. Covenants restrict it from being split off as a separately deeded lot. We discussed building a casita but weren't really sure we'd get that much use out of it. Could put a carport/garage back there. Either of those items would involve different landscaping infrasructure (putting in a gravel drive to the rear). Opted instead to save that money to put toward purchase of the eventual 9-years-from-now house. This is when the orchard idea popped up. It would give some purpose to the wasteland but keep us from having to actually landscape it.

Will we later regret it?
- I only see two potentials for regret: (1) if the neighbors buy the land but for some reason never build the pool and its wall; or (2) if 9 years from now all potential buyers are turned off at the thought of a pool 40-ft behind the house.
Reply With Quote Quick reply to this message

 
Old 06-24-2018, 08:48 AM
 
984 posts, read 283,805 times
Reputation: 1440
As you say, it's not comparable to a buildable lot. It could be interesting to see what houses with your current size lot are selling for and what houses with the lesser size lot are selling for.

I'm imagining grandchidren and other children in the pool.

BUT I have a motto which works on many levels. Better safe than sorry. Personally, being content now and not being able to know what would truly become of the portion you sell, I wouldn't sell.
Reply With Quote Quick reply to this message
 
Old 06-24-2018, 12:44 PM
 
Location: Brentwood, Tennessee
39,097 posts, read 37,751,245 times
Reputation: 73795
Quote:
Originally Posted by jakabedy View Post
We decided to float the price of 35K to them to see if they're even interested enough to offer a counter.
Have you spoken to the city or a real estate attorney yet????

If not, you are really jumping the gun.
Reply With Quote Quick reply to this message
 
Old 06-24-2018, 03:22 PM
 
Location: San Francisco Bay Area
4,163 posts, read 2,165,353 times
Reputation: 8097
Quote:
Originally Posted by jakabedy View Post
Will we sell in the future?
- Yes. In probably 7-9 years

Might we want to develop the remaining part?
- Probably not. Covenants restrict it from being split off as a separately deeded lot. We discussed building a casita but weren't really sure we'd get that much use out of it. Could put a carport/garage back there. Either of those items would involve different landscaping infrasructure (putting in a gravel drive to the rear). Opted instead to save that money to put toward purchase of the eventual 9-years-from-now house. This is when the orchard idea popped up. It would give some purpose to the wasteland but keep us from having to actually landscape it.

Will we later regret it?
- I only see two potentials for regret: (1) if the neighbors buy the land but for some reason never build the pool and its wall; or (2) if 9 years from now all potential buyers are turned off at the thought of a pool 40-ft behind the house.
Thank you for responding.

Since you plan to sell in 7-9 years, your lot as currently configured has a great deal more value and potential to a future buyer. Your property will stand out among others. I would not sell off part of the land, even if you are given the go-ahead to do so.
Reply With Quote Quick reply to this message
 
Old 06-24-2018, 04:55 PM
 
Location: Albuquerque, NM
1,390 posts, read 2,429,428 times
Reputation: 2371
Quote:
Originally Posted by BirdieBelle View Post
Have you spoken to the city or a real estate attorney yet????

If not, you are really jumping the gun.
Yes. I have. And an experienced area realtor. Attorney and realtor advised it’s doable, but to first see if the neighbor is even still interested given the value of the land. If it’s a non-starter for the neighbor from a cost perspective, there’s no need to officially do any additional work.

Re the value of the home being greater with the land intact: of course there will be a slight decrease in assessed value with the smaller lot. But subjectively, I don’t know. Possibly. To someone who sees value in raw scrubby land for the sake of possessing raw scrubby land. If someone wanted to invest in construction of a casita, or a shop/garage, or even a pool, then it could definitely have appeal. Or a gardener. To somebody like me, who doesn’t have construction plans, it just seems like a lot of wasted space with no relationship to the house. For us, they patch of dirt was something we bought the house in spite of. It’s important for me to remember that many folks could consider that patch a feature and not a bug.

Re the value of a similar home in a smaller lot, we get back to the area being the definition of apples and oranges . . . and bananas. My street of 9 lots has three 1950s standard ranches in various sizes and stages of updating (one with a pool and a tennis ct). , a 1930s Pueblo style that has had really nice additions done, a nondescript 1980s box, a ca. 2010 large upscale tiled roof place with manicured gardens but only 2BR, my largely original 1954 MCM, and the empty lot.

ETA: swimming-pool-desiring neighbors have no kids or grandkids. It that doesn’t mean they won’t sell to someone who does.

Last edited by jakabedy; 06-24-2018 at 05:14 PM..
Reply With Quote Quick reply to this message
 
Old 06-24-2018, 05:01 PM
 
15,833 posts, read 18,465,933 times
Reputation: 25622
Quote:
Originally Posted by jakabedy View Post
This just came up, so I haven’t had a chance to talk with anyone from the city, or a RE agent or appraiser, etc. I’m looking for input from anyone who has had experience with this:

Neighbors want to put in a pool, but don’t have room on their .3 acre lot, which is mostly house. We have a lot of wasted space on the back of our .42 acre lot. They would be interested in a strip across the back, which would leave us with .33 acre, which is just a touch larger than the lot on the other side, which is for sale and the last unbuilt lot on the street. Rear setback would be fine with the new lot dimensions (41’ to rear property line), and we’d still be in line with other lot sizes on the street. None of our utilities run through the strip. We have some general covenants on our street, but no cumbersome HOA, etc. we wouldn’t have to figure out how to landscape that barren back section. It seems like a match made in heaven, but I have homework to do, as follows:

1) We have a mortgage on our property, but have enough equity that we shouldn’t be impacting the collateral with this action. However, I’m sure something has to be done with the mortgage company to get approval to change the deed. Will it be a full refinance, or something less than that? We would be fine with putting the proceeds of the sale directly toward the mortgage.

2) Who runs a process like this? A surveyor? A real estate attorney? A title company? Is it possible to DIY?

3) How to value the land? It wouldn’t have the value of a buildable parcel. Would there be an appropriate percentage of the going rate of a buildable parcel in the same neighborhood? i.e., is the value per square foot 80% of the value of the buildable lot next door? 50%?

I appreciate any input/advice you may have.
It seems to me that you do not own your property, that you are buying it.....so you cannot sell portions of what you do not own.

Beyond that.......it is ludicrous to get involved in something so full of liabilities and legal issues without knowing anymore than you do about proceeding.

For instance.....your equity......which is based on your original lot size......none of your ideas are logical imo. I think that you are sabotaging your home value......which always appreciates.....so look to future values also. I wouldn't even consider it.

Tell your neighbors to buy a portion of the unsold lot on their other side. Or sell their home, and buy the larger lot.

Last edited by JanND; 06-24-2018 at 05:15 PM..
Reply With Quote Quick reply to this message
 
Old 06-24-2018, 05:21 PM
 
Location: Albuquerque, NM
1,390 posts, read 2,429,428 times
Reputation: 2371
Quote:
Originally Posted by JanND View Post
It seems to me that you do not own your property, that you are buying it.....so you cannot sell portions of what you do not own.

Beyond that.......it is ludicrous to get involved in something so full of liabilities and legal issues without knowing anymore than you do about proceeding.

For instance.....your equity......which is based on your original lot size......none of your ideas are logical imo. I think that you are sabotaging your home value......which always appreciates.....so look to future values also. I wouldn't even consider it.

Tell your neighbors to buy a portion of the unsold lot on their other side. Or sell their home, and buy the larger lot.
Notes taken and understood. To clarify, my house is between the neighbor’s house and the vacant lot. The neighbors don’t want to build. They have considered (are considering) moving somewhere that already has a pool. They just haven’t seen anything that suits their desires and budget.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top