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Old 09-10-2009, 08:47 AM
 
48 posts, read 89,184 times
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The lot in question is slightly smaller than a standard Chicago lot, approximately 25'x100' and priced at $130,000. It is near the Logan Square area of the city. Are the prices of vacant lots as negotiable as a brick and mortar property would be?
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Old 09-10-2009, 09:21 AM
 
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Depends on the seller. Of course, everything is negotiable. Decide what your top price would be, then reduce it to give yourself some negotiating room. Land is particularly hard to value in economic conditions like this.
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Old 09-10-2009, 09:42 AM
 
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The keys to purchasing anything that has only "potential value" are to understand why the seller wants to part with it -- if they have some vague inkling that maybe it could be developed they will probably have an unrealistically high price.

If they tried to develop it and ran into too much red tape / had too little clout they may be a bit more willing to part with it, but they may also be hoping to hook up with a clout heavy development partner and still hold dreams that they'll make out like a bandit.

If the seller is motivated to sell the property perhaps a good price is within reach, though the value would still depend largely on your ability to develop the parcel or pay the taxes on it long enough for the value to climb...


Lots of risk.
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Old 09-10-2009, 09:46 AM
 
Location: Logan Square
1,912 posts, read 5,418,036 times
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How does the price compare to comps in the neighborhood? I believe that commercial lots will sell for less than those zoned for residential purposes so keep that in mind. If it is priced equally to larger residential lots then you should certainly have some wiggle room, but, in the same breath, the seller can always claim that this lot is in a more ideal area and deems the higher price.
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Old 09-10-2009, 10:00 AM
 
Location: Wheaton, Illinois
10,261 posts, read 21,648,605 times
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A prairie?
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Old 09-10-2009, 08:40 PM
 
Location: Chicago
146 posts, read 465,996 times
Reputation: 82
Be prepared to come up with more money for a down payment since it is vacant lot. With home construction loans tough to come by vacant lot loans are sometimes even more difficult to finance.
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