A question about selling lots (for sale, real estate, foreclosure)

[yellowsky]

I welcome the opinion of anyone with experience selling lots in the area.
Is it worthwhile paying to have the lots cleared? We have lots that are very overgrown with Peppers and I wonder if clearing them out would make the lots more appealing to potential buyers.

[TamRE]

It probably would not pay to have them cleared. Very few of my buyers that are purchasing lots require them to be cleared. Many are investors and are just purchasing them at low prices and will hold on to them for several years. Those that are buying to build, don't necessarily care if it is already cleared. They are more interested in finding the lot they want in the location they want - cleared or not. Although being cleared is a plus, it will not make a break a sale in most cases.

[Harbor Hopper]

Waterfront, YES. Non-waterfront, absolutely not. Cost to clear a standard 80x125 lot is $600-2,000, which is a substantial cost to sell a $6,000 lot, however, it might make sense if you're trying to sell a $50,000 canal lot. But remember, price sells!!! If you're completely unrealistic on price and still think it's 2006, nothing will help sell it besides reducing the price.
I'm actually clearing my waterfront lot next week to aid in selling.

[Messing About]

Are you, HH? I think of you every time I pass that lot. Subaru Jim bought a mostly cleared foreclosure waterfront lot last summer for 25k. One of my neighbors on my street bought the waterfront lot next to him, had it cleared and it's beautiful for all of us to see now. It's like having a little park next to his house. He put in churning, landscape lights, new palms, etc. Nice. He paid 30k earlier this year.

If I had any lot to sell, I'd first market it to the property owners next door to it. If they weren't interested, I'd clear it myself to make it more attractive the all of the jungle lots nearby.

[yellowsky]

Thanks very much for all of your considered opinions.
I take your point about cost and return on investment if it isn't a waterfront lot, HH.
We would like to make the lots look a little better than the surrounding scrub so we may cut back into the lots just so they don't look like a Brazilian (Pepper) jungle. I think it we will be doing this ourselves, Messing About. Maybe it will help but I am not convinced and the work is a bit arduous.

[mr&mrssunshine]

if you don't have to sell,hang on a bit...land is still going up

[Travelassie]

Just my two cents here about clearing lots. I read somewhere years ago ( think it was on the Charlotte County government site) that once a vacant lot was cleared, the county requires the lot to be kept cleared. I can certainly see the value of clearing a lot that one has for sale, waterfront or not- because there are a number of uncleared ( some waterfront and some not) lots in this neck of the woods that have been listed for sale for eons, with nary a bite as far as I can tell. In some cases they're asking too much money and that may be the reason.

We've got two undeveloped lots adjacent to the property we built our house on- we've combined it with the developed property, ( was registered as separate property with the county prior to our becoming permanent residents here) and keep the ground cover cleared, left the trees there and plan to make it a little "park" next to the water. It's definitely pricey to clear the property initially, and it grows back quickly, especially in the summer, so you really have to keep up with it to keep the jungle from overtaking the place again. We pay the guy who cuts our lawn a little extra to keep the vegetation down and he does a good job.

[yellowsky]

Originally Posted by mr&mrssunshine

if you don't have to sell,hang on a bit...land is still going up

Well, I am glad to hear it and I hope it proves true. We are listing the lots and would not mind just covering costs in a sale but it may be a while as there are just so many lots on the market.
Travellassie, I believe that you are correct about the County rules for keeping the lot cleared however there are so many in our area that have been cleared and then let to overgrow that I don't think they enforce it.

[RexLan]

Originally Posted by yellowsky

I welcome the opinion of anyone with experience selling lots in the area.
Is it worthwhile paying to have the lots cleared? We have lots that are very overgrown with Peppers and I wonder if clearing them out would make the lots more appealing to potential buyers.

You will never recover the cost of clearing or mulching the lots. If you want to sell then list them otherwise let them sit idle.

SOME lots are selling but nothing like the hay-day of years past. Good lots will sell and marginal lots will sit. If you bought at 2004-2008 prices you will not recover that ... maybe for another 10 years.

Beware of shopping agents to get values you want to hear. Get the facts and then decide if it is acceptable before you decide to sell. Any agent worth their salt can give you the comps in a matter of minutes.

I sold 3 lots last month very quickly and have one that has sat for a year .... just depends on location.

[chuckycheese]

Nobody who reads this post knows what real estate prices will be like in 10 years.