Creek? (insurance, house, to buy)

[jetdoc3037]

I love how the ad for our home worded it as 'waterfront'. And how it had a creek in the back property....I mean seriously it looks like its 2' across and maybe that deep. I'm used to creeks that are flowing water, like a stream....(we are not in a rated flood zone but we did get flood insurance regardless).

I would assume it being a creek it runs into a larger body of water but I still though it was interesting wording.

[blare246]

We own 2 lots and had the opportunity to buy a third one (to have 3/4 acres of land). The seller was asking for an insane amount of money because it was a "partial waterfront." You guessed it...a tiny canal ran across part of it. He wouldn't come down in price (even though he was asking for several thousand more than the comps). A developer eventually bought it and there's a house in the midst of construction right now.

[vacoder]

Originally Posted by blare246

We own 2 lots and had the opportunity to buy a third one (to have 3/4 acres of land). The seller was asking for an insane amount of money because it was a "partial waterfront." You guessed it...a tiny canal ran across part of it. He wouldn't come down in price (even though he was asking for several thousand more than the comps). A developer eventually bought it and there's a house in the midst of construction right now.

Did the seller get their price?

[blare246]

According to Zillow, he did. He was asking for $18K, when comps were in the $10K-14K range.

[vacoder]

Originally Posted by blare246

According to Zillow, he did. He was asking for $18K, when comps were in the $10K-14K range.

Then he was correct and the comps were not comps. If a developer bought the land the developer would surely know what other lots were going for. The developer opted for his lot over others. Maybe he saw value there.

Not trying to give you a hard time. I just happened to be getting bashed in another thread by realtors over comps. They pull the info from MLS listings and public records and say this is the value of your property. In reality things are not always that homogenous. The last two homes I sold were well above the realtor's comp yet they sold and sold quickly. The reason being was that the comps were based on a very generic formula and did not take into account market appeal for a specific taste.

[blare246]

For the record...I'm assuming it was a developer who bought it. It could have been an everyday "someone." All I know is that there's a house going up on the lot and that it was purchased for $18K (per Zillow...which could be incorrect). Sorry for the confusion/misinformation.

[vacoder]

Originally Posted by blare246

For the record...I'm assuming it was a developer who bought it. It could have been an everyday "someone." All I know is that there's a house going up on the lot and that it was purchased for $18K (per Zillow...which could be incorrect). Sorry for the confusion/misinformation.

Well you could look at it this way. Maybe your lots are worth more than you think. You have a next door comp saying so

[blare246]

True. But it doesn't really matter as I'm not selling anytime soon!

[jetdoc3037]

Originally Posted by blare246

We own 2 lots and had the opportunity to buy a third one (to have 3/4 acres of land). The seller was asking for an insane amount of money because it was a "partial waterfront." You guessed it...a tiny canal ran across part of it. He wouldn't come down in price (even though he was asking for several thousand more than the comps). A developer eventually bought it and there's a house in the midst of construction right now.

By tiny canal I mean is it an actual canal with a seawall? He sort of jammed a house there ehh?

[blare246]

No, it's more like a ditch with water in it.