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I have an incredible 6 acre 5 bedroon perked lot overlooking a cliff down about 80 feet to a large running creek in the middle of the woods, yet I have underground utilities including gas. I always wanted to build there, but the way the economy is going that prospect is looking less likely...or at least in the time I would want to do it (I'm no spring chicken anymore so time counts) so anyway what is the going rate to pay a realtor percentage wise on the commission? Should I list it with one agent as my sellers agent or not? Are most agents only going to try and sell to a builder they work with (and where they make the real money on the spec house) or will they just sell it? This place may be the best spot in western Orange (out New Hope Rd.) and I expect a premium even in this market and I don't want to deal with BS from an agent so any advise is appreciated.
I have an incredible 6 acre 5 bedroon perked lot overlooking a cliff down about 80 feet to a large running creek in the middle of the woods, yet I have underground utilities including gas. I always wanted to build there, but the way the economy is going that prospect is looking less likely...or at least in the time I would want to do it (I'm no spring chicken anymore so time counts) so anyway what is the going rate to pay a realtor percentage wise on the commission? Should I list it with one agent as my sellers agent or not? Are most agents only going to try and sell to a builder they work with (and where they make the real money on the spec house) or will they just sell it? This place may be the best spot in western Orange (out New Hope Rd.) and I expect a premium even in this market and I don't want to deal with BS from an agent so any advise is appreciated.
There is no going rate, although land listings have a tendency to be at slightly higher commission rates than house listings.
If you are going to use an agent, get one who has listed and closed land. Another tack is to see what kind of walking boots they have when they come to the property.
If they are wearing dress shoes, and hesitate for 10 seconds about walking your property, find someone with land knowledge.
There is still demand for land, and you should be able to get a good price.
Are there any deed restrictions? Is it suitable for horses? What is around it, that will help or hurt the price/value?
Are the soil survey and results current so the new owner can pull a permit, or are they more than 5 years old?
Are there building sites that are suitable for a basement home?
Do you have a recent survey?
These are all questions that help set price and can help with marketing.
Most agents will call a builder or two. Or will have someone in mind that they can at least call to see it.
There is no going rate, although land listings have a tendency to be at slightly higher commission rates than house listings.
If you are going to use an agent, get one who has listed and closed land. Another tack is to see what kind of walking boots they have when they come to the property.
If they are wearing dress shoes, and hesitate for 10 seconds about walking your property, find someone with land knowledge.
There is still demand for land, and you should be able to get a good price.
Are there any deed restrictions? Is it suitable for horses? What is around it, that will help or hurt the price/value?
Are the soil survey and results current so the new owner can pull a permit, or are they more than 5 years old?
Are there building sites that are suitable for a basement home?
Do you have a recent survey?
These are all questions that help set price and can help with marketing.
Most agents will call a builder or two. Or will have someone in mind that they can at least call to see it.
I think I'm four years into a well and septic permit so that should be good. Have restrictive covenants and a paved road and I'm at the end of a dead end. That area of Orange now requires 10 acre minimum lots so that should be good and have ca. 27 miles of horse/mountain bike trails at the back property line. OWASA owns most of land around so that will never be built on and it's the "ultra critical" part of Cane Creek Reservoir watershed so it should stay "county" forever. Land slopes at the killer view house site so a walkout basement is a no brainer.
Do you think 7 percent is fair in this market or should I expect to go higher to get good efforts? Is three months a fair length to go on a contract? I don't want to get stuck long term with someone and be disapointed. That's good advice on the boots and getting their feet muddy to really show the land.
If you have 6 acres, but 10 acre lots are required by the county, are you saying a person can not build on the land becasue it does not meet the lot size requirement? Also, is your land considered within the critical watershed area?
I don't mean to confuse the situation here. I'm just curious, that's all. It sounds like a nice piece of land.
I think I'm four years into a well and septic permit so that should be good. Have restrictive covenants and a paved road and I'm at the end of a dead end. That area of Orange now requires 10 acre minimum lots so that should be good and have ca. 27 miles of horse/mountain bike trails at the back property line. OWASA owns most of land around so that will never be built on and it's the "ultra critical" part of Cane Creek Reservoir watershed so it should stay "county" forever. Land slopes at the killer view house site so a walkout basement is a no brainer.
Do you think 7 percent is fair in this market or should I expect to go higher to get good efforts? Is three months a fair length to go on a contract? I don't want to get stuck long term with someone and be disapointed. That's good advice on the boots and getting their feet muddy to really show the land.
I think three months is short, since land tends to move a little slower unless you are prepared to be very aggressive with your listing price. Since you say you want a "premium," you may wait longer for that.
As far as the rate goes, it is negotiable, and some will list for less, while some will want more.
If you have 6 acres, but 10 acre lots are required by the county, are you saying a person can not build on the land becasue it does not meet the lot size requirement? Also, is your land considered within the critical watershed area?
I don't mean to confuse the situation here. I'm just curious, that's all. It sounds like a nice piece of land.
I bought the land before the change to 10 acres so I was grandfathered in. Apparently new land can only be subdived in 10 acre parcels now, which kinda makes sub-divisions cost prohibitive. Pre-existing parcels are good to go as per Orange Co. That watershed critical area is I would guess about 10 miles east/west by 10 miles north/south (best guess) so it's really nice that Orange Co. will always have that real country feel west of Carrboro. I just read that new Buckhorn Center went through and that only about 6 miles north so it gives another option besides C.H./ Carrboro or Mebane for places to go quick.
Last edited by 2BZee2Pee; 10-11-2008 at 09:40 PM..
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