Selling your home to developers (1 Viewer)

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So, anyone have ideas on how to value your home to developers?

I got a few offers, but they are just above market value at this point. Let's say, your home is that last home on the block, that is holding out for developers. How much mark up should you expect?

Some factors to consider.

New zoning laws allow for 6 story high condo or apartment complexes.
A double lot that was undeveloped that is attached to the block sold for multimillions.
The homes beside my home sold for cheap.

I basically own Boardwalk and they need it to build hotels. I send an e-mail to commercial contractor to get a quote on building costs and asked my realtor for a quote as well. I think the developers are low balling me, considering how much money they are gonna make on the project. Thoughts?

I'm guessing they could put a 70 unit complex, once they have my property.
 
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sonicboom
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So true, but they can't build around me. They need three lots to do the 6 story, and my home is in the middle of a 4 house block. The double lot that sold for millions is across the alley road, so that's part of the project.

Are you saying, I'm destined to live in a spite or nail house? lol

I might try calling a commercial appraiser to get insight.
 

Madmarsha

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So true, but they can't build around me. They need three lots to do the 6 story, and my home is in the middle of a 4 house block. The double lot that sold for millions is across the alley road, so that's part of the project.

Are you saying, I'm destined to live in a spite or nail house? lol

I might try calling a commercial appraiser to get insight.
It's just what I always think of when really stubborn people start talking about a blank check coming their way.

My sister lives on 17 acres. Is constantly getting letters with offers from developers. She's not holding out, she just wants to live on her property. I dunno what's eventually going to happen unless my niece decides to move. I know my nephew won't. So I imagine they'll eventually split about a million.
 
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It's just what I always think of when really stubborn people start talking about a blank check coming their way.

My sister lives on 17 acres. Is constantly getting letters with offers from developers. She's not holding out, she just wants to live on her property. I dunno what's eventually going to happen unless my niece decides to move. I know my nephew won't. So I imagine they'll eventually split about a million.

The realtors have been getting nasty.

That's good for your sister. 17 acres? That's a huge chunk of land.

Do the realtors knock on their door non-stop?
 

Mr. Blue Sky

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You hold all the cards in this situation.. your property is “worth” whatever it’s worth to the developers , who presumably stand to make a mint off of the development.. therefore , you need to take whatever the appraisal is, and triple it.. again, they can be as nasty as they want- they NEED what you have.. and dont feel the slightest bit bad, i promise you they can easily absorb it, and if given the opportunity, they would screw you out of however much money they could.
 

Madmarsha

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The realtors have been getting nasty.

That's good for your sister. 17 acres? That's a huge chunk of land.

Do the realtors knock on their door non-stop?
It was their wedding present from her FIL in the early '70s. My sister thinks of herself as poor and they've never made a lot of money, but she is land RICH. It's actually 15 acres now because they gave (or sold, not sure, it was a long time ago) 2 acres to her husband's sister. They can't break up the original portion too much because it's under the Pennsylvania Green and Clean program which is an incentive to keep contiguous tracts of land together. They've enclosed a good portion of it with a giant fence and raised deer for a long time, used to grow strawberries. Never had horses, dang it.

She doesn't talk about it; but over the years, I've seen some letters and I've seen how the farmland has disappeared and now she has a development that abuts their property that pretty much separates "town" from "country". So, yeah, they get a lot of attention.
 

Dre

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Man if a realtor were nasty with me, I’d let the developer know you I would NEVER work with that specific realtor
 
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It was their wedding present from her FIL in the early '70s. My sister thinks of herself as poor and they've never made a lot of money, but she is land RICH. It's actually 15 acres now because they gave (or sold, not sure, it was a long time ago) 2 acres to her husband's sister. They can't break up the original portion too much because it's under the Pennsylvania Green and Clean program which is an incentive to keep contiguous tracts of land together. They've enclosed a good portion of it with a giant fence and raised deer for a long time, used to grow strawberries. Never had horses, dang it.

She doesn't talk about it; but over the years, I've seen some letters and I've seen how the farmland has disappeared and now she has a development that abuts their property that pretty much separates "town" from "country". So, yeah, they get a lot of attention.

Well, good for them for not folding under the pressure. Eventually the developers are gonna offer a price that is to good to pass up.
 
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Man if a realtor were nasty with me, I’d let the developer know you I would NEVER work with that specific realtor

Yeah long story, but I sent an e-mail to the president of that particular real estate company to stop the door knocking.....

So, the family of the real estate agent made an offer yesterday. The developers are a family business and they are pretty much ruthless. They have played many games and did some intimidation moves, that have started to escalate. Next step is file a police report. My cousin knows the mayor, so that helps.
 
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You hold all the cards in this situation.. your property is “worth” whatever it’s worth to the developers , who presumably stand to make a mint off of the development.. therefore , you need to take whatever the appraisal is, and triple it.. again, they can be as nasty as they want- they NEED what you have.. and dont feel the slightest bit bad, i promise you they can easily absorb it, and if given the opportunity, they would screw you out of however much money they could.

This is pretty much how I feel about it. Thanks for the input.

Another thing on my side is inflation and interest rates. The more they wait, the higher the interest rate and higher the price due to inflation.

My realtor just wants me to sign on the dotted line, but getting a "fair" price seems reasonable.
 

BELOWSEALEVEL

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Just make sure property taxes are paid in full. They will try any angle to get it.
If they need it, they will pay
 

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I am thinking you hold the trump card(s) here, so don't fold to the pressure. Milk every last dollar out of the developer. They can afford to give you your riches and still turn a nice profit. They just flexing their muscle in hopes you just cave.
 

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