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In a local neighborhood, there’s a fill-in lot in between two houses that have values of $388k and $426k. These houses are built on an overlook of a creek. Strangely, the lot is extra long and spans both sides of the creek. The owner of the $388k house owns the lot and has owned both since 2008. Taxes are $2200 per year on the lot.
Every time I go by, I wonder if there is an opportunity here. And I wonder if the woman could be approached about getting an option on the lot. If that could be done, I’d be thinking about how to a approach a builder to explore the feasibility of putting house on the lot. And thereafter splitting the profits with the builder.
Anyone done anything like this? I don’t know what I don’t know on something like this, so any help would be appreciated.
That would be great. The square footage on the houses is 3100 and 3200 sqft if that helps for purposes of ball-parking building costs.
This lot is about twice as expensive due to it’s depth.
Does seem curious that she’s okay paying $2200 per year in taxes. Maybe property tax relief could be part of an option offer if the lot has promise.
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