Newbie Question
Greetings,
I just purchased 20 wooded acres overlooking the Shenandoah valley, 1 hour from the D.C. beltway and about 1 half hour from the metro that goes into D.C. The property is part of a private community and cannot be subdivided. I paid retail for it, whatever retail is.
My question is what would be the best option financially for me to do with this lot?
I am new to this and appreciate all the insights that you have to offer. As I am sure there is a wealth of information from those who have succeeded at REI and are gracious enough to share with those of us just getting started.
Gary.
WOW !!! 20 acres just 1 hour from DC, sounds like a good location with a great view this would be a great place for a Bed & Breakfast
Terry
[ Edited by DaveT on Date 09/03/2003 ]
I believe a B&B called "The Little Inn at Washington" is already nearby, and has an established reputation. This might make it a little difficult to break into that market.
You said that there are restrictions against subdividing. What other restrictions are there on your use of the property?
Other than building a country home on the land, what do you want to do with it?
Good question. Why did YOU buy it? What is zoning ? What is next to the porperty?
[addsig]
Because it is 20 wooded acres overlooking the mountains in a gated community 1 hour from the DC beltway and better than having my money in the bank earning 1%.
Gary -
The property sounds beautiful...but did you buy it to hold and then sell, to build?
If there is a lot of building going on you might consider a spec home. If it is a residential lot in a deed restricted commuity my guess is you are restricted to building a single family home.
Your choices are
1. Do nothing and wait for prices to rise, then sell it.
2. Build a house on it and rent it
3. Build ahouse on it and sell it
4. Build a house on it and move into it.
DaveT,
Good idea with the B/B and little white house...
Or Build a Replica of The White House on a smaller scale....Great Publicity for you and the contractor involved..... Then Sell It!
Great ideas guys. I especially like the White House idea.
One of the borders of the property is the Appalachian Trail, which in turn borders U.S. Government forest. I can only build 1 home on it.
I will really give the White House idea some thought
Quote:
On 2003-09-03 21:44, Outdoorsr wrote:
Greetings,
I just purchased 20 wooded acres overlooking the Shenandoah valley, 1 hour from the D.C. beltway and about 1 half hour from the metro that goes into D.C. The property is part of a private community and cannot be subdivided. I paid retail for it, whatever retail is.
My question is what would be the best option financially for me to do with this lot?
I am new to this and appreciate all the insights that you have to offer. As I am sure there is a wealth of information from those who have succeeded at REI and are gracious enough to share with those of us just getting started.
Gary.
Some thoughts in addition to those already posted... Critical questions you should investigate if you haven't already done so:
1. what, if any, deed restrictions exist (other than the property can't be further subdivided) and easements, etc. Suggest you get copies of the deed and anything recorded against the property or referred to in the deed.
2. I don't know the nature of the gated community. The community may have its own set of requirements, rules and regs. If it is managed by some company or homeowners assn, you need to get in touch with them to, among other reasons, identify your target buyer market.
3. If you've determined from the current zoning that you would be allowed to build a house on the property, it should be fairly easy to find out what other properties in the community have sold for in last 6 to 12 mths. Then the question becomes one of numbers. what would the new house sell for on the lot, required improvements, etc.
4. Last but not least, since the property borders Appalachian Trail and leads to US govt owned property, you might want to explore the tax and other benefits of land conservancy or donating/selling the property to appropriate organizations.
Outdoorsr:
I know 1% or less at the banks is worthless.......
If you are interested in selling the land, and then reinvesting the proceeds @ 6-7% in safe turn-key RE investments (short or long term), private mail me!!
Other than that, good luck w/the parcel!!
spec house is the way to go. Advertise the property as "We can build your dream Estate" 20 arces close to DC is gonna bring some big knockers with some BIG$$$. You become the developer and partner with a good Architect. Then all you have to do is hire a GC if you dont feel comfortable doing it your self. THEN COLLECT !!!!!
Gery,
If you are not in rush, maybe down the line they allow you to subdivide it.. you never know. But before I conclude this posting, can I ask WHY did you buy this land?
The firs thing you may consider to do is decide to change your last name in Warthburgh, Rockefeler or similar. With 20 accres NOT allowed to be subdivided, in the vicinity of DC, you are going to makePresident Bush family jalous
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Does anyone understands what "ffpataters" is trying to say?
" know 1% or less at the banks is worthless....... "
I think he might be on crack or coke to beleive for someone to be willing to give him "procidings" for 5-7% interest . Hey ffp... I got a truckload of sardina cans, can I get 7% on that procidingas but you have to sell it for $11,4 mill or othervise good luck to you ! No deal.
Good advice acjrII !!
omega1
[ Edited by omega1 on Date 12/23/2003 ]
I actually own a lake house near that area in Virginia.
You are officially in 'horse country' and given the fact that the parcels are so big, you may want to market them as estates, as mentioned above.
Any spec house you build should be worthy of a 20 acre parcel. In other words, no cape cods here...you need estate homes.
Drop me a provate message; maybe we can synergize.
ANd BTW, plenty of big-money guys in DC are looking for country estates..you just have to know how to reach them.
[addsig]
Been looking at what is being built in there now. There are 36 lots total. One 5000+ house on top, the rest smaller places. Definitely not estate houses. Minimum is 1800 feet for 1 level and 2300 for 2 levels. But since this lot is in the back, and an access road was put in for it, there would be no other houses next to it. It would be the only house in view. What qualifies a house as an estate house?