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Elaine Lekas / Realty Executives
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A Graduate of the Real Estate Institute (GRI), an MBA in Marketing, and a Bachelors Degree in Geology combined with her membership in the Realty Executives
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Elaine Lekas / Realty Executives answered:
Marcelo,
If something seems to good to be true, it usually is.. In that zip code you have a lot of floodway. There are plenty of hard money investors around, however at that price if the property were valued as low as you think it is, someone else would have grabbed it by now. I strongly recommend you do more due diligence to find out why there is 7 acres and a house for $260K. Prices have dropped in New River, but not that much. If you have the Assessors parcel number, check the maricopa county web site or FEMA and look up the floodplain/floodway status. You can build on floodplain but not floodway. Dividing a property is easy and cheap,and does not require any approval other than it follow the R-43 zoning in that part of the county. There may also be deed restrictions that you don't know about that prevent you from building on the other acreage. For instance, in Sabrosa, you can divide all you want, but those parcels are deed restricted to 5 acre mimnimums for building. Buyer be ware... If you can't do the due diligence yourself, get a realtor who works the area and be happy to have him/her on your side.
Good Luck.
Elaine Lekas
If something seems to good to be true, it usually is.. In that zip code you have a lot of floodway. There are plenty of hard money investors around, however at that price if the property were valued as low as you think it is, someone else would have grabbed it by now. I strongly recommend you do more due diligence to find out why there is 7 acres and a house for $260K. Prices have dropped in New River, but not that much. If you have the Assessors parcel number, check the maricopa county web site or FEMA and look up the floodplain/floodway status. You can build on floodplain but not floodway. Dividing a property is easy and cheap,and does not require any approval other than it follow the R-43 zoning in that part of the county. There may also be deed restrictions that you don't know about that prevent you from building on the other acreage. For instance, in Sabrosa, you can divide all you want, but those parcels are deed restricted to 5 acre mimnimums for building. Buyer be ware... If you can't do the due diligence yourself, get a realtor who works the area and be happy to have him/her on your side.
Good Luck.
Elaine Lekas
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