Home Selling in Muskego>Question Details

Cindy, Home Seller in Muskego, WI

what are my chances of a developer wanting to buy 5.1 acres with two older homes on it to dose down and start over?

Asked by Cindy, Muskego, WI Mon Mar 29, 2010

In muskego, one mile of the high school on racine. cindy

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4
What condition are the older homes in?
0 votes Thank Flag Link Wed Apr 25, 2012
Not likely. I am a builder and developer in Waukesha and single family lots are not selling well at the moment. There is too much existing lot inventory out there that you don't have to mess around with to build on. You could do a CSM plat and possible get a couple of lots out if it if you have sewer and water accessible but by the time you do the tear down on two homes, the asbestos check, haul debris, and everything else that goes with, it just does not make sense. Most developers don't want to mess around with small projects like that. They take almost as much time as a larger development and there isn't the margin. Plus you still have to be able to sell it, and if the lots don't sell you have the holding costs and property taxes on multiple improved lots. Muskego is good to work with and developer friendly (if there is such a thing) but there just isn't enough land there to make it worthwhile.
0 votes Thank Flag Link Tue Jun 22, 2010
In Muskego, I just don't think it would be a very viable option (I'm in New Berlin). Unless the property is surrounded by newer, higher-end homes, it would be awfully hard for a developer to make money on the whole thing. First, imagine what the property would bring in total now if sold as 2 single family houses, add to that the cost of building 2 new, nicer houses, with labor and time (plus considering the homesale rate in the area), divide that number in half, and compare it to the cost of other homes selling nearby. Unless you come out a solid 20-30% or more ahead, it's probably not going to happen.

And just to add my own 2 cents, if houses are 1930s or earlier, and still in decent livable shape, tearing them down to build something new and generic ruins the character and history of the area, and in my opinion leaves it worse off in the end.
0 votes Thank Flag Link Wed Mar 31, 2010
The real question is a bit different. IS new construction selling there or not? If new construction is selling well a contractor could be looking for more land to develop. If new house sales are not happening it is very unlikely.

There is one other possibility. If the 2 homes are horrible, but have good well and septic you could call the fire dept. Have them practice and get rid of your houses that way. Then drag in a trailer or double wide. You now have 2 sellable properties. It is a bit of an expense and a gamble, but could be a workable plan.
0 votes Thank Flag Link Mon Mar 29, 2010
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