Sandra Lewan…, Home Seller in Minnetonka, MN

I have two lots in Minnetonka Minn. Are there buyers right now for residential building?

Asked by Sandra Lewandowski, Minnetonka, MN Sun Nov 16, 2008

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6
Sandra,

My wife and I are looking for lots in the western suburbs so if you are still considering selling could you send me and address so I could check out the lot and also send me how much you're considering charging for the lots? Please send info to my e-mail address: salmp01@yahoo.com

Thanks,
paul
0 votes Thank Flag Link Sat Feb 21, 2009
Consider the current use of both properties: are both properties zoned for their best and highest use? If not, then change the zoning, and you'll be able to sell the property for more than you could right now.

Right now, if the land is undeveloped, then one way you could simply improve both lots--provided the lots are in prime business/shopping areas with a decent amount of car traffic--is to zone and develop 1 or both plots as paid parking lots. You might find that the resulting cash-flow will be more than enough to sustain you until you could sell or refinance both plots for your ideal minimum price.

Have you considered leasing the use of both lots via a ground lease? If not, then this is another option for you. This way you'd basically rent the use of your land to a tenant, who in turn will improve and maintain the property at the tenant's own expense.
0 votes Thank Flag Link Sun Nov 23, 2008
Sandra,

You might also consider hiring a local agent and asking them to contact some local builders to see if they are willing to build a spec home. If you were really adventerous you might also consider building a spec yourself. Working with the right builder there is great upside potential, but this is an exceptionally risky proposition and only something that I would recommend in the perfect situation (right neighborhood, builder, etc.) and with the right seller, you should have quite a bit of money to play with if you are going to undertake something like this.

Good luck with your lots. Be sure to let us know if we can be of further assistance.

Cameron Piper
Web Reference: http://www.campiper.com
0 votes Thank Flag Link Sun Nov 23, 2008
Sandra,
The market for buildable lots is a little slow right now. However if priced and marketed properly you might be able to find a buyer. Don't expect immediate results.
Michael Doyle, Realtor
0 votes Thank Flag Link Sun Nov 16, 2008
This exact topic was discussed at my Open House in Minnetonka today. The problem with lots are that most of them are still well overpriced for today's market. One developer still thinks they will get $500k for some lots that are worth maybe $300k. In many circumstances you can buy a bad house with a good lot and tear down the house for far less than a similar vacant lot is priced at.

If you price it for today's market there are buyers out there. If you are "holding out" for a price closer to what it was in 2005-2006, you'll probably be waiting at least 2-3 years (if not longer) before you'll see new construction demand come back to support prices.
0 votes Thank Flag Link Sun Nov 16, 2008
There are some buyers out there, and the Western Burbs have been doing pretty good; however, the cost of dirt right now is pretty cheap (when compared to a few years ago). There are many "ready" lots for the consumer to choose from. There are still some great strategies to sell and market lots though. Best of luck!
0 votes Thank Flag Link Sun Nov 16, 2008
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