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denisejsabo, Home Seller in White Bear Lake, MN

If my house sits on a parcel that is splittable how much value does the extra land hold

Asked by denisejsabo, White Bear Lake, MN Fri Jan 24, 2014

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I think you get the overall response Denise. First you need to find out if it is even feasible. I agree with the others that it is more prudent for you to go through all the legal work before selling the lot to make it more easily marketable.

Once you know what the city will allow, or more importantly not allow, your Realtor can then determine the lots highest value. If you are in downtown I have to believe you are selling commercial, or at least that is generally going to bring the highest value. Either way you will know the answer then.

It will be very difficult to determine value without knowing the legal side of things. Hope it works out though! If you have any other questions feel free to contact me.

~Christopher Block
651-307-7663
chris.block@imetroproperty.com
0 votes Thank Flag Link Mon Jan 27, 2014
When calculating value make sure you take in to consideration the cost of the lost split and the amount of time it can take. The last one I did took about 6 month and after all the fees and plat drawings it was about 5k out of pocket. I also had to sit through many city council meetings. If you have any questions about how it works let me know, I am happy to help ansower any questions.

Kirk Duckwall
The Duckwall Team of Realtors
Edina Realty
Cell 651-303-0019
http://www.DuckwallTeam.com
Your Referrals Are Greatly Appreciated
Check out our Twin Cities Real Estate Show
http://www.TwinCitiesRealEstateShow.com
0 votes Thank Flag Link Sat Jan 25, 2014
Buyers like having a large lot, so value would depend on how much de-value splitting the lot off would cause to the current property. The value is somewhat reduced if you leave it up to the buyer to do all the work of splitting it off.

Your best plan of action is getting an analysis of what your property would be worth without the extra land, and, what the split off property would sell for. If you choose to to sell it that way, it's best that it's done prior to putting it up for sale as there are a lot of actions to go through to actually get it split if you feel the two values are significantly higher than selling it as a package. A buyer will not pay full value for a lot that has not been through the rigorous splitting process, there is just too many unknowns, i.e. will the county/city really allow the split - there are always nuances that show up during the process.
0 votes Thank Flag Link Sat Jan 25, 2014
Denise,

Your lot is very large for the area but with the location of your house in the middle of the lot, it would be difficult to split side by side lots. Your best split would really be a front to back split, but I think where you are going to struggle is that there is no good way to get access to the back of your lot like your neighbors to the east did. Nonetheless if you would like to have a conversation about it, I have worked out of the White Bear Lake area for over 10 years and have experience with splitting lots in the city in the past.

Cameron Piper
Keller Williams Premier Realty
612-839-4202
Web Reference: http://www.CamPiper.com
0 votes Thank Flag Link Sat Jan 25, 2014
Depending on the layout, set backs, and size it could fetch anywhere from $125-250K. Splitting a parcel is not as easy as it sounds. There are things you want to make sure of and to it right to insure the most return. Feel free to reach out if you'd like me to take a look and give you some advise. Thanks,

Ryan 612-750-4887

p.s. There is some decent demand in WBL depending on where you are located. I also know some builders who might be interested too.
0 votes Thank Flag Link Fri Jan 24, 2014
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