Home Selling in 92114>Question Details

Jay, Other/Just Looking in 92114

Looking for a real estate agent w/ experienced in selling a nice vacant land

Asked by Jay, 92114 Sat May 3, 2008

Specifically, one who has contacts with investors, general contractors, or buyers wanting to invest and build their own custom home.

I'm looking to sell the land immediately (at a great bargain price as we prefer cash) and need help.
Description:
- Spacious corner lot land in an established neighborhood surrounding by new large beautiful homes (built in 2004).
- Land is split into two parcel numbers - thus, you can build two nice houses on each separate parcels. Total size is approximately 20,193 (0.46 acres) square feet. Outer lot parcel is approx. 118x75 ft and the inner lot is approx. 75x145 ft.
- Great location with a nice breeze in a very quiet area. Walking distance to schools and family park.
- The land has a very nice panoramic view and building a two-story home allow a view of the Coronado bay. Great for building a new home with a custom-designed beautiful landscape.

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Answers

7
Jay, I'm tracking a lot of land listings in San Diego that'd been sitting on the market for over a year without any movement and without any price changes, because they were listed by residential brokers with no experience in selling land, so you are right about looking for somebody experienced with land sales. That being said, here are some other points:

- Before putting the land for sale, make a trip to the city or the county, find out everything you can about wht you can or can't build on the land, zoning, set-backs, height restrictions, use restrictions. Find out if any zoning changes happend to any other parcels surrounding your parcel. Have the entire package of information ready for the buyer, it saves them time on due diligence, and makes your land more valuable.

- Analyze the best and highest use of the property based on the neighborhood. If the property is surrounded by commercial properties and you have residential zoning, then may be building residential SFR is not the best idea.

- Once you know what is best for the property, spend some time and money doing some conceptual designs or renderings that you can use in your advertising. It helps buyers visualize the future of the parcel, otherwise all they are looking at is dirt. Most people are not visionaries.

- PRICE IT RIGHT! This is the biggest mistake sellers of land are making, as if they are hoping for the next idiot to buy dirt for some incredible amount of money that doesn't make sense. San Diego MLS is full of year-old listings that start from "Potential to build ..... " You can't price the land as if "potential" is "approved state of entitlements", two different things!

- Whatever is the project for this parcel, figure cost to build the finished product, entitlements, all other soft and hard costs, don't forget about 10-15% profit/contingency for the buyer because no buyer is stupid enough to get into construction project just to end up with the finished product at market value, and then by the way of subtraction figure the cost of land.

- Be creative - most land sellers don't want to carry financing. It's Wrong! Seller financing for land is one of the best ways to sell the land, and it's one of the best ways for the land sellers to increase value. Most sellers don't do it because they either don't understand it, or have complete misconception about the seller-financing, or are ill-advised by the selling broker.
- Finally - DON'T SELL NOW, if you can help it! That's right. Market bottom is the worst time to sell land. There are no lenders financing land, the buyers are hesitant to start construction because they can buy a better bargain by buying discounted existing homes, you will end up selling land at a discount anywhere from 50 to 75%. If you can hold on to it, do it, or if you have money to build, it's an option too, because with so many builders sitting unemployed you can build for about 20% less than just a year ago.

If you need to talk about it, contact me, will be happy to help.

Good Luck!
0 votes Thank Flag Link Wed Aug 13, 2008
Mr. Jay., if you have not hired an AGENT/BROKER., contact me:

Ruben Sanchez: Realtor/Mortgage:Broker also a {License Contractor}.

I net-work with professionals, investors that I can Broker your Real Estate vacant land.
Web Reference: http://www.RuBenRealty.com
0 votes Thank Flag Link Thu Jul 10, 2008
Hello Fred,

I appreciate your respond. The area is in Encanto/Skyline - Central/South East San Diego. I know there are tons of real estate agents in San Diego, but we prefer ones who have experienced selling vacant land in all areas of San Diego, especially Central or South Bay.
0 votes Thank Flag Link Sat May 3, 2008
Jay,
What area is the land in? I belong to a couple of large investor groups and you can adveritise at the meetings for just the admission charge of $15. You can also advertise the land on a number of sites, however, I also believe a professional agent is your best option. I can refer some very experienced agents to you in the area the land is located in. Call me if you want to discuss other options.
0 votes Thank Flag Link Sat May 3, 2008
I would call firms in the area the land is located and ask the broker in charge for an agent who sells a lot of vacant land. Usually those agents have connections with investors. I have sold vacant land before and although I love to take any well priced listing, vacant land can be a headache to sell.
0 votes Thank Flag Link Sat May 3, 2008
Jay...

thanks for the post. i am not sure this is the place to troll for an agent. Have you tried for a local Realtor?
0 votes Thank Flag Link Sat May 3, 2008
Pam Winterba…, Real Estate Pro in San Ramon, CA
MVP'08
Contact
I have pictures taken and I'd like buyers/investors/contractors/agents to come take a look at the land. I would like my description to be place in the MLS database.

We would like a San Diego real estate agent experienced with selling vacant residential land. Specifically, one who has contacts with investors, general contractors, or buyers wanting to invest and build their own custom home.

I'm looking to sell the land immediately (at a great bargain price as we prefer cash) and need help.

$95K to $158K

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0 votes Thank Flag Link Sat May 3, 2008
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