Home Selling in New Jersey>Question Details

Hotwings, Other/Just Looking in New Jersey

Selling Farmland in NJ

Asked by Hotwings, New Jersey Mon Feb 11, 2008

Hi. We have a SF home on about 12 acres of farmland in Southern NJ. property consists of 3 lots. We have alot of developments going up in our area (including a development planned for right next door to our property!)

We are looking to "sell the farm", of course with the goal of taking out the largest amount possible while not becoming full-fledged developers ourselves. My question is - where do you start, who should I be talking to, what are my choices, and what are reasonable expectations for results (including typical timelines)

The SF home is located by a public road at a "corner" of the property, so it is reasonable to imagine that the home could remain standing and sold as-is and the land could be sub-divided around it. The value of the home is probably $200K-$250K assuming we would retain a small .25 to .5 acre plot.

Thank you for any advice!

Help the community by answering this question:

Answers

4
I will come back and answer this question tomorrow. I have studied land, farmland assessments, land conservation and am a Realtor in New Jersey. I have recently dropped my membership w/ the Realtor Land Institute, but had been a member. RLI is for Realtors who specialize in land. Yes, you need a Realtor, but one who has specialized knowledge.
0 votes Thank Flag Link Mon Feb 11, 2008
Deborah Madey, Real Estate Pro in Brick, NJ
MVP'08
Contact
Thanks Keith. Yes, there is a huge difference between farmland and a subdivision ... That's what I'm asking, what's a realistic expectation for an individual to accomplish with such a property. I guess the possibilities is anything from selling it as-is as farmland to playing land developer - I think there must be a smart destination in-between?

Is this even appropriate for a realtor or should I be starting with a certain type of lawyer?
0 votes Thank Flag Link Mon Feb 11, 2008
Holvings
There is significant difference between selling a farm (we might call ti vacant land) and selling subdivided property. The amount of investment and expertise required to take raw land, go through the subdivision process, to the point where you either have residential lots ready for builders or in fact start building and selling finished homes, is great.

So my recommendation would be to meet with a Realtor that has experience with vacant land and discuss your options. Do not get your hopes up too high. Land developement requires captial, knoweldge, experience, nad most of all, risk.

One possibiltiy is to look into performing a lot split, so you separate your home and lot from the rest. Then sell the rest as vacant land. Discussing your situation with a Realtor will help you understand the local market and what options are realistic. You could also check with the county or city building and safety office to see what zoning options are possible. Changing the zoning for land is not a simple process, hoiwever if they are building next door, you could probably find out what they did.

Normally a farm is zoned agricultural. To change it so Residential there will be a process that might give you some ideas.
Good luck.
0 votes Thank Flag Link Mon Feb 11, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Just a bump, any ideas? Just trying to get a starting point and some ideas...
0 votes Thank Flag Link Mon Feb 11, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer