Re: High Price for High Rock
posted at 10/5/2011 1:25 PM EDT
In Response to Re: High Price for High Rock
[QUOTE]fscib52- 8 acres@43,560 per acre=348,480 348,480/6,000=58 house lots 58x150,000=$8,700,000.00 Bottom line is this seems like a fair price for the property. Don't forget the developer did not make 1.85 million because I'm fairly certain they have extensive money wrapped up in that land. BTW... if your house burned down tomorrow the land would be almost worthless. It's not a conforming lot size.
Posted by andrew25[/QUOTE]
Drew, to develop a site like that, my guess is $3 to $4 million.
You are drubbing/clearing, drilling/blasting, extending water/sewer, gas, electric, roads for the 58 lots. There are engineering, permitting, bonds, insurance. Great view, but my guess, useless to the city.
Again, who owned the property, and what did they buy it for? Who ever had that parcel knows, this is not the time for development in this area. And funding would be another issue.