Is your property suited for residential development?
With the recent housing shortage, residential developers are looking for land sites for their next project. With almost all of the land in and around metro Atlanta being developed, developers are looking outside the city into surrounding submarkets for development opportunities. Many factors come into play when choosing a land site for a development and if you are a landowner in one of these submarkets, knowing what the developers are looking for will allow you to determine if your property would be a potential development site. Characteristics of a property that developers need answers to are utilities available including sewer, topography, water features, current zoning, and potential zoning to name a few.
Properties that are a higher and better use property (HBU) are past farms, timber tracts, or large estate homes that are in front of the wave of development. Selling your property to a developer will yield a much higher price per acre but it comes with some challenges and the biggest challenge is time. Developers need time to determine if your property will work for their project. They need time to get the property rezoned for their project and determine if the topography will allow for the development, as well as identifying water features that they have to workaround. Developers have to determine the “Usable” acreage. The developers have to determine if there is access to sewer or will they have to use septic tanks. All of these aspects of a property need to be figured out and it all takes time. If you the landowner are willing to give the developer time, you may be able to sell your property for top dollar.
Southern Land Advisors has been working with many residential developers and is actively looking for sites to fit their projects.
If you are a property owner and think you may have a property that would make for a great residential development, give Southern Land Advisors a call and we will be happy to help you navigate through the process of determining if your property makes the grade for the next great subdivision.