OfflineI located 130 acres waterfront property here in Jacksonville. Apparently it is heired property as I spoke to the family representative today. He said that they had it under contract 3 years ago and the bottom fell out of the deal. Problem may be that they were asking for too much as he told me that they are looking for $15 million; he also added in "or whatever they can get". I checked the public records and according to city records the market value of 80 acres (land is broken up into 3 parcels) is $2.4 million. I am having a hard time coming up with a good offer amount to lock the deal up as I have 2 contacts with investors that invest strictly in waterfront properties in Florida. Any suggestions? Is this family just being greedy? Do you think they will take $5-$8 million? Or are they asking for such a high number knowing that they will get a much lower offer? All thoughts on this are welcome.
Opinion? 130 Acres Waterfront Jacksonville, FL
Posted on: Thu, 06/03/2010 - 18:31
Opinion? 130 Acres Waterfront Jacksonville, FL
__________________
-
- by manifest11
- Login to post comments
Always give yourself room to work. Is the fmv of each parcel 2.4 million? Or all the land total? I would not want to offer more than fmv especially if you need a buyer, they will not pay more than what its worth.
Jeremy
This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams
Bruce Springsteen
How could the property be used, check the zoning. Maybe look into if they owe any back taxes and unable to pay them? 130 acres but actually how many feet is really waterfront? Maybe you can secure under contract one parcel instead of the entire lot.
Just a few thoughts
Offer low. Work up from there. If its costing them money to hold the property, you never know, they may just say 'get me out!'. Land is a difficult investment. If you plan on turning it around, make sure you have a buyer now.
Best to you!
It's zoned residential and it's divided into 3 parcels. The 80 acre parcel is what the city records show a market value of $2.4 million. And the taxes on it are $19k. I remember Dean said in his book that he wants a real estate agent that isn't afraid to offend with low offers. I'm thinking maybe offer him $5 million for all 3 parcels, using the oil spill as 1 factor as well as what the city records says about the 80 acre parcel having fmv of $2.4M. Maybe he'll be insulted; maybe he'll counter offer. I just hope it doesn't insult him to the point that he won't do business with me at all.