Posted by Mike on November 15, 2003 at 15:11:19:
actually, i don’t have any farm animals there…though i was advised to do so. i was worried the natives might get hungry…
206 acres…what should i do with it? - Posted by mike
Posted by mike on November 15, 2003 at 14:08:52:
Greetings all,
i have some land i have been sitting on and i am looking to do something with it.
The land is located in Deland/Volusia county Florida (35 miles west of Daytona, 35miles north of Orlando.)
The size is 206 acres (including a 60 acre lake).
My two options are:
-
Sell the land. From the recent tax assessment, it has appreciated value nicely. However, this has not been my first desire since the mortgage and tax are not presenting a financial burden to me
-
Another possibility…Build some mobile homes on the land; surrounding where this land is, there are plenty of them already. The problem here is i am not familiar with this process and how to go about doing so or making the right contacts. if anyone knows any mobile home contractors, i’d be willing to discuss what we can do with this land with regards to building some mobile homes.
Any assistance/advice would be greatly appreciated (how can i determine the market value of this property).
please email be at mbsingh@optonline.net
thank you
University Highlands? - Posted by John V, FL
Posted by John V, FL on November 16, 2003 at 22:17:25:
Mike, where is the land located? The closer to Orlando and I-4 the better. I say that from a growth, value and topography perspective. Lots of low land up there by SR 44 several miles east of the interchange might have limited value as well as Speedway Blvd east of Deland. I know some investors that might be interested.
Best of luck.
Re: 206 acres…what should i do with it? - Posted by Mike
Posted by Mike on November 16, 2003 at 11:52:44:
Thank you all for you generous suggestions!
i have taken the next step in finding out what the land is zoned for exactly…with the assistance of some who have responded. I think what it will boil down to is what makes most fiscal sense. that may involve bringing in some investors…but you have all provided me with some good ideas of what i need to do and for that i am truly grateful.
this is a great website!
Re: 206 acres…what should i do with it? - Posted by Chuck - ATL
Posted by Chuck - ATL on November 15, 2003 at 23:06:06:
Before you go off putting it on the market for sale, I would suggest marching down to your County’s Planning and Zoning Department to see what the land is zoned as. Your county may be online or you can simply call too. However, my guess would be that it’s zoned RA (Residential & Agriculture). You can check the zoning definitions for your county because I think they’re different in some respects. Once you find that information, see what the FUTURE LAND USE MAP for your area, street, community is planned for. This will give you some idea of what you can get for your land; market it as potential commercial or residential or multifamily, etc. Most commercial land is more expensive. Residential property for subdivisions are maybe half that of commercial depending on the area’s progress and growth. The last thing I would suggest you to do is get it appraised. You can get an idea of what lots are selling for in the area by calling a subdivision under development. Remember, builders are going to try and buy the property based on their numbers which really means buy low sell higher to other builders. Also, just because you have a 60 acre lake doesn’t mean that it will be appealing to a builder. The 60 acre lake will now look like 146 acres to a builder. If you’re really serious about selling your property, get some ideas of what’s going on in your area first! One other thing that comes to mind is if your land is close to a sewer tap. This means you can get more money for your property if it’s close to a sewer line.
Good luck! Also, make sure you don’t fall for the “Your property isn’t that valuable!”
I would kill to have that problem - Posted by Destin
Posted by Destin on November 15, 2003 at 19:05:30:
I am not sure exactly what your situation is or how old you are, but I can only pray for the day that I am asking myself that question.
Right now I am starting in renovations. I used to work for a gentleman in Gulf Breeze FL (panhandle) that did land development. As foreman I helped design the roads, property lines, landscaping, and installed the sprinkler systems for a 4-mile stretch on either side of the main road.
Anyways to say the least the gentleman that I worked for did quite well for himself. He was turning land that was worth about 4k and acre into a development in which he was selling 3/4 acre lots for 60k on up. One reason he was able to do this was because of the environment he created. The landscaping, preservation of the natural surrounding, setting standards for the size and types of houses allowed, as well as creating bird sanitariums, fishing ponds, parks and other forms of interest, were all things that added value to the land. Timing was also worked in his favor, when I started for him in 96 there was nothing around the area, Now when I go back to visit it looks like a whole different world, and the whole area is booming.
Basically like I said I don?t know your situation, or the land but if you don?t need to sell it I wouldn?t. Especially you if have family that could benefit from it later on.
If you do want to keep it, you may want to look into ideas of how to make the land make money for you in the mean time. If you are just ready to cash in on it, I would suggest still keeping a bit of it. Whoever buys the property could end up increasing the value of the land dramatically and by doing so also increase the value of the portion you retained.
Good luck,
I wish I was in your shoes, hopefully one day?.
-Destin
P.S. - have you ever thought of an RV park?
You may want to try… - Posted by Barry (FL)
Posted by Barry (FL) on November 15, 2003 at 18:39:29:
The commercial forum. Ray Alcorn who is the moderator is very knowledgable in the development arena and he cut his teeth on mobile parks and still likes them. I’m in Volusia county also. Tell him Barry told you to contact him.
Hope This Helps,
Barry (FL)
Re: 206 acres…what should i do with it? - Posted by JT-IN
Posted by JT-IN on November 15, 2003 at 17:11:20:
Mike:
As to the FMV, you could get a few opinions from some commercial RE Agents in your area, based up on it’s development value, as to what they feel it is worth. After speaking to a handful of those guys, if you aren’t yet comfortable with what it’s worth, then enlist the services of an Appraiser. Although the Appraisers opinion is no more weighted thaa any of the RE Agebts, you might be more comfortable with an independent opinion…
Once you feel that you understand the value aspect, then it is time to select one or more intended uses for the land. One suggestion is that you may run it past some commercial developers to get some ideas there. Once you have arrived at two or three ultimate uses for the land, then you could query some folks in those businesses, such as mobile home park developers, or residential subdivision developers, or golf course, or whatever other are of feasible use, and see if they have an idea of anyone interested in ground leasing. This would lend itself much better to a MH park developer than a subdivision usage, but essentially you would be master leasing the proeprty to someone who would be operating a MH park, or golf course, where they deal with the day to day hassles and you receive one check… This is whether the tenants pay or not…
A master lease of the property allows you to maintain the ownership of the property, receive long term lease payments which usually equate to good income, and not have the tax burden of selling for a large sum and paying cap gain taxes…
Just a thought… and a twist on developing w/o the hassles…
JT-IN
Golf course - Posted by Hank FL
Posted by Hank FL on November 15, 2003 at 15:06:30:
But those *2 cows you have there now will nave to find another home. 
Hank FL
*A tax joke.
Re: University Highlands? - Posted by Mike
Posted by Mike on November 16, 2003 at 22:53:13:
the land is “fenced” on one side by North Rd, 8 ave west, 5th st south. a part of the land includes some of Drudy Lake.
Re: 206 acres…what should i do with it? - Posted by Chuck - ATL
Posted by Chuck - ATL on November 16, 2003 at 14:33:30:
Don’t forget the FUTURE LAND USE MAP. Your property can be zoned for Residential Use now, but in 10 years the County could propose it to be Zoned Commercial. You may also want to check with your State’s Department of Transportation and see if they have any plans for any road extensions, expansions, and so forth. Glad you’re in the “driver seat!”