• They lived about 30 miles away and didn’t realize the development potential the property had. • They hired an agent who wasn’t familiar with the area. • Their agent didn’t realize the development potential, either. • Their agent didn't both to research the property and it's potential. Their buyer was knowledgeable and experienced with developments. He researched the zoning and discovered the three acres were zoned for high-density condos. The sellers did not know about the zoning, nor did they know the county was planning to build a new road right past their property. When I list properties for sale, especially if it a parcel of land or if the property is located in an area outside of my immediate expertise, I always research the surrounding neighborhoods, demographics, and zoning for land use along with local variances that could increase the potential use and marketability of the property. There was an article I once read that talked about the most basic method of how one can determine if a home or parcel of land is located in an area where values are projected to increase. They called it, " The Box Factor ". Simply put, big box stores like Home Depot, Lowes, Walmart, and Target spend upwards of $25,000,000 per year researching demographics of areas to determine where they believe growth will occur. Companies such as these not only have the manpower, they also have the financial wherewithal to nail down neighborhoods that have the potential to support their stores and help them grown and thrive over time. So, with that said, one of the variables I always focus on is proximity of my listings to these big box stores. If you are located within 3-5 miles of one of these stores, chances are your home will experience a growth in value and desirability year over year, on average . It's certainly not the only factor to consider, but it is definitely an interesting one!
99
Powered by FlippingBook