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Land Lease Community & Sub-Division Wheeling WV

Whether you should build a land lease community or a sub-division depends on several factors: your investment objectives, cash & credit resources, market conditions, target buyer demographics, etc. Read on for an in-depth answer to this question.

JFK Enterprises, LLC.,
(304) 218-1138
PO Box 6154
Wheeling, WV
 
Re/Max Real Estate Group
(304) 728-7477
66 Somerset Blvd
Charles Town, WV
 
Re/Max Real Estate Professionals
(304) 292-3900
709 Beechurst AveSte 24 Seneca Ctr
Morgantown, WV
 
Re/Max Refined
(304) 325-3701
2453 Washington St
Bluefield, WV
 
Re/Max Mountain Realty
(304) 425-3701
510 Stafford Dr
Princeton, WV
 
Bethel Agency
(740) 695-0516
153 E Main St
St Clairsville, OH

Data Provided by:
Re/Max Realty Consultants
(304) 525-2300
1400 Sixth Ave
Huntington, WV
 
Re/Max Connections
(301) 724-3500
125 West St
Keyser, WV
 
Re/Max Real Estate Unlimited
(304) 343-3274
1556 Kanawha Blvd ESuite 2
Charleston, WV
 
Re/Max Real Estate Unlimited
(304) 757-5680
200-2 Great Teays Blvd
Scott Depot, WV
 
Data Provided by:

Building a Land Lease Community vs a Sub-Division

Building a land lease community vs a sub-division
Wed 03/19/08 09:45:12 pm
by Ed Hicks

I am an experienced boulevard retailer, however due to a shortage of homesites in my market area, my sales have slowed somewhat. With an impending recession and an expected relatively high demand for affordable housing, I have decided to become a developer, but I am not sure what kind of community to build. What are the advantages and disadvantages of building a land lease community vs a sub-division? Beth T., Lima, OH

The answers depend on several factors: your investment objectives, cash & credit resources, market conditions, target buyer demographics, etc. If you have limited cash and credit, most retailers new to development will parcel off tracts of land into building lots, and sell them without improvements to buyers. Before a home is installed on a lot, however, the seller or buyer has to arrange for utilities. This usually means arranging for a well & septic tank. Finding land which has the proper zoning is usually allowed in more rural areas, and land use regulations may require relatively large lot sizes, often a 1 acre or more minimum size. By the way, offering lots for sale without improvements across state lines may be a violation of the Interstate Land Sales Act. See your attorney for relevant registration requirement. As the lots are sold off, the cash flow may be used to acquire more land, etc., sort of "bootstrapping" your way along while building up your cash reserves with each lot sale.

If you have more cash and credit, it is often best to build a small subdivision where the streets and utilities are provided to each homesite. Development costs are usually higher, and getting approvals may require zoning and site plan approvals which often involve hostile public hearings. Resulting lot sizes are usually smaller, with yields of 2.5 to 5.0 per acre depending on setbacks, street widths, etc. Advantages over the rural, large unimproved lots are: easier to sell, less rural areas, and the home/land package may be eligible for 30 year financing at site built home rates ...

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