The developers are circling

lrunge · Aug 28, 2006

Actully just one developer. I bought this place 7 years ago to get it the way I wanted for retirement. Just 5 acres, 100+ year old house, falling down barn. I lived alone in the house working on it for the first year. I restored the house and the barn then had an addition put on the house. Last winter I built a new 24x40 Gambrel, heated barn for a work shop and moved all my carpenter tools into it. I have spent a lot of my time working on this place. Unfortunately, they are building a road down below me and the people next to me are on the road frontage and are selling to them for commercial retail purposes. So, even if I tried to stay I'd have stores and gas stations next to me.
By the way, it is a good offer. It's not a fortune. He has agreed to let me take anything I want before they doze it. I will take things like the gazebo and stoves. I don't know if it's worth tearing down the new barn and taking it. I am considering cutting down the walnut and cherry trees. He also has six months with 2, 90 day extensions to get the soil tests, zoning, etc. approved before he buys it.
I spent Saturday looking at new land (from 20 to 95 acres) and the thought of moving to a new place already finished was exciting until I thought about all the work to prepare for the move and moving. And then it won't be just right so I will be working hard to get it the way I want it again.
Change...I guess you got to love it cause it's constant.

riptides · Aug 28, 2006

Too bad for the 100 year old farm house.

Funny, we are real close to finishing our project. Farm house and barn, and wouldn't you know it, a devleloper stops by.

I guess others see value after you find it. Too bad they don't have the vision before you make you plans.

Oh well. best of luck to you.

-Mike Z. :^)

schmism · Aug 29, 2006

have the devloper move your current house.

after all they want the dirt... you want to keep your home....

lrunge · Aug 30, 2006

They suggested moving it but the addition is tacked on the the old house with with seperate foundation and couldn't be moved. That and other issues caused me to drop it. I'm not hung up on the house, it's that I just about had it how I wanted it and wasn't considering moving. The new road has caused my city to be the fastest growing in N. Ky. All the neraby farms are selling for housing developments and now they are looking for commercial sites.
However, the $$ offers good but the wait to see if everything gets approved is a pain. It could take 6 months to a year to get all tests and zoning approvals before deal is done. That said, the same developer already has a zoning change request on 16 acres he bought just south of me so he isn't sitting on the offers.
There is a lot of good land in the vicinity on the market with and without houses that is far enough away from the developing areas to satisfy my needs. So far, I have made several changes to his "canned" purchase agreement so he still doesn't have me signed up yet.

riptides · Aug 30, 2006

Well, look over their plans very carefully. I have seen people hold out for offers that get dropped at the last minute. Then they are surrounded by the very things they fought so hard to keep away. Spend some time at the courthouse to see what the counties plans are, zoning requests, current and proposed development infrastructures, etc.

Best of luck.
-Mike Z.

stumpfield · Aug 30, 2006

lrunge said:
.......... So far, I have made several changes to his "canned" purchase agreement so he still doesn't have me signed up yet.

lrunge: Make sure you have a clause that does not allow the developer to assign or sell the contract to another party or at least you should get a share of the profit. Sometimes, a speculator will tie you up with a contract, work on zoning changes and various government requirements to improve the property on paper and then sold to another speculator. It could change hand many times before it's a go or no go for the project. At the end, you may end up where you started originally while your property served as a trading/speculation vehicle for these guys. Just something to watch out for...

bky · Aug 30, 2006

Howdy neighbor the development
Is a thing to come in my area I hope it works out well for you?

lrunge · Aug 31, 2006

Stumpfield: Thanks for info. No assignment clause. The developer is a very large commercial developer in the Metro where I'm located. He has many many commercial sites developed and under development. Businesswise I've even rented properties from them.
Riptides: Good advice. I'm not holding out for more $$$. Just minor negotiations on move time after closing, additional consideration for each extension, and what I'm allowed to take off the property, etc. Things that are normal negotiated terms. In fact, they just emailed me a contract with most of my request agreed to.
Bky: Nice to see there are other local TBNr's. Where are you located. PM me if you know of any local property for sale with house and barn, 10 to 80 acres considered.

MicroPilot · Sep 3, 2006

lrunge said:
Stumpfield: Thanks for info. No assignment clause. The developer is a very large commercial developer in the Metro where I'm located. He has many many commercial sites developed and under development. Businesswise I've even rented properties from them.
Riptides: Good advice. I'm not holding out for more $$$. Just minor negotiations on move time after closing, additional consideration for each extension, and what I'm allowed to take off the property, etc. Things that are normal negotiated terms. In fact, they just emailed me a contract with most of my request agreed to.
Bky: Nice to see there are other local TBNr's. Where are you located. PM me if you know of any local property for sale with house and barn, 10 to 80 acres considered.

I would reccomend talking with a Commercial Realt Estate firm to see what the actual value of your property is.

I'm also in the N. Ky area and will keep my eyes open for porperty.

MikeD74T · Sep 3, 2006

riptides said:
Well, look over their plans very carefully. I have seen people hold out for offers that get dropped at the last minute. Then they are surrounded by the very things they fought so hard to keep away. Spend some time at the courthouse to see what the counties plans are, zoning requests, current and proposed development infrastructures, etc.

Best of luck.
-Mike Z.

I can show you a small house on a 100' x 100' lot with a Kenworth dealership on 3 sides because he held out for too much. Now his view is a 6' chain link fence & trucks. I doubt he could get the original offer from anyone else & the dealership doesn't need his property.