Development

 

Land development  refers to making alterations to the landscape in a number of ways

  • Changing the landform
  • Subdividing
  • Developing – Vacant land to either residential, industrial or commercial

 

 

From the photo above there are numerous possibilities for the sellers or potential buyers ranging anything from

  • Single family homes
  • Lakefront properties
  • Agricultural
  • Farming
  • Various Commercial sites (traffic count over 35,500 cars per day)

All of the above are governed by local planning and zoning, so change of use ad planning would be required. Land will always be an asset to its owner even if you dig a massive hole and sell off the soil you will still own the real estate beneath. There are millions of acres owned by private owners who have no intention of developing or even know it’s true worth. Many of these properties just pass through one generation to another by death and remain in the family name or sometimes fall into intestate claims.

Land values are highly sensitive to location, supply & demand and potential mineral rights. The zoning placed on the land when it was originally deeded and platted would determine the local county restrictions at the time and may also reflect future land uses of the adjoining areas.

Profit Enhancement : A smart land owner or developer will want to maximize profits by identifying and developing the best means to compliment the local environment. Trying to change use of a rural property to industrial will generally have a large opposition from the local neighbors.

In all land development projects there will always be opposition in some form but that doesn't’ mean that it can never be approved. The local governing authority  will ensure every effort is made to notify surrounding neighbors and listen to all objections. In many cases the project maybe adapted to overcome objections creating a win win for all.

If you are a land owner and want to sell your property you need to either prepare for the long haul route of submitting plans, engineering designs, environmental tests and field studies for planning and zoning changes or you can sell off to an investor developer who will purchase it "at risk" increasing their personal land bank portfolio . Many developers will try to secure a property using a “Letter of Intent” which means they will contract to purchase based on the property meeting the criteria required for their future use.