Can we discuss land?
Currently, I am involved in two separate land deals. The first one is a 2-acre property in Bellevue that includes a tear-down home. Our objective is to construct 4-5 luxury homes on the site. The second transaction pertains to a 0.62-acre property in Lynnwood, also featuring a tear-down home situated on a slight slope. I would like to share some valuable information in case you or someone you know is interested in selling or buying land.
To maximize the value of a land asset, it is crucial for the landowner to engage in preliminary meetings with the city or county to obtain preliminary plat approval. During this feasibility period, which typically lasts between 30 to 90 days, it is important to gather comprehensive information regarding zoning, restrictions, utilities, drainage, wetlands, and any sloped or restricted areas. I am currently collaborating with an expert who has nearly 30 years of experience working for King County and the City of Bellevue. He serves as a Civil Engineering Consultant and can guide a landowner through the entire process, up to obtaining final plat approval. Once preliminary plat approval is attained, a buyer can waive the feasibility contingency, release the earnest money to the seller, and proceed towards a closing period of 12-18 months. As the land progresses further in the engineering and approval process, its value increases significantly for builders. The cost of hiring this consultant is minimal, and I highly recommend his services.
If you have any questions regarding land or properties with tear-down potential, please feel free to contact me.
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