Yes, it is hard to realize that one has paid too much for a piece of vacant land.
You really have to be careful, especially when purchasing land in Florida when you come from an area where land is at a premium.
I've spent the last two weeks providing estimated values for vacant lots throughout the state. Where there is growth and activity, lot prices are elevated.
However, for those who were unfortunate enough to purchase land in the middle of nowhere with the expectation that the area would be developed in an acceptable time period, it can be disheartening to find that the party who sold them the land did indeed take advantage of them.
So far this week, I've had to inform 32 owners that because of minimum densities, green swamp, 50-foot setback requirements and a host of other issues that their property simply cannot be used to build their dream home.
About an hour ago, I had to advise an owner of a .25-acre property that the property sits in Core X of Green Swamp and the minimum density is one home per 20 acres of land with a 50-foot setback.
Just the setback requirement alone demolishes the possibility of building on a .25-acre lot. Where the property lies outside of the new and old requirements for building on the property.
Please be careful when purchasing vacant land in Florida. Buying in undeveloped areas should be done with the understanding that the area may not be developed in one's lifetime.
I am a due diligence expert.
If there is an issue with a piece of real property you are looking to purchase, I will find it and keep you from losing money on the deal.
Real property can make or break you. I provide the very best outcomes for those that I work with. ... Brian Rice