Forum Archive: Posts by: tlocane

I’m new to the idea of constructing a home on a vacant lot. I am planning on building a 2 story (2 1/2 story at best … meaning a 3rd story that is set back and takes up only 1/2 of the footprint of an entire floor) at best. The area is zoned for structures up to 70 ft high. My home will be significantly lower and smaller.

As long as my architect’s plans follow all city codes, reqs and zoning, does the community board get involved? Do the plans need to be submitted to the cb for approval? This is not a landmarked area at all.

I am interested in purchasing a vacant lot to build my 1 family home. I have done my due diligence in terms of researching the allowable FAR, setbacks etc and am now looking into financing.

I was told by a realtor that an individual cannot mortgage a vacant lot; that it must be paid for in cash. Is that so?

Also, I am considering hiring an appraiser to appraise the lot to see if the asking price is reasonable or should I negotiate more, given the state of the current economy. The seller bought at the height of the market and is asking only $20K over his purchase price.

Does anyone have any suggestions on how to determine whether his asking price is reasonable or not? There are not any other vacant lots for sale for comps. Thanks.