Property Valuation in Bed Stuy (empty lot)

I would like to sell a property (empty lot) I own with my siblings. However, everytime I call a broker they see dollar signs and lowball me in an attempt to buy it themselves when all I want is a valuation. Ideally I would like to FSBO since it’s a corner with alot of exposure and has approved plans. Can someone point me in the right direction?

jonathanbrettklein

in General Discussion 7 years and 1 month ago

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chemosphere | 7 years and 1 month ago

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what kind of split would a developer partnership typically involve?

slopefarm | 7 years and 1 month ago

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That sounds right. We did a major reno of a civil war-era oversize frame. Early on, when we found one surprise after another, our architect, who works a lot with builders, said, “you know, you got 5000 buildable square feet, here. Jussayin’ . . . “

lynnepoling | 7 years and 1 month ago

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The land itself is enough to get a construction loan in most cases…
Get a devloper/builder as a partner to handle the build.
A good lawyer is a must with everything these days.

EJR | 7 years and 1 month ago

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agree with the recent comments here. If you find a partner and build max FAR condos on this property and then sell the condos you will make a killing. This Carroll Gardens house collapsed and the owners partnered to build condos on the lot (https://www.brooklynpaper.com/stories/36/41/dtg_collapsedbuildingreplaced_2013_10_11_bk.html) . The condos sold for a total of over $8 million (https://streeteasy.com/building/241-carroll-street-brooklyn#tab_building_detail=2)

slopefarm | 7 years and 1 month ago

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Lawyer up, then partner up. Brooklyn RE development is a dirty business.

lynnepoling | 7 years and 1 month ago

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Partner up and build.
then sell.

jonathanbrettklein | 7 years and 1 month ago

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@BKsol; much appreciated how can we go about it?

jose75

in General Discussion 7 years and 1 month ago

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@MHart1118; I’d be happy to put together a comp for you- ZERO strings attached.

resident2 | 7 years and 1 month ago

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In order to get above average prices for a vacant lot you are looking for a very specific buyer; most are not trawling the neighborhood looking for FSBO for sale signs nor are they trawling Trulia, Zillow or the others… they need to be bought to the listing often dragged to the neighborhood etc by a Broker that has contacts to 1031 buyers, foreign cash to spare etc. Which is why you often hear after the fact that the lot was even for sale. They are rarely “on the market”…. This is a market that; as a FSBO you will never get to those buyers.
Yes, there is certainly the possibility that who you sell it to, will repackage it and sell it to someone else for a profit, that is how the business goes.
Any responsible appraiser that is aware of the vacant lot market in Brooklyn should also be aware that one single lot selling for X does not mean that that was the only compensation for that lot, they are often bartered between speculators/investors etc. A lot may also show a public record price of a high amount because it was sold as part of a package and if a higher value was put on vacant lot A and less attributed to lots B & C, they pay less capital gain etc. You will often see a lot being bought… the buyer does nothing with it for years… then it suddenly sells for crazy money without it even being on the market… how? Maybe they are packaging with other properties making it interesting to a larger development.. maybe they just need a place to park their money…. Individual lots are not worth as much as a package of lots. And approved plans do not necessarily add value.
With a fast moving market it is difficult to sell a piece of Real Estate by yourself, vacant lots are really difficult if you do not know the market and the players in the game.
Your best bet is to invite at least 3 commercial Brokers to value with the eye to listing your lot, let them know that you are asking 2 others and listen to what they have to say. Even then it may well be like listening to 3 brain surgeons discussing the best way to take out a tumor.

stuyheights | 7 years and 1 month ago

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Any independent appraiser. Id be happy to refer one if needed.

jonathanbrettklein | 7 years and 1 month ago

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Exactly from where

stuyheights | 7 years and 1 month ago

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Why don’t you get it appraised?