A rezoning, and then a sale without mention of the rezoning

[Travis M.]

Hi all,

I found a piece of property in a nice SFR neighborhood, which was just listed for sale. In exploring zoning, I noticed the owner just (this year) had an ordinance approved, rezoning the property to a PUD, which allows for construction of up to two duplexes on the property.

Interestingly, the seller is making no mention of the rezoning in the sales ad, and is treating it just like a regular old SFR.

Can anyone think of any reasons why the owner might have abandoned plans, or is not drawing attention to the rezoning. The deal is as follows: 

Asking: 225k  (196$/sf)

SF: 1,145

Lot: 90x175

There are 1,000 sf condos selling in the neighborhood for $180k, so new development seems to make sense. I can't imagine why he would go through all the trouble of rezoning and then just market it as a SFR...

[Matt Devincenzo]

Without seeing the actual docs it's hard to say what the approvals may have actually conferred. I had a project that our office had in process for 21 years. After approval one of the property owners decided they didn't want to agree to the City conditions they wanted the other two owners to buy them out, or another unrelated person to buy them out. The project 'died' and we had to restart without that parcel included. 

Obviously not a common scenario, but my point is City Council records indicate the original project was approved, but certain events afterwards never took place and that project died. So there are reasons why you may see a 'project' yet the owner isn't marketing it because they know something prevents its execution.