Propose potential location for luxury home development?

[Giani Brussich]

Hi all,

This is more like is this reasonable or feasible? I wanted to ask the community if these seems like something that could be done and the work just need to be done. i mostly want someone to be like yes, that would work or no, delete this post.

ok, here are the details

- There is a local lot, in Westchester County, NY that is just shy of 10 acres. I do not own the lot and currently do not have funds to purchase the lot.

- It is currently being sold by a broker with an asking price of 950K but has been sitting for a while. It seems raised up and mostly level but would require some leveling. I do not know about electric or anything else.

- Neighboring comps are in the 1m+ range.

- Based on comps and surrounding neighborhood, i would think a developer could build 3-4 luxury homes, roughly 3500-4500+ sqft with 1.5-2acre lots. Make it a cul-de-sac and I estimate, could sell each for roughly 2.5 to 3 million each.

Is this a pipe dream? is there anything else i can consider? Has anyone else gone in with no money and proposed a plan to a developer and how did it go?

Thank you in advance

[Scott Wolf]

Originally posted by @Giani Brussich:

@Scott Wolf @John Bucci ok and thank you both very much. I appreciate the detailed feedback and comments. Definitely more involved than just throwing up houses. If I recall correctly, it was also listed with a pre-approved plan for a single house.

My last few questions, does the pre-approval plan for one house mean that is ALL they could be built or that they (the brokerage or current owner) didn’t go through the necessary steps to find out if it can be divided up? Is there a way I can find out locally without upfront costs, maybe by calling the town, if it can be subdivided? 

You could try the planning office, but I'm not 100% sure. If it were subdividable, I'm guessing that the seller would have mentioned that and the price would be much higher.  Especially if it's already being marketed with a building plan in place.