🤔 Seeking Advice: Combining Adjoining Waterfront Lots - Pros & Cons?

[KC Pake]

Hello everyone,

I'm in the process of deciding the best course of action for selling my property, and I could use your collective wisdom or experiences on this matter. I own four adjoining vacant lots, each approximately 0.65 acres in size, making up a total of 2.5 acres. These lots are all waterfront properties, providing about 325 feet of navigable waterfront access. Each lot is zoned Single Family Residential.

Here's my dilemma: I am considering whether I should formally combine these lots into one large parcel before selling, or if it's better to keep them as separate entities. I intend to sell all four lots together as a package deal, regardless of whether they're combined or separate.

Pros of Combining Lots:

- Simplified Selling Process: Potentially easier to sell one large parcel than multiple smaller ones.

- Increased Marketability: A larger, single lot may appeal to buyers looking for more space and privacy.

- Potential for Higher Value: Combining the lots could increase the overall value due to the larger size and unified waterfront access.

Cons of Combining Lots:

- Limiting Buyer Pool: Some buyers may be interested in smaller, less expensive parcels.

- Zoning and Regulation Challenges: Combining lots could complicate zoning and what can be built on the property.

- Costs and Legalities: There may be costs and legal procedures involved in combining the lots officially with the county.

I'm leaning towards combining them for the simplicity and the unique appeal it could offer to a certain market segment. However, I am concerned about potentially narrowing the pool of interested buyers or encountering unforeseen legal and zoning challenges.

If anyone here has gone through a similar decision-making process or has expertise in real estate, particularly with waterfront properties, I would appreciate your insights. What are the pros and cons you've experienced or observed with combining lots? Are there any pitfalls or advantages I might not have considered?

Thank you in advance for your advice and experiences, I look forward to your responses.

Best regards,
KC