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I have similar situation that I went through on 3.25 acre piece of land that had older home on it, bought it long ago speculating that someday a residential development will happen, few years later it did, my lot will be split into 10 smaller lots, located in the middle of this residential development, the builder have offered me a price to sell, in which I have turned down, later I've got the price I was looking for. So it all depends on how important your location is? and if the kind of development consistent with best and highest use for the area? Meaning are they building apartments, condos, or single family homes, there are many factors involved, your best bet is to go to the planning department and find out what current zoning, and what are the future possible zoning, current application for developments and what are the activities on the area, this will give you an idea if it will be worth the investment or not. If this post was helpful please click the thumbs-up below.
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For Sale: $249,900
For Sale: $647,848
For Sale: $360,000