Would You Buy This Home?

It appears the developer has tried twice already to erect a 3 story apartment building

I'm not 100% positive, though.  I guess I'll have to check it out....

there is no way to answer this without more information.

what makes this area desireable? is it a good view open fields, small town life and things of that nature? if so an apt in your backyard cant help.

on the other hand maybe you are near a job center, one that is growing? in that case expect more of the same in the future.

maybe this will make your street buisier, or meak parking more difficult? mabe the developer will build facing the wrong way(no one likes being behind an appt bldg) hard to know

yeah, it's supposed to be a small town life sort of thing.  A horse community with a country feel with views and rolling hills.  It had a good school system but the house was one house away from the corner house.  No job center nearby (only one real shopping center).  I'm pretty sure they are building like 150 condo units and a possible three story apartment bldg.  The 3 story bldg is having trouble getting approved because it's not compatible with the rural feeling of the community (so the article said). 

I probably would think traffic would get worse as they already have a traffic problem and are expanding the highway in the future.  Probably wouldn't erect the bldgs with the back to the house because the house is at the entrance of the street.  A likely location for a sign of the apartment bldg kind of thing. 

Depends on the area....if you are in the Seattle area you have some pretty good teeth and community activist groups keeping agricultural land saved for ag. If you are in an area like that it may even give you a way to get involved in your community, meet your neighbors, etc. If it isn't an area that values agriculture...it might be something that could kill your land value.

If you are interested in the place due to the rural feel, a huge development next door will be bad news.  It will increase traffic, noise, affect privacy etc etc.  

If it is zoned agricultural, how easy will it for the developer to get it changed?   Developer probably wouldn't have purchased the property if they thought it was next to impossible.

Hence, think through why you are buying and do investigate the changes that may occur in the next few years.  Are they acceptable to you ?  Recently we drove by a house we sold in 1990.   The back bordered with a dense forest in 1990, now it is dense housing.  I'm so glad we didn't witness those changes with a front row ownership seat.

Was all this disclosed to you before you made an offer?  It most likely should have been.  And probably the current owner knows about it.  Your realtor and their realtor probably know.  This information may be enough for you to back out.  Check with a pro to be sure.

I made this mistake back in 1984.  I bought a house across the street from a lovely farm.  I had a views of a cornfield.  Quite a few homes in the area were on the market and I attributed that to the normal ageing of the original homebuyers.  Anyway, I ended up with an apartment complex across the street.  It ruined the ambiance of the neighborhood and the increase in traffic was incredible.  I should have backed out and done more due diligence on my own as well before making an offer.  My fault but the professionals should have checked as well.  Now I always tell everyone to check on the status of undeveloped land close to their prospective residence.

I think the zoning is no big deal.  Wave some money under the nose of local government and it's done.  They want the tax revenues generated by that apt complex.  Much better than a bunch of horses.

I would be willing to bet they wont bulid anything right now ... who do they intend to sell them to?The buyers are gone.

Lisa

So I just got off the phone and they said that at this point there are no permits or anything to change the property. They were going to in 2007, but the economy tanked and now nothing for at least 5 years (kudos Staresce).  But after that, there may be some changes.  Is that too vague to consider buying?  With the economy the way it is, my husband and I were prepared for ten years, more if necessary. 

I do see your concern that the land is owned and you dont know what will be there... is it possible they may sell it in that time? Or try to? Could they divide it into smaller lots and sell it in pieces? Will they even still be in business then? And you dont know in 5 years what they or someone else may want to do with it. I would look at other homes too but keep this one in mind.

Lisa

No time for other houses.  They might approve this week!  With the bailout falling through maybe it's best I wait for a house without the question mark across the street...

INTDESR...

It's very simple.  You just need to go down to your local county's Department of Public Works Office and ask for a plan of the submitting drawings for that developement.  Ask for the concept plan. 

It's very hard to get zoning changes, most ag zones will change to low density residential at the most.  Getting an apartment complex into an ag zoning will really take some inside work at the county. lol

DPW may charge you a few bucks for the copy of the concept plan. 

You can probably speak with the reviewing engineer for an explanation if you have any questions.

Is this something that could fall under the disclosure?  The owners probably knew of the plans for development.  We had the farmers field behind us under construction for 2 years and it is now the local newspaper's building.  We lucked out at our end - the other end is much worse with traffic and the parking lot and looking at a huge building - but still we had to live through 2 years of bulldozers and beeping noise.  Dirt dust on our deck, cars etc - It sucked.

I turned down the house.  The property across the street turned out to be zoned multi family and although they couldn't build until they could get water and sewer, I didn't feel comfortable taking it on.  A person who was overseeing the planning told me that they want to build something there and that could be residences, condos and apartments (when they could eventually get the utilities), a fire station (gasp) and potentially a retirement facility. 

I'm not sure if it's the responsibility of either the owner or the real estate agent to disclose these things.  I initially asked because the property looked a little unkept but then when I found no information on the internet I told her I was mistaken that the property had been sold.  Unfortunately, when it came to my realtor, she wouldn't really do too much work on my behalf.  That's why I don't have her representing me

anymore.