[know_bettor]

what is the price per acre of residential land going for in the southwest area.(jones & serene)? will this area develop quickly after city center comes online? thanx for all responses

[Daddys///M3]

Originally Posted by know_bettor

what is the price per acre of residential land going for in the southwest area.(jones & serene)? will this area develop quickly after city center comes online? thanx for all responses

It depends. I am seeing some 1/2 acre lots in small (4-6 unit) subdivisions going for $350K or more. I am also seeing raw (no entitlements) land going for $450K per acre. I can't comment on the timeline of development, not without basically throwing a wild guess out there. I will say that land financing is becoming increasingly difficult to acquire, as is construction financing. I've witnessed 2 lenders that were my go to's for such transactions pull back and eliminate their construction to permanent programs. It is almost impossible to find financing for spec construction.

[olecapt]

That area is Clark County with split up zoning. Some of it is planned for 8 per acre others for 3.5. Much is still zoned RE. Couple of big BLM pieces with Pubilic Faciliites zoning...generally means a school. One Family operation controls a big hunk of it. I would presume eventually moderate density homes.

I would not go past 300K an acre in the area for low density housing... sales have been as high as 350K or 400K last summer but I would not go anywhere near that at the moment. A good buy would be at 225K or so.

[know_bettor]

thank you for your reply. there are two, 2.5 acre parcels listed (jones & oleta, jones & serene) asking 600 to 700 per acre. are they that far off in their asking price? I would like to pick up a parcel in the area

[olecapt]

There are three kinds of property in that area. Commercial/Lt. Manufacturing, 8 units per acre and 3.5 units per acre.

I am not competent on the commercial/lt manufacturing. Have to find a commercial guy. I could find out but that would be work and I am not getting paid.

8 units per acre might go to 500K. Not 700K. That is last years price.

The 3.5 or 2 per acre stuff should be under 300K. Well under for a deal.

[know_bettor]

thank you for your reply. Is the process of changing the density per acre on raw land a difficult one?

[olecapt]

Originally Posted by know_bettor

thank you for your reply. Is the process of changing the density per acre on raw land a difficult one?

If the master plan is for the higher density it is generally reasonably easy...that is if the master plan is now 3.5 per acre but it is zoned for 2 the change is easy. If however it is planned for 3.5 and you want 8 it is a major battle even if there is 8 per acre across the street. More of these will be lost then won.

[know_bettor]

does the master plan come up for review, after a number of years, if the area has not been completly developed? The area north of southern highlands east of jones is where i am considering.

[olecapt]

Originally Posted by know_bettor

does the master plan come up for review, after a number of years, if the area has not been completly developed? The area north of southern highlands east of jones is where i am considering.

Master plans are on a five year cycle. They are basically untouchable for some period than a set of work shops begin leading to an update. The NW (Lone Mountain) plan is currently in the update cycle.

Note though that areas that have any significant amount of existing homes are unlikely to change much. Basically the existing home owner is protected from any radical change in the immediate area. Areas with few or no homes may get modified but if there are residences within a quarter mile it is unlikely to happen Boundary areas are subject to pressure and may change slowly over the plan cycles. But basically the residents often understand all this. In the SW there is an organization called SWAN that pays a lot of attention to the process.

So be very careful about buying property based on a plan change. In fact by it with the zoning change a condition and let the existing owner fight it out.