Thanks Bob. I'll try to post more soon.
It *is* an awesome piece of land. We looked at three others of similar size and price, and none compared even though two had already sold. So I'm a bit nervous on that account.
At this point, EVERY concern but two have been resolved favorably. The two are: Will the owner accept the price we'll offer? And will the town let us put a house on the property?
That second issue is serious. There's a town ordinance stipulating that parcels must have 200 feet of road frontage per residence. As large as this land is, it actually only has about half of what's required. The street has numerous small lots on it, and this large one behind them has a narrow panhandle that reaches out and touches the street between a couple of the other lots. But it doesn't have enough street.
Our attorney suspects that the town will permit an exception due to the lot's large size. But buying something this expensive without knowing is a huge concern! I'll be talking to him tomorrow to improve my understanding of the situation, obtain a purchase contract to which he's added some contingencies, and HOPEFULLY boost my confidence about the chances that this thing is surmountable. I mean, a hundred acres! Who'd have believed that the town might say no to construction because part of it is too small???
Meanwhile, the owner has already filed to log out the back two thirds in November. That would really be a drag, so I'm now feeling pressure from several directions.
Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months
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