Land Sale WHAT THE LAND OFFERS: Is the land worth a return on investment? 1. The land passed the soil test as an optimum surface on which to build a home. 2. The land faces no highly used traffic arteries. Housing area price ranges are as high 1.3 million and above. 3. It is in a cul-de-sak. 4. Land is ready for a walk-out basement option. All back levels will have a full unobstructed view of the city and its night lights. 5. There are no homeowner’s fees 6. No covenants. Others have them but I don’t. My seller was the main land developer that later sold to other, minus the convent agreements. I, therefore, have no obligations (written or otherwise) to the new and/or past developers. 7. It has a 180-degree view of the city. 8. It is at the foot of a mountain range (in its front yard) and only a few miles from the Garden of The Gods (about 2 miles) having better views than the multi-million-dollar Garden of The Gods Country Club homes (also about 2 miles down the road from the property in front of Garden of The Gods park.) 9. The land has identical views found other high-end custom home areas named Top of Skyway, Broadmoor, and Univervisity Park. 10. The land is flat and is almost entirely buildable and is ready for houses in the 3500 to 7000 square foot range with a walk out basement options. 11. There is no obstruction from the city as it is a ridge lot meaning I’m about 500 feet above others below and about a mile away from them as well. 12. There is no NOISE from traffic arteries. 13. And, I’m in the heart of Colorado Springs with left, right, and front exits to any part of Colorado Springs you wish to visit. 14. And, finally, available lots for new custom homes in the area are basically gone. Nothing quite compares to this lot. All offers will be given serious consideration but not all will be responded to, especially for those times when the price is too low to be reasonable. Please read below if you are interested in my view of the lands worth. Otherwise, thanks for looking. WHAT IS A FAIR PRICE FOR THE LAND? (Below is how I rationalize the worth and it is my guide to considering offers, but don’t let it stop you from sending an offer. Use it to understand the seller’s point-of-view. Again, I will consider all offers seriously.) Using a ROI calculator ( https://www.bankrate.com/calculators/retirement/roi-calculator.aspx) I owned the land for 26 years. I paid an average of $1800.00 a year on property taxes each year (undeveloped land is charged at a higher rate than developed) and maintenance. I paid, $64,000 for the land and then paid for soil tests and other bank fees. Say $70,000 total in 1992. What would $70,000 be worth today if in 1992 I got an average of 5% return. I think 5% is a fair expectation. Use the ROI calculator (see the link above), with the following as inputs: Years 26 Rate of Return, 5% Initial Investment, $70,000 Additional investment, $1800 per year (my property tax) Expected inflation rate: 2.9% but let us use ZERO. Tax rate: ZERO (let us say I paid no tax on gains until I take the money out of the stock market just as I would if I sold the land). The total return after 26 years with these settings amounts to $345,502.00 if I did not buy the land and put the money in a simple and safe blue chip mutual fund.
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