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I have the opportunity to buy 2 lots that combined would make up about 5 acres of buildable property. It is in the middle of a very developed uplevel Detroit subdivision with most homes about 40 years old and going for about $160/sq ft. Newer homes, when rarely built, go for top $(over $180/sq ft). I could subdivide the lots into about 5 – 100′ by 225′ with a value per lot of about $200,000. The total cost of the land to me would be about $400,000.
My question is what would the approximate land development cost be? I would need to subdivide into lots, survey and mark the land, clear the land, build a road(400′) and install sewer/utilities. I could then sell the lots or build homes. Where do I find the above info and do you have any approiximate ballpark figures?
Thanks, Chris
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I have the opportunity to buy 2 lots that combined would make up about 5 acres of buildable property. It is in the middle of a very developed uplevel Detroit subdivision with most homes about 40 years old and going for about $160/sq ft. Newer homes, when rarely built, go for top $(over $180/sq ft). I could subdivide the lots into about 5 - 100' by 225' with a value per lot of about $200,000. The total cost of the land to me would be about $400,000.
My question is what would the approximate land development cost be? I would need to subdivide into lots, survey and mark the land, clear the land, build a road(400') and install sewer/utilities. I could then sell the lots or build homes. Where do I find the above info and do you have any approiximate ballpark figures?
Thanks, Chris