Hi guys – Curious to know if you have experience with re-zoning?
I have a motivated seller with 10-acres of farm land in a very wealthy/expensive section of New Jersey. The property is currently 9-acres of workable land with 1-acre reserved for his residence, which is valued at $1.2m+. He is asking $2.3m/$2.4m for the entire thing.
My thought is that the 9 acres can be sub-divided into 18 lots, each with 5 beds/3 baths and sell to end buyers at not less than $500k – $9m in total. Or, it can be turned into condos/apartments. It will require re-zoning, sub-dividing, running utilities, and the build-up.
I have 0 experience with this type of thing, and was wondering if you might be able to assist?
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