Is high steep(About 70 degree) lot in downtown worth it?
Navigating the labyrinth of real estate can be a formidable journey, fraught with pitfalls, but also rich with potential rewards. My recent voyage into this world has brought me face to face with an enticing challenge, a lot located in the heart of downtown. It comes with a price tag that defies the norms of real estate in the city and, like a mysterious puzzle waiting to be solved, I am drawn to its potential.
In this bustling city, a decent 3-4 bedroom house with a single to two bathrooms generally requires a hearty investment of around $450,000. A vacant lot, on the other hand, commands a price of $400,000. It's against this backdrop of hefty figures that I chanced upon a gem - a sprawling 930 sqm lot, all for the jaw-dropping price of $170,000. It sat there, in downtown, astonishingly untouched. No clamouring buyers, no bidding wars, just a steep, sloping piece of land with an unbeatable view.
My curiosity piqued, I set out to inspect the lot with my realtor. The spectacle that met us was a sight to behold. A steep slope greeted us, plunging down at a 75-degree angle, descending a good 2-3 meters within the first few steps. Then it continued its daring descent, this time at a slightly gentler slope of around 65 degrees, for another 24 meters. The bottom of the slope held an array of shops, mechanic workshops, and offices.
The lot, despite its steep incline, boasted an incredible view - downtown to the right, the city's famous river straight ahead. It was a diamond in the rough, and I was determined to polish it.
I approached the city council with an idea of converting the lot into a multifamily residence. I was met with resistance. The council cited the steepness of the lot, emphasizing the challenges associated with constructing on a slope exceeding 35 degrees. The probability of approval seemed dismal, hinging on a comprehensive research proposal demonstrating how I could overcome the steepness to construct a multifamily residence.
Even my realtor had reservations, dissuading me from the purchase. But the potential of this lot invades my thoughts, waking and sleeping. I pore over research, devising strategies to win the council's approval. The questions persist:
- Is it worth the investment, and the subsequent risks and challenges?
- Should I make the case to the council for a multifamily dwelling, or accept the restrictions and proceed with a single-family home?
- Should I simply build a single-family home, potentially foregoing the lucrative opportunity for rental income from a multifamily setup?
- Considering the steepness of the slope, what budget should I anticipate and what challenges should I be prepared for?
I am standing on the edge of this steep slope, staring at an opportunity that others have overlooked. Now, I seek the wisdom and experiences of others as I decide whether to tread down this uncertain path.