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Click Here to see lake property in Lake Riverside Estates in CA.
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There is a basic problem for your family trying to find a lot for this sized home. The reason is that the lots have been picked over before you know that they are for sale. Let me explain. You should be able to buy your lot for under $90,000 but most often when a realtor gets a low-priced lot listing between $65,000 and $90,000, he calls the contractors that he deals with on a constant basis. Usually these contractors have agents working for them. The agent or the contractor immediately look at the lot. If it is a good lot, it is purchased instantly. If no one buys the lot within a few days, the lot gets a sign put on it. Most of the properties, the left overs, that you will find between 60,000 & $85,000 need a great deal of fill, $5,000 to $10,000, as well as heavy grading, so be carefull. January, 05 update. The above still applies, but in the past several months almost a 100 lots have come onto the market from one seller. He bought them 17 years ago for about $3,000 each. You now have a much larger choice for almost a 100 lots are under $100,000. Here’s what you can do that may help. First, a contractor may have a spec house on a good lot that he bought four or five months ago at a lesser price. So look at all of the spec houses by contractors in your price range. Second, find yourself a good realtor that is willing to provide you with the current new listings every day and give them to you at 8 AM every morning. Even though they are the left over lots, you may be the first to get a second shot at it. Take the assumption that every other buyer is working lots that have been on the MLS (multiple listing service) for days. Some buyers are driving neighborhoods. This is a very difficult way to buy a lot. The other lucky part of your shopping need is that you only need an 80 foot by 120 foot lot, and the majority of lots in town (about 90%) or more, are of this size. This is a break. Third, the smartest decision may be to spend more money for your lot as it insures that your new home will be in a newer or better neighborhood and will increase in price. Most contractors are not looking hard at $90,000 to $110,000 range. However, as time marches on, the contractors are forced to buy more expensive lots. For the future value of your home, remember the words that are in every text book on “How to Buy Real Estate” Location, Location, Location. An example is a lot for sale on Peruvian Lane with an asking price of $119,000 (graded). It would be perfect for a small home. If you deduct $6,000 for grading, the lot is then priced at $113,000, a good buy because it is one block away from BLM land with a gorgeous mountain view and in a new area. Your mind when buying lots should be thinking, I want to buy an above average lot for a below average price. The average R-1 is now $132,000. While shopping for your needs, you may wish to consider the following. While standing on a lot, take special notice if it needs fill. All lots in town have a downward trend and may need fill which is expensive. Also take note of the houses that surround you. If you can see one 30 years old, four 15-year old homes, and one tile roof, you are in a 15-year-old neighborhood. When you sell in ten years, you will be in a 25-year-old neighborhood. Last, but not least, look for vacant lots. If there are four to ten close by, this means you will be in a newer neighborhood for quite a while. Good Luck.
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