I need help a land developer is trying to buy my neighborhood.

[/u/Comprehensive-Fox982]

My neighborhood has been approached by a land developer to buy all the homes in my subdivision and build a warehouse on the land. I received a letter from Transwerstern the developer, to buy our lot for $30 a sqft. Our lot is about 18,000 sqft. But I feel this not a fair price at all considering the housing market is kind of crazy and a lack of inventory makes it a difficult proposition. We bought in August of 2023 for $475k and decided to invest about 150k to remodel and fix the house. We saw this as our forever home and felt that we would be here for the next 20 years. The problem we have now is that there is a lot of people of retirement age in the subdivision who are willing to take the offer. I have spoken to my neighbors and we kind of agree that the initial offer is not enough. However this company seems to be very serious and I feel I will not be able to hold out for long if my neighbors agree to sell. For context I live in Bensenville and this has been happening for a long time around O’hare. This company recently finished a land assemblage about 3 miles away from me and about 5 home owners received upwards of $2 million for the same lot size as mine. I really have no interest in selling. I love where I live our house is now exactly how we imagined it and I would hate to loose all of it just because people are looking for a quick dollar. $2 million for us is ideal considering after closing cost, lawyer fees, moving costs and capital gains tax we would probably only take home around a million. It sounds like a lot of money but houses similar in size to mine in the neighboring town of Elmhurst will run you upwards of a million. What are my options and who can I talk to so we can get the best deal for me and my family.

submitted by /u/Comprehensive-Fox982
[link] [comments]
I need help a land developer is trying to buy my neighborhood.
Continue reading...