U
/u/Swoopysloop
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My family owns a piece of property that we have had for decades. It was being sold as a part of a large scale development that we are being told is no longer viable.
The development encompasses two blocks and they have already spent the money on rezoning for two very tall (10-15 story buildings).
The deal fell through but they have now made an offer at a reduced price telling me that they are no longer planning that big deal, now it’s much smaller. (Due to market changes, insurance..)
He is the kicker. They have already secured a few of the lots and more recently secured another parcel close to me.
This property is located in downtown of my area, and this same developer is almost done with a 400unit development fairly close by (.5mile)
Is this a ploy so get me to accept the lower offer? I’ve never dealt with this before.
Also- We are in one of the top 10 fastest growing cities in the country. Not naming the city for privacy reasons.
TIA!
submitted by /u/Swoopysloop
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Question for developers and savvy investors
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The development encompasses two blocks and they have already spent the money on rezoning for two very tall (10-15 story buildings).
The deal fell through but they have now made an offer at a reduced price telling me that they are no longer planning that big deal, now it’s much smaller. (Due to market changes, insurance..)
He is the kicker. They have already secured a few of the lots and more recently secured another parcel close to me.
This property is located in downtown of my area, and this same developer is almost done with a 400unit development fairly close by (.5mile)
Is this a ploy so get me to accept the lower offer? I’ve never dealt with this before.
Also- We are in one of the top 10 fastest growing cities in the country. Not naming the city for privacy reasons.
TIA!
submitted by /u/Swoopysloop
[link] [comments]
Question for developers and savvy investors
Continue reading...