Somerset land value?

[Anonymous]

Curious what folks on this forum think a double lot with a probable tear-down would sell for considering how much new construction would cost. I know developers would be interested but wondering if end-use buyers would be interested too.

[Anonymous]

My developers shy away from somerset as the community board has been known to make it challenging for them getting approvals. Also which street makes a difference there and proximity to the big streets.

[Anonymous]

1.75 million

[Anonymous]

Anonymous wrote:My developers shy away from somerset as the community board has been known to make it challenging for them getting approvals. Also which street makes a difference there and proximity to the big streets.

I wish I lived in a neighborhood with the community board that can protect us from the developers.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My developers shy away from somerset as the community board has been known to make it challenging for them getting approvals. Also which street makes a difference there and proximity to the big streets.

I wish I lived in a neighborhood with the community board that can protect us from the developers.

We’ll see how well those boards can stand up to the new attainable housing regs. Somerset and CC West are prime targets for multi-family housing which will almost certainly affect land values

[Anonymous]

Anonymous wrote:1.75 million

Curious how you came up with that figure?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My developers shy away from somerset as the community board has been known to make it challenging for them getting approvals. Also which street makes a difference there and proximity to the big streets.

I wish I lived in a neighborhood with the community board that can protect us from the developers.

We’ll see how well those boards can stand up to the new attainable housing regs. Somerset and CC West are prime targets for multi-family housing which will almost certainly affect land values

The people from Somerset and CC West should stop voting for the same progressive Democrats like Friedson. Why would you vote for somebody like that? Just because he is "progressive" and a "Democrat"? It means nothing. He is going to destroy the County.

[Anonymous]

Anonymous wrote:

Anonymous wrote:1.75 million

Curious how you came up with that figure?

Look at the home sales

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:1.75 million

Curious how you came up with that figure?

Look at the home sales

DP
Look at the land value separately in the house sale figures.

[Anonymous]

Tear downs on small lots in Somerset have been selling for $1.6. I would say a double lot with house sells for $2.1. Although could someone build 2 houses on that lot? If so, more.

[Anonymous]

How many acres?

[Anonymous]

Anonymous wrote:My developers shy away from somerset as the community board has been known to make it challenging for them getting approvals. Also which street makes a difference there and proximity to the big streets.

There are quite a few developer owned houses being built right now in Somerset. It’s still much easier to build a huge new house in Somerset vs Chevy Chase Village, Martins addition.

[Anonymous]

What is a “double lot”? Do you have actual approval to build two houses on the lot? If so, it seems like $2.5 million easily, and maybe even $3 million would be possible.

[Anonymous]

Is double going from 5,000 to 10,000 sqft or
10,000 to 20,000 sqft?

[Anonymous]

Anonymous wrote:What is a “double lot”? Do you have actual approval to build two houses on the lot? If so, it seems like $2.5 million easily, and maybe even $3 million would be possible.

It's speculative. Not sure if the plans will be approved. Not sure if the lot is actually buildable. Most double lots in the area have giant quartz boulders in them and were previously unbuildable. Now with fracking technology, they might be if approved. But approval is risky bc of the potential instability caused to surrounding properties