Dear community,
We are choosing between four plots of land that we could buy from a private seller. Specifically, these are the four plots numbered in the development plan.
Plots 1 and 2 are approximately 500 m² (5,380 sq ft) in size. Plot 3 is somewhat smaller. Plot 4 is around 400 m² (4,300 sq ft).
The development plan requires a driveway width of at least 5 m (16.5 ft).
We are planning to build a single-family house of about 150–180 m² (1,615–1,940 sq ft) with a garage.
Which of the plots would you recommend and why?
We are choosing between four plots of land that we could buy from a private seller. Specifically, these are the four plots numbered in the development plan.
Plots 1 and 2 are approximately 500 m² (5,380 sq ft) in size. Plot 3 is somewhat smaller. Plot 4 is around 400 m² (4,300 sq ft).
The development plan requires a driveway width of at least 5 m (16.5 ft).
We are planning to build a single-family house of about 150–180 m² (1,615–1,940 sq ft) with a garage.
Which of the plots would you recommend and why?
roteweste_2 schrieb:
I agree with you. By now, I also consider the offer clearly too expensive. The 4 plots have been listed on Immoscout since late spring. The portals don’t really reflect the market because there are too many dreamers, fantasists, and price testers/drivers active there. Not to mention real estate agents and their associates.
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roteweste_18 Sep 2023 18:3511ant schrieb:
The portals don’t really reflect the market, because there are too many dreamers/fantasists and price testers/price inverters involved. Not to mention real estate agents and their associates.The problem here is the mentality that land simply isn’t for sale. It stays within the family. People would rather leave valuable building land unused for decades and happily pay property taxes on it.Or, to put it another way, with a saying that Swabian mothers pass on to their daughters: “Don’t just look into beautiful eyes; also take a look at the land registry.”
X
xMisterDx8 Sep 2023 22:39This is the fundamental misunderstanding in a market economy. There is no single value for anything. Value is determined the moment you find someone willing to pay the desired amount.
If the offer is 450 EUR/m² (about 42 USD/ft²) and people prefer to wait for better conditions for buyers, then that is how it is.
You can either buy or look for something else.
If the offer is 450 EUR/m² (about 42 USD/ft²) and people prefer to wait for better conditions for buyers, then that is how it is.
You can either buy or look for something else.
W
WilderSueden8 Sep 2023 22:59There is a difference between intrinsic value and price. The former, of course, cannot be determined precisely down to the third decimal place. But if the price is €450, you definitely don’t want to end up with a value that is half of that.
Don’t let yourself get stressed out. Fatalism is the worst thing that can happen to you when searching, whether for a building plot or an existing property. As soon as you believe that price and value are the same, you have a problem.
roteweste_2 schrieb:
The problem here is that the mindset is that land itself is not to be sold. It stays within the family. People would rather leave good building land undeveloped for decades and happily pay property tax on it.
Don’t let yourself get stressed out. Fatalism is the worst thing that can happen to you when searching, whether for a building plot or an existing property. As soon as you believe that price and value are the same, you have a problem.
roteweste_123 Sep 2023 14:57I have a brief update. Privat requests 450 euros per square meter (approximately 42 USD per square foot).
The other building plots are expected to be sold by the municipality by the end of the year for around 300 euros per square meter (approximately 28 USD per square foot).
With this background, what would be your realistic price expectation?
The other building plots are expected to be sold by the municipality by the end of the year for around 300 euros per square meter (approximately 28 USD per square foot).
With this background, what would be your realistic price expectation?
W
WilderSueden23 Sep 2023 16:09I already consider 300€ to be way too much. I definitely wouldn’t go higher than that. This is not 2020 anymore. Municipalities can currently be glad if they manage to sell their building plots promptly without having to take out additional bridge financing for development.