Turning the spotlight on Willis and Peterson Road area!

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Willis and Peterson Road area!

Hey, g’day! New listing 2060 Willis has sparked my curiosity today! I had to jump in my car and take a drive by…. it’s 3 acres of level land listed for $350,000 which got my mind crunching numbers as to what it should sell for.

What’s interesting is this area of town is fully serviced (including sewer, although it’s not pedestrian friendly but that will change in a matter of time when new roads and footpaths go in, the residents are making enough noise about that issue at City Hall), it’s got larger parcels of land that can be subdivided (not today, sit on it and in the future as the population growth demands), close to downtown and it’s level so not much dirt to shift around which cuts development costs. Basically, the Willis and Peterson Road¬†area is an opportunity to become a future mini developer ka-ching, OR sit on it (earn revenue by renting the improvements) and flip it to someone else who can be bothered developing).

When I drove by 2060 Willis there was an excavator tearing up the front drive from the road right to the junky trailer that’s noted on the listing as being “too dangerous to enter”. Hmm, broken water main maybe? A nearby resident said they’re putting in water lines etc which doesn’t make sense as that would already be in place…? I’ll dig around for more info as that’s pertinent to value, especially if it’s being set up for two residences with separate access on the same piece of land.

The listing (mls 358904) also says there is a two bedroom home that is apparently “renovated from the outside in” and for the life of me I can’t see it even when I drove around the outer edge of the property.

Fair Market Value? Here are some of the recent sales and listings I’d be taking into account when crunching numbers. Basically, my approach comes down to calculating the price per square foot (of the land) after I’ve shaved off the improvements of 1) the subject property and 2) each comparable; and then I tack the improvements back on to the subject 2060 Willis. To do this I’d need to view 2060 Willis and get some answers as to what he excavator was up to and the condition of the mysterious 2 bedroom renovated home. I’m viewing the subject property hopefully Monday morning.

Here’s a couple of comparables:
– Shady Stables which is a boomerang throw away, sold last week for $680,000 and is 5 acres with a newer 3 bed 2 bath rancher and many horsey type outbuildings/improvements of value.
– A month ago, my husband Chris was involved with the sale of a 12 acre property on Petersen Road that has a larger two level home in fair/good shape (drive by and you can see the siding being replaced at the moment), which sold for high $800s.
At the top end of Shetland Road is 15 acres, currently for sale at $850,000 which includes a good condition renovated trailer.
It’s actually a positive that the area is not currently pedestrian friendly otherwise these parcels of land would be going for way more.

Listed by Toni and Carol at Remax Check Realty, clickety click on the link or best take a drive byhttp://toniandcarol.com/real-estate.php?view=39291

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