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Page 2 <br /> Robert Delaney <br /> December 17, 1993 <br /> Conversely, if the 17. 60 acres were to be sold as an entirety, <br /> given the topography of the site with over 40% waste due to severe <br /> slope, a probable 40% discount of the above noted average price <br /> would apply; i.e. $. 615/square foot x 60% _ $.369 or rounded to <br /> $. 40/square foot x 17. 60 acres (766, 656 square feet) = 306, 662.40 <br /> or rounded to $307,000 estimated market value for the entirety. <br /> Obviously, the small tract subdivision makes more money, and at <br /> less risk because there is far more demand from small users than <br /> from big developers. If such a direction were followed it would be <br /> advisable to include the seven (7) acre hillside into the <br /> subdivision as common area, so the legal and tax responsibility <br /> would be passed on to the ten new owners. <br /> An alternative idea would be to consider re-zoning the land to <br /> residential use for a multiple or mobile/modular development. Such <br /> land, near town with good access would be ideal for low income, <br /> affordable housing despite the disadvantages of nearby industrial, <br /> rail and north slope exposure. Asking prices for multiple land in <br /> Carbondale are as high as $18,000/unit, while mobile/modular lots <br /> from (4,000 to 6,000 square feet) for sale hardly exist and those <br /> few available in the mid-valley will command prices of up to <br /> $25,000. However, the infrastructure costs of residential <br /> development on a remote site can sharply reduce potential profit <br /> and marketing cost are also much higher. So the residential idea <br /> is not as likely. <br /> Please let us know if you would like to further discuss these <br /> ideas. We are also very interested in the adjacent 140 acres and <br /> would like to discuss marketing ideas on that property as well. <br /> Thank you for the opportunity to be of service. <br /> Sincerely, <br /> Jo Buchanan <br /> President <br /> JB:ss <br />