PORT MALABAR UNITS 51-53The lots in Units 51, 52 and 53 are not buildable at this time as General Development Corporation never completed the infrastructure. They put the roads in but then filed for bankruptcy before doing anything else. The city has not had the funds to improve the area so it remains as GDC left it. The area is known locally as “The Compound”. There are no street signs or stop signs installed on the maze of roads. It has become a popular weekend hangout for people flying model airplanes, riding dirt bikes, four wheelers, cooking out and more. Although you cannot obtain a building permit, there is a market for the lots for long term investment or buyers who want a piece of land they can hang out on. The tax assessed value is low in this area so property owners can enjoy a relatively minimal tax bill each year. For those that feel it is time to free up their cash and invest it elsewhere, now is a great time. Sales have been fairly steady over the years in this area but the prices were very low. Throughout the city we are enjoying an active market and that has helped to increase the demand which in turn has helped bring the prices up to a decent level. Our current suggested list price is $6,500 for lots up to .25 of an acre and $7,500 for larger lots. I have provided the closing cost figures below for review so you know what you will NET if sold in this price range. I know many people have paid much more and this price would cause you to sell at a loss but this is what the market will bring right now. If you are interested in selling in this price range, we are happy to help. Contact us and we would be happy to prepare and send a listing agreement. Click the other tabs of our website to read more about our office. We look forward to hearing from you!
Port Malabar Units 51-53
The above figures are based on clear title. They do not include proration of the current year real estate taxes, any back taxes, clearing of any title issues or express mail for the closing documents. Express mail charges vary depending on your location but average $60. Foreign sellers may be subject to a 15% IRS withholding fee as well.