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Personal Finances / Buying or Selling a Home
|Subject: Re: land zoning question||Date: 9/29/2012 9:57 PM|
|Author: JAFO31||Number: 124319 of 128075|
FoolinSC: "I've been presented with information and a possible opportunity to purchase a property for sale (3 acres with a 2400 sq ft modular home)that has supposed commercial potential in approx 5-10 years even though it is currently residential. The property is basically half of a street."
Literally one-half of a street, or is it all the property abutting one side of the street between two cross streets?
"It's located in an area of town that's growth has been exponential over the years. The seller is an ex gf of a friend of mine and I'm told she's desperate to sell it for personal reasons. The friend is telling me this with no expectation other than she believes this would be a great investment opportunity because it is sure to be worth a lot in 10 years because it's likely to be a commercial area at that time. It might be but who knows? I don't. Do planning commissions forcast these areas based on commercial growth?"
Do not know, and each is different, and may also vary because of state law differences.
"My question is, if I were to purchase this property, how does land like this go from residential zoning to commercial zoning?"
Someone applies to re-zone the land, there aer submissions, probably at least one hearing, and then eventually you get an answer. It is rare for re-zoning to occur on the order of the zoning board/planning comission, etc.
"Would it be a scenario where someone could potentially want to purchase it years from now and then apply for a commercial rezoning for it or does the purchase of land in the area for commercial purposes change the zoning of the property due to there being other businesses around it and thereby the zoning commission rezones the property?"
Yes. No. Someone buying the land for commercial purposes does not change the zoning.
"I had a conversation about this with a friend