Expert: Dick Dennis - 6/25/2009

Question
We own a home that is sitting in the middle of property that is now commercial. It was farm land forever, but now has a professional building, two banks, a hotel, a grocery store, a strip plaza (currently being built), a restaurant and much more to come.  Most of the houses on our street sold for at least 3 times market value.  A couple were torn down for the professional building.  A couple were torn down for one of the banks.  And one for the entrance way to some of the other businesses.  There are two houses and a small apt building left.  We are in the middle.  The apt building is supposed to be torn down to build townhouses.  We believe we are sitting on a gold mine, but don't know the best approach to market the property.  We would like to sell or lease and don't want to go through a realtor.  We think we can sell for around $400,000 but would like to know if you can give any advice as to the best ways to market the property.  We are assuming that more townhouses or a restaurant will end up here.  Thanks for any advice.

Answer
Have you ever heard the adage, "He who wants it most, loses"? If you act like you're anxious to sell, especially in this down market where even commercial properties are sinking, then you will not get what you're hoping for your property.

Be very patient. I guarantee you someone(s) will approach you about buying the property from you. But if you do not have a local REAL ESTATE attorney or a very knowledgeable commercial real estate agent (he will have a CCIM after his name) looking over your shoulder, who is familiar with commercial and development properties, then you are making a costly mistake. Just wait. It may take a couple years, but you will be paid for your patience. You won't have to spend a dime for marketing.

I do wish you well.

Dick Dennis
dixiedee13@aol.com