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Be sure to view
the
"Zoning",
"Location",
"Subdivision"
icons,
Non-contingent;
close January 15, 08
SOLD
Create:
AT:
The Estates of Buckingham
493 Acres
Spotsylvania County, Virginia
Priced at: $1,600,000
($3,245 per acre)
About
$240,000+ of engineering completed and permit fees paid.
Working on a final plat for a 42 unit cluster subdivision (3
acre minimum lot size).
NOTE:
packages, including engineering are available; contact Alex Long
at: 540.371.8700.
Value
A few years ago,
these comps, sales, were made in area of the 493 acres:
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Parcels 3 through 8, the Woods of Addison............... $
888,940
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Parcels 1 & 2, the Woods of Addison (35.09 acres)....$
487,980
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Lots 1-13 Heron Point
.............................................$1,614,870
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Parcels 1 - 12, Forest Creek
Estates...........................$1,845,560
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21
lots in Tarrington
Estates......................................$2,490,590
Presently, the real estate market is down and slow, almost like it was
in the 1990's - those (above)prices can NOT be obtained in today's
market.
What will the future bring?
This
is why the wealthy become more wealthy. Please note the narrative
below presents facts and contact information that it is becoming very
difficult to create any more large lot subdivisions in Spotsylvania
County.
Above, aerial view of Subject, The
Estates of Buckingham; it is a rural area only about 15 to 20 minutes
or so from I-95; about 20 - 25 minutes to large commercial centers.
Please note that the above aerial is several years old and does
not reflect the existing or soon to be changed ground cover.
____________________________________________
Located
in a rural, country setting of woodlands and large lot
development with acreage tracts dominating. Actual drive
times are: 5 - 7 min. to a country store; 10-13 min. to a
supermarket and shopping center; 15 -17 min. to exit of
Interstate 95; 20-25 min. to a regional shopping and employment
center featuring over 3 million sq. ft. of existing retail, over
1.5 million sq. ft. of office and employment center. A
regional private hospital is to be built at that interchange as
well.
493 Acres in the context of Jobs and the Economy:
* *
New hospitals will bring
high-paying jobs to region, say economic development
leaders. The approval of two new
hospitals for the Fredericksburg region has the
potential to create more than 700 full-time jobs.
The Stafford Hospital Center, proposed by MediCorp,
estimates it will need 320 full-time workers.
Spotsylvania Regional Medical Center, backed by HCA,
will require 392 full-time staff.
**
Date
published: 8/26/2006
By KELLY HANNON
FREE LANCE
STAR newspaper:
www.Fredericksburg.com
Below, most recent news:
15 August, 2007
"The 182 acres
south of the U.S. 17 Bypass is in nine parcels zoned mostly
industrial, with some rural land. The land is now zoned
commercial. Silver will build three commercial pods totaling
430,000-square-feet on 70 acres, and one office pod of about
150,000-square-feet on 23 acres.
Source: THE
FREE LANCE STAR; August
15, 2007; DAN TELVOCK
Double click, below
for entire article:
http://fredericksburg.com/News/FLS/2007/082007/08152007/308782/printer_friendly
Below,
view of state road frontage - Subject is the woods to the right.
Below, ground view; most of Subject
is pine, with some cut over area and hardwoods.
Almost half the property has
pine that is 20+ feet in height, about 16-18 years old, and to
be thinned professionally.
The
balance of Subject is in planted pine, about 5 years old; and
that is mostly in the area to be designated open space. Another
area in the open space is about 57 acres of hardwoods to
be clear cut.
The
development envelope (where most of the lots are located)
is mostly (about 85%+/-) in the large pine and
some hardwoods near the road.
Federal and State Income Taxes...................
The last
great Tax Shelter:
It might be possible to make a
"conservation easement" on the
493 acres - place a restriction that the Property will not be
developed except for, say, four lots. The result is a loss
of value for the 38 lots lost due to the conservation easement.
A professional appraiser, complying with both federal and state
guidelines and IRS standards would arrive at a value for those
38 lots. That loss is a charitable deduction, as though you
wrote a check to the Red Cross; however there are rules,
regulations to comply with. Please consult a professional
attorney and/or tax advisor. The result is a federal income tax deduction and
State of Virginia income tax credits. Please go to
the Virginia Outdoors Foundation web site for more details:
http://www.vofonline.org/
The Estates of
Buckingham
Above, is a Spotsylvania
County Tax map for the area (double click map to enlarge and
print). This map is instructive:
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Shows context of Subject tract
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Shows development intensity of surrounding tracts
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Shows that at one time development rules were less
restrictive
-
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CLUSTER DEVELOPMENT:
This development is
42 units because of the five tax map
parcels.
Cluster
development is more efficient and profitable due to
taking the lot size from 10 minimum to 3 acre
minimum.
The development
envelope is approximately outlined in orange on the tax
map.
Balance of the
property (1/2) will be open space and either given to
the HOA or Spotsylvania County.
Cluster
Development:
Below, hot link to
Randall Arendt's web site for information, books, free downloads on case
studies:
http://www.greenerprospects.com/index.html
Ground Cover and Timber, Trees:
About half the property was timbered and planted back to Loblolly pine;
most recently, 57 acres of hardwoods was cut in the "open space" area
and the large pine in the "development envelope" is to be professionally
thinned.
(Double click smaller
pictures to enlarge)
view of interior road
view of creek which is through the property
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Copyright
2007 All rights reserved.