Land in the wrong place

[Cameron Evenson]

Good evening,
So we are working at cleaning up my Mother's possessions which had been left after my Father passed. There are residential housing lots and a commercial residential lot as well as a number of parcels of land situated to my home town. However, it is where the land is that results in great tension. The land is located in southern Manitoba. So now we are stuck, we just do not know what to do with all these assets in the province of high taxation and rent control. Might anyone have a suggestion on how or what could be done with these parcels? We are certainly not in any way able to develop these lands nor see any benefit in doing so as we have seen the NDP government in Manitoba shaft the people before...

 

[Thomas Beyer]

Land is never in a bad location. Only the price might be higher or lower.

I see five options for these lots here::

1) Sell them. Contact two or three local realtors to see what the value is. Then ask them how they would sell them. Then decide to sell them, at what price, with whom.

2) A second option is a JV with a local builder where they get " free " land but you get a share of profit. This needs some legal contract and protection via caveat or mortgage best discussed with a real estate savvy lawyer.

3) Rezone the land, after some indepth research on demand into higher density lots as a duplex lot is worth more than a single unit lot, and one zoned for four or 16 units is worth more than a duplex lot. That is of course a function of lot size, demand, utilities and city policies.

Rezoning could include combining them, if side by side , into one larger lot with higher density, also referred to as land assembly. This often makes sense in bigger cities in high demand locations where the city wants higher density. This may not apply in a small MB town but I thought I'd mention it under the rezoning category.

4) develop them yourself or

5) do nothing and wait for a non-NDP government that may improve the land value and demand somewhat, and then do 1) to 4) at a later date.