Quote:
Originally Posted by GS8
How does the buy out process work? His property was valued at $1.4M last year (for reference).
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It depends on the density permitted.
Say if the density is increased 10x, his land can worth 10x in price in theory.
However, don't expect a developer to pay 10x the price. They have to make money somewhere after all.
If developer comes knocking on the door, I'd say go have a casual chat with them with no strings attached and see what's their proposal. If your friend likes it but isn't 100% satisfied, I'd hire a RE lawyer to help on the negotiation. (he'd likely hire one anyway if the deal goes through. Might as well start early.)