hi
wondering if there may be some helpful advice out there...
in conjunction with three other people, i was left a block of land in north queensland, between Port Douglas and Mosman, about 4 years ago. it was left by my godmother, who was also godmother to the others. Until the transfer of the land, I did not know any of these people.
The block is around 11 hectares in size (around 25 acres in the old measurement i believe), is uncleared and on a sloping piece of land that looks out over some canefields and a bit of national park. It is only 500 metres off the highway, but there is no road to it (that is, a road would need to be cleared through bushland to get to the block via car).
The block is in a nice area but would be expensive to build on because of the slope of the land, the access and the connection of services. There are ocean views from the top of the block, but it is unlikely a house would be able to built in such a way as to capture these.
I'm based in melbourne, one person is in perth, one is in brisbane and one in canada! we have paid the rates and left it sitting there for the past 4 years.
We have tried through a local agent to sell it, without much luck. we have not spent any real money on advertising, and it seems to me that its the kind of property that someone would buy based on it being close to town but secluded, surrounded by bush and somewhat serene.
The shire valuation (on which we pay rates) is about $180,000, but i'm sceptical of getting this amount at the moment. we would like to release the equity, as the land is not going up in value greatly and we do not wish to build on it, live there etc.
i would be happy to use it as collateral for another property so that we can start a property portfolio, but the others are not keen on this. i've also thought about swapping it for a house/land in a better area that we could sell and split the profits. I could buy the others out, but them I'm stuck with the land - i could then use it as equity but this is not much of a reason for the deal.
i'm not willing to sell at a low price just to get rid of it - a couple of the others might sell, but setting the price is hard and I have a moral obligation not to 'rip them off'. I have a reasonable amount of experience in property, but i'm not sure how to proceed here.
any suggestions welcome!
thanks in anticipation
ned
wondering if there may be some helpful advice out there...
in conjunction with three other people, i was left a block of land in north queensland, between Port Douglas and Mosman, about 4 years ago. it was left by my godmother, who was also godmother to the others. Until the transfer of the land, I did not know any of these people.
The block is around 11 hectares in size (around 25 acres in the old measurement i believe), is uncleared and on a sloping piece of land that looks out over some canefields and a bit of national park. It is only 500 metres off the highway, but there is no road to it (that is, a road would need to be cleared through bushland to get to the block via car).
The block is in a nice area but would be expensive to build on because of the slope of the land, the access and the connection of services. There are ocean views from the top of the block, but it is unlikely a house would be able to built in such a way as to capture these.
I'm based in melbourne, one person is in perth, one is in brisbane and one in canada! we have paid the rates and left it sitting there for the past 4 years.
We have tried through a local agent to sell it, without much luck. we have not spent any real money on advertising, and it seems to me that its the kind of property that someone would buy based on it being close to town but secluded, surrounded by bush and somewhat serene.
The shire valuation (on which we pay rates) is about $180,000, but i'm sceptical of getting this amount at the moment. we would like to release the equity, as the land is not going up in value greatly and we do not wish to build on it, live there etc.
i would be happy to use it as collateral for another property so that we can start a property portfolio, but the others are not keen on this. i've also thought about swapping it for a house/land in a better area that we could sell and split the profits. I could buy the others out, but them I'm stuck with the land - i could then use it as equity but this is not much of a reason for the deal.
i'm not willing to sell at a low price just to get rid of it - a couple of the others might sell, but setting the price is hard and I have a moral obligation not to 'rip them off'. I have a reasonable amount of experience in property, but i'm not sure how to proceed here.
any suggestions welcome!
thanks in anticipation
ned