I am looking into buying a house that will be re-zoned from R2 to R4 (high density). So my strategy is buy it now, rent it for a few years and sell it to a developer once the rezoning is complete.
But I find that there are 3 vacant lands around this house that are currently owned by the housing department. I don't know why the Housing department has been holding on these 3 blocks of land for over 10 years now. How would that impact my future sale of the house to a developer? As this house is too small for the minimum lot size for apartments, the developer will need to also acquire joining land. If the Housing department won't sell their land to developers, then my house will not benefit much from the re-zoning.
I am hesitant to make any offer for this house. I want to know what you guys think about this. Thank you very much.
But I find that there are 3 vacant lands around this house that are currently owned by the housing department. I don't know why the Housing department has been holding on these 3 blocks of land for over 10 years now. How would that impact my future sale of the house to a developer? As this house is too small for the minimum lot size for apartments, the developer will need to also acquire joining land. If the Housing department won't sell their land to developers, then my house will not benefit much from the re-zoning.
I am hesitant to make any offer for this house. I want to know what you guys think about this. Thank you very much.