Flag lot Grove By The Sea

[cobbarella]

I MAY have the option to buy a FLAG lot at the front section of Grove By the Sea. Is is a crazy idea to build a home on one? Would it ever sell? Would it rent?
Pro: great neighborhood, houses selling well, low HOA dues, amenities, close to the beach
Cons: house would be behind a neighbors house. However, the natural landscaping in their would temper that somewhat. Also, when we walked the neighborhood at night, the beautiful homes are close to the street so we could see in many. A flag lot would offer some privacy.

thanks for any feedback!

 

[Beach Runner]

Here's two links:
http://activerain.trulia.com/blogsv...-and-cons-to-buying-or-selling-a-home-on-one-
http://www.bankrate.com/finance/real-estate/watch-for-red-flags-on-flag-lots.aspx

 

[seabythegrove]

Yes there are pros/cons. Bottom line - a flag lot is less expensive for a reason. The home you build there will be less valuable. If you rent it, the rent will be less. I know a bit about the neighborhood. You are buying an address and a location. If you like the neighborhood go for it. Full time resident or second home makes sense. A rental probably doesn't.

 

[Kurt]

Yes there are pros/cons. Bottom line - a flag lot is less expensive for a reason. The home you build there will be less valuable. If you rent it, the rent will be less. I know a bit about the neighborhood. You are buying an address and a location. If you like the neighborhood go for it. Full time resident or second home makes sense. A rental probably doesn't.

Good advice. If a rental just make sure the numbers make sense.

Great neighborhood and a great location - Make sure the lot is high and dry!

 

[ecopal]

if it is at front of grove by the sea it would be a nice short walk to beach.

that close to beach should be a good rental.

also check out lots on susan street, the neighborhood behind cafe 30a, sugarwood, cassine village, dalton subdivision.

most lots near beach or even "back lots" have little privacy yet are very expensive.

can house be designed to maximize privacy?

how big a house can you build---the more bedrooms and bunk rooms the better.

 

[cobbarella]

thanks for the comments. i think we would most definitely design with as much privacy as possible. the Grove has great natural landscaping which helps. this lot is also bordered by 3 sides by buffer zones so even though you face back of neighbors house, you have good privacy on 3 sides.
I agree rooms/beds are important. We would primarily use the home but would rent it some. Also, one has to factor that in somewhat for resale. we can have at least a 4/4 bath 2400 SF home

 

[bentley williams]

Good advice. If a rental just make sure the numbers make sense.

Great neighborhood and a great location - Make sure the lot is high and dry!

Yes you have to wonder about any remaining lots in that subdivision. Why hasn't it been built on yet???

 

[Matt J]

I only see two lots left that are flag lots and I would be very leery about their dryness.

 

[seabythegrove]

There are at least 6 lots not built out in the Grove (out of 104 lots) - not all flag lots. They are all dry - wetlands are not an issue in that neighborhood as far as the building envelope goes. They probably have not been built on yet because if bought in the late 90's, the investment was minimal and the HOA fees are not outrageous (yet). I know of at least 2 owners who are not yet "ready" to build but will eventually.