Property: 1014 N County Rd E, Lexington, TX 78947 (Beautiful 10 acres with electric poles and water meter on property)
Properties rarely go up for sale in the lovely Blue Texas area. When they do they get bought pretty quickly, mostly receiving multiple offers, and over ask price. Blue is 45 min out of Austin and people need affordable land for homesteads right now in this area. I already have friends and buyers wanting to buy these lots for the price estimates below. (see abor-mls and zillow comp links below)….
The most relevant comp is 10 Acres that was recently listed for 250K and has nothing on it but trees, and went under contract quickly with multiple offers, and sold for over list price at 262K. It’s same amount of acres(10) and same neighborhood. This lot I have under contract has water line, electric lines, an older septic that can be used, it’s also a corner lot that is easy to split up. Once this lot is cleaned up it could worst case be turned around and sold as is, with out dividing and get around 270K simply selling it as a 10 acre lot once it’s cleaned up and made ready. Replat and/or building on 2.5-5 acre lots gets more price per acreage.
The lot that is down the same street on ‘hold status’ has 3 acres, listed at 100K that is listed at 33.3K an acre, and he says he has multiple offers on it. The agent says it’s on hold to finish the surveying and platting. It does not have water lines readily accessible and it is down the gravel road portion. (Not as nice as this subject property)
The other 10 or 5 acre comp lots that have small homes, or run down and older homes go from 300Ks to high 400Ks.
Newer and larger nice homes in the area that are on 5-10 acres go closer to 500K-1M.
Will Replat land with surveyor and Lee County to one of a few options: three lots, at 3.33 acres each, or four lots, at 2.5 acre each, or even just two lots, at 5 acres each. 2-4 size acre lots would get around 28K-35K an acre. If I sell 10 acres as is it could probably get 26K-29K an acre. (These numbers considering this land in this area is cleaned up, has paved road, water and electric on property, which it will have)
<<The Overall plan>>: Secure 110K-125K Loan Capital to buy the 10 acres (Under contract Sales price is 110K with a man who is in prison and needs to sell). I will clean up and replat land into 1 of these 3 options: Default option #1: two, 5 acre lots (sell each for 150K-175K(300K-350K) Preferred option #2: three, 3.33 acre lots ( sell each for 110K-125K (330K-375K); Considering option #3: four, 2.5 acre lots (sell each for 90K-100K (360K-400K) ~Surveyor already chosen because they working on replating right down the street in same subdivision. Cost to replat with Surveyor between 5K-7K and takes 5-7 weeks. Scope of work: Clean up on property, light landscaping, minor clearing, and fencing on road side around 10K. Utility improvements for additional lots another 10K, electric lines and water lines run the length of this property on both Road C and Road E. I have already been in contact with utilities companies, county clerk and the precinct commissioner for replat approval. Notice smaller lots already exist right across the street to the west, and the restrictions don’t appear to prohibit these replat options. ~This area is going up fast as you probably know. The google map satellite pics are older, see pics below to see the worst of the mess on there, and what small buildings are there, it’s not that bad at all. The neighbors all have nice places. Absolutely beautiful area of central Texas, see a video I took below of the road going to the property.
There is an inventory shortage of affordable land to make homestead in this area. People are looking for this location, land and space.