Our lot at 60 Three Brooks Drive is up for sale
Posted on | May 14, 2009 |
You can view our listing with Wayne Cochrane, our Exit Optimum realtor, right here.
It’s with a heavy heart that I post this, but we’ve decided to put our lot up for sale. This isn’t what we wanted to do. But, the options weren’t really working in our favour and it seems like the best choice at this time. Part of me wants to hang on to it, and if we’d put more into the payments, I think that would likely be what I would do. But, we were really just making interest payments against the line of credit plus a little bit of principle, so it’s not really building any equity for us right now.
If it doesn’t sell, then we’ll likely hang on to it. Land is never a bad investment, but I hate having debt hanging over my head, and as a small business owner, I’d rather have less debt and more flexibility in case something goes wrong. Thankfully, business is flat out great, so that doesn’t appear to be an issue, but I’m fiscally conservative.
We have no intention of selling for a penny less than we paid. I’d love to have made back some of our other costs as well, but I don’t think that will happen, we’ll have to write it off as sunk cost.
So, in the end what did this little experiment cost?
- $1,800 on the land for 12 months of payments
- $1,300 for the plans our architect drew (basically the kill fee, it would have been much more had we gone all the way)
- $1,500 for a topographical survey
- $170 for an engineer to review the lot for services
- $1,100 for the first year of betterment fees
- $580 for property tax
- $35 to Three Brooks homeowners association dues
So, we’ve paid $6485 for this little experiment. Ouch. I guess this is still far cheaper than if everything went pear shaped after starting to build.
We already have a couple interested in the lot who are coming back from vacation soon. Here’s hoping they’re interested.
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