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Bad Lots

By Rick Jarvis

Otterdale Road currently carries 2 lanes of traffic at 35 mph but the corridor could easily handle 4 lanes at higher speeds. Make sure to look at future traffic plans when building your new home.

“Very rarely do bidding wars erupt over houses that back up to the interstate….”

In other words….beware the bad lot.

If a house backs to a roadway or power lines (or strip mall or railroad track or BMP….) be VERY careful about building your house there.  Typically, the builder or developer has not discounted the lot enough to account for the negative impact on the final value.  Another thing to keep in mind is that the lot that backs up to that little country road now may be backing up to the new 4 lane 50 mile per hour turnpike in 10-15 years.

Use your common sense and see what the road connects.  Odds are, it is going to get busier.


Other Articles on New Home Values

  • Examining the Dollar Per Foot Metric
  • Beware the 'Unique and Expensive'
  • What Does the Lot Offer?
  • The Popular Plans
  • What Does it Cost to Build a Home?
  • Hardwood Floors
  • Aging in Place
  • HOA/POA or Civic Association? Does it Matter?
  • Builder Warranties - Mandatory or Elective?
  • Track Versus Custom Builders
  • Which Comes First? The Purchase or the Sale?
  • What Does 'Stick Built' Mean and Why Does it Matter?
  • EarthCraft Homes and Appraisals...Friends or Foes?
  • Lot Pricing in the Metro
  • Grey Oaks and Nuckols Road
  • Look at Models
  • Investments versus Expenses

Other Articles on New Home Lots

  • What Does the Lot Offer?
  • Saving Trees
  • The Need for Flexible Neighborhoods
  • Lot Pricing in the Metro
  • Oak Park, the New Ginter Park
  • Mountain Run and The Federal Club

Related Posts

Filed Under: Home Lots, Insider Perspective, Values Tagged With: Lots, Value

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Sarah Jarvis, Founder One South Realty

Working With Buyers

I love new homes...always have. In my 20+ years in real estate, I feel lucky to have seen nearly every aspect of the building business close up. From design and permitting to development and finance, I have been involved in every facet of the new construction process. If you are considering building a new home, don’t go it alone. Spend a moment on our blogs to understand the depth of our knowledge about Richmond's new home market.
sarah@richmondvamls.net

Some of Our Thoughts

What Does it Cost to Build a Home?

By Rick Jarvis

Obviously, these costs vary by size, style, area, overall conditions in the marketplace and a host of other considerations, but generally speaking, most home builders follow a version of this economic model. Builder Costs (21%) Sales Commissions Closing Costs Deferred Marketing Advertising Contingency General Administration Cost Profit Income Tax Warranty Land and Lot Development Costs […]

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