Land opportunity to build a Saab palace!

[Dave T]

I got this by email.

The residential land is at the edge of Bellevue, Washington, a prosperous city in its own right next to Seattle. The land is zoned residential, not commercial so no stores allowed. The height limitation is 40 feet (about 15 metres).

The photo is too large to post so two links:

https://i13.moxi.onl/img-pr-001388/p..._2_gallery.jpg
Picture shows 2 tiny houses but the downtown skyline a few blocks away. This is not a high crime rate area.

https://i14.moxi.onl/img-pr-001388/p..._2_gallery.jpg
Picture shows the bay in the background. If a new house were built to the maximum height, you could probably see the bay.

The asking price is too high, I think. The market value may be a bit lower. Or you can build 2 buildings and sell one.

Think of what you could build...

Garage on the first floor. Very large, like a commercial parking garage. One stall would have a car lift to work on your Saab. There would be enough space to start a Saab museum. SAAB 900 (classic), Saab 9-3 (9440, SS), your daily driver car, SUV with winter tires, etc.

The second and third floors would be housing. The top floor would be a rooftop garden. The view can be simulated by visiting the nearby parking garage's top floor and see if you can see the Meydenbauer Bay.

The style of the building would be post modern or Bauhaus or brutalist or something squarish. Bellevue, unlike Seattle, allows lettering on the building so maybe put "SAAB" on it as a lit sign. It will be locally known as Saab House.

In contrast, a few years ago, I built a nice garage with some storage and living space above (no plumbing). The floor of the garage is acid etched epoxy, not bare concrete. In anticipation of electric vehicles, one space has an adjacent 220V outlet. In retrospect, there should have been 2 of those outlets.

[mckeen]

May I ask how much it costs? If the price is lower than $200K I'd call this a good deal. It's a good time for real estate investments at the moment as the mortgage rates are so low and the demand is so high with high real estate prices so it can be a good buy-to-let opportunity as well. I was planning to buy a house in Seattle a couple of months ago but decided to invest my money on commercial real estate in Spain since there are lots of great opportunities and it would be more profitable in the long term.

[Dave T]

May I ask how much it costs? If the price is lower than $200K I'd call this a good deal. It's a good time for real estate investments at the moment as the mortgage rates are so low and the demand is so high with high real estate prices so it can be a good buy-to-let opportunity as well. I was planning to buy a house in Seattle a couple of months ago but decided to invest my money on commercial real estate in Spain since there are lots of great opportunities and it would be more profitable in the long term.

$200K, I would run right away and make an offer at or above asking price.

It is for 2 adjacent lots.

It's for $2.5 million or $1.25M million for each for the land. They say you can build 4 units. Maybe the math is $2.5M for the land, $700K for each unit, total of $5.3M total, sell each unit for $1.35M to break even. That's risky to think I could sell 4 units for $1.5M each.