AMA - City Wants My Land
Today is another AMA episode (Ask Me Anything).
Today’s question comes Karen.
I have a property that has a proposed road allowance on the city plan. The city has not yet forced the road to be built, nor have they expropriated the land for the road. I want to consider subdividing my property for a small residential subdivision and to get the property rezoned for residential from agricultural. I’m concerned that agricultural land will be worth less than residential land in the event of an expropriation. Residential lots that are builder ready are selling for $150,000 a lot in my area. What would be the best way to preserve the value of my property? How would you advise me to proceed?
Host: Victor Menasce