Selling Your Neighborhood. A New Trend?

Residents in neighborhoods across the US are offering properties collectively for much more than they are worth individually.
August 15, 2005, 1pm PDT | Chris Steins | @urbaninsight
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Homeowners in a neighborhood near Charlotte, NC, offer 15 acres of combined prime real estate for sale to developers.

"Homeowners in Sherbrooke, a neighborhood about six miles from downtown, are betting that a developer will pay a premium for 15 acres of prime real estate under their 1950's ranch houses. Their asking price: about $700,000 a lot, triple the individual value of most of their homes.

...The homeowners aren't the first to realize that their lots are worth more together than separately. Neighborhoods in urban areas like Orange County, Calif., Washington and Chicago have sold collectively to home builders, pocketing thousands more than they would have individually."

Thanks to Clayton Husband AICP

Full Story:
Published on Sunday, August 14, 2005 in The New York Times
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