Lack of Development Can Hurt

Many residential airpark developments are projects that grew as a result of the property owner having friends and acquaintances asking to buy some of his property that adjoins the ranch or farm airstrip. As a result of such requests, the property owner got a surveyor to figure out the size and location of the lots, […]

Many residential airpark developments are projects that grew as a result of the property owner having friends and acquaintances asking to buy some of his property that adjoins the ranch or farm airstrip.

As a result of such requests, the property owner got a surveyor to figure out the size and location of the lots, filed the sub-division with the appropriate governmental agency and sold a few lots.

Several years later, there might be one or two homes on the property but the remainder of the lots remain unsold or, at a minimum, not built upon.

The initial buyers, now interested in selling their airpark homes and moving, start seeking buyers and find that interest in their property is very low because of the perception that the airpark has failed.

Does the original property owner who sub-divided the land have any responsibility to the folks now trying to sell? Did the landowner do everything possible to develop the airpark? Does that developer have any liability or responsibility to the individuals trying to sell their property because of the failure to sell adjoining properties?

Questions like these are why we urge you to investigate before buying. We always suggest that consulting with an attorney who knows real estate and preferably has some aviation experience is the prudent way to go. Check out how long the property has been on the market and how much development has occurred in the last few years. You should know how many lots remain to be sold and how many of those that have been sold remain to have homes built on them.

It would be prudent to determine if all the promised infrastructure is already in place … paved roads, underground lighting, water wells, sewer system, gas lines, fencing, etc. If these items aren’t already in place but are listed in your contract, make sure there’s a date when they are to be completed or a bond has been issued to cover the costs or at the very least you can get out of your contract.

Most developers – particularly in the residential airpark environment – are honest, well-meaning individuals or companies but even the best intentions can fall victim to hard times.

Use your head when buying, don’t go from your heart!

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