Lots & Land For Sale in Washington DC Metro Area
Back in the colonial days, lots and land were plentiful in the area now known as Washington Metro. Some form of royalty would hand out giant swaths of property sight unseen - it might get farmed or it might not and it would eventually be subdivided into smaller giant parcels of land. Times have changed of course. Urban centers have long been built up rather than out and the suburbs sometimes seem to resemble endless grids. All is not lost however. There's still plenty of opportunities to find your own personal shangri la in the Washington metropolitan area. To learn more about lots & land for sale in Washington DC metro area, call District Partners at Compass,(202) 798-3600.
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One of the obvious truths about the real estate market in Washington Metro is that housing inventory is shrinking. Not only that, but home prices are steadily rising and have been for a while. You may be surprised however, at just how many lot listings there are. True, it's not the same as it once was – nothing is. A hundred years ago you could buy a lot of land for a for a few hundred bucks and throw up a catalog kit home. The home building business isn't like that anymore. On the other hand, it can still be the more cost-effective way to acquire a new quality home. New home construction is a competitive business and there are additional cost savings such as the US Green Building Council's Leadership in Energy and Environmental Design (LEED) initiatives. This federal program has been adopted throughout the various counties and locales in the metropolitan area and is a very real and routinely used way to cut costs and stimulate smart building.
Let's take a step back. What exactly is involved in purchasing a lot of land in the Washington metropolitan area? How do you know where to build, how much it will cost and how long it will take? The answers lie in doing the research and some legwork – it's not a simple process unless you're ready to start writing checks and turning all the responsibility over to a developer or builder. Still, it's wise to be proactive. As with any home purchase, you'll want to consider your overall budget and the area you want to live in. You can start by browsing listings, getting ballpark ideas of cost. Look at how a particular lot is zoned for residential use – will it support the size home you want? A next logical research step is to get some quotes from local builders – what do they charge per square foot and what exactly is included in that. What is standard for the package and what are the additional cost options? By doing your homework you can start to get closer to an accurate all-in cost, although there will always be variables.
All this sounds like a lot of work you say. Isn't it easier just to buy a luxury home that's already built? Generally speaking, yes. But, if you want something uniquely suited to your individual taste with real value for the dollar, it's hard to argue against a new construction home. And what's a lot of land cost? Like all property sales in Washington Metro, there's a wide range of prices. In fact in some cases, you'll see lot listings that already have homes on them. The reason can be two-fold. On the one hand, you may want to tear down a distressed property and put up something new. In the case of very expensive homes listed as lots, it usually is due to a multi-acre lot than can support additional construction. Certainly, nobody's suggesting that you tear down a $20 million mansion in order to build a new one. Unless you really, really want to, in which case it's a spectacular idea.
When it comes down to it, lots and land in the Washington metropolitan area range from $100,00 to $45 million for a palatial estate on 6.5 acres – just in case the existing embassy-style mansion doesn't present enough options for you. As with most things, the bread and butter listings exist somewhere between the lines, although a lot closer to ground zero than the $45 million stratosphere. You'll want to refine your search settings if you wish to cut down the numbers. Better yet, send a realtor your wish list and ask for some appropriate suggestions.
The listing content relating to real estate for sale on this web site is courtesy of MRIS. Listing information comes from various brokers who participate in the MRIS IDX.Properties listed with brokerage firms other than Compass are marked with the MRIS Logo and detailed information about them includes the name of the listing brokers.The properties displayed may not be all the properties available. All information provided is deemed reliable but is not guaranteed and should be independently verified.All listing information copyright MRIS 2019.
Listing information last updated on April 20th, 2019 at 12:15pm EDT.