Though very large lots are increasingly rare in St. Louis’ most desirable, centrally-located neighborhoods, there are still a few examples of lots where subdividing the land makes good business sense. At Kingbridge Homes we have successfully split lots on several projects, including properties in Brentwood, Kirkwood, Olivette, Frontenac and Webster Groves. How we approach subdividing a property depends on the specifics of the lot and the current homeowner’s needs.
One option when breaking up a single oversized parcel into multiple smaller lots is to purchase the entire property, including the existing home, from the property owner. This is an especially great option for smaller homes on expansive lots where the land is especially valuable and the homeowners are ready to reap the financial benefits of their real estate investment. In this case, Kingbridge Homes purchases the home as a tear down, pays cash for the entire property and then works with the local municipality to officially subdivide the property into two smaller residential lots. Once this is complete, Kingbridge is able to build and sell two new homes with manageable lot sizes.
Another scenario that can be viable when looking to split lots is to work with the current property owners to subdivide their property in a way that allows them to retain possession of their existing home and the land which that home occupies, while selling off excess land. A more complicated situation, this requires the home to be positioned on one side of the current lot, such that the remaining land can be split off and function as a standalone parcel. This is a great option for homeowners who love their home and have no desire to move, but would welcome a reduction in the property maintenance associated with their larger lot. Furthermore, where this is a viable option, the current homeowners may see significant financial benefit, as frequently the sum of the (subdivided) parts is worth more than the lot as a whole.
The final option is more or less a hybrid of the first two. Kingbridge Homes will work with current homeowners to purchase their property, with plans to knock down the existing structure, subdivide the lot and then build two new homes on the now split parcel. However, as part of the initial agreement, the original homeowners retain one of the new smaller lots and work with Kingbridge Homes to build their dream home from the ground up, without having to move physical locations.
If you have a home that currently sits on an oversized lot and you are interested in learning more about how you can cash in on the value of your underutilized parcel of land, contact the team at Kingbridge Homes. Our team of experienced professionals would love the opportunity to show you your options and help you make the most out of your property today.