Maximizing Land Value in Aiken: A Strategic Approach at 00 Whiskey Rd.
The Finem Group faced a complex challenge with a 20.8-acre tract of land off Whiskey Rd in Aiken, SC. Our client required a Broker's Price Opinion to uncover the true worth of their mixed-use property. This case study outlines the strategic steps taken to significantly enhance the land's value, overcoming various obstacles along the way.
Client Challenge
The client's property presented unique challenges that needed a tailored approach:
Highest and Best Use of Land: The property featured both a visible frontage suitable for commercial use and more secluded areas ideal for residential development.
Finding Appropriate Comps: The mixed nature of the property necessitated a diverse range of comparables, from commercial to residential plots.
Rollback Taxes: As the land was previously zoned agricultural, assessing and addressing the rollback taxes was essential.
Action Steps
Detailed Analysis: Our team conducted an in-depth analysis to identify optimal uses for different sections of the property. We located four executed and four market comps for commercial outparcels along Whiskey Rd and for residential townhome lots in the area.
Top-Of-Market Marketing Package: We employed professional drone photography and video to capture the land's natural aesthetics. A comprehensive offering memorandum was crafted and distributed to our exclusive commercial listing network.
Evaluated & Assessed Offers: We meticulously evaluated all received offers, ensuring that each potential buyer was credible and that the property's sale price was maximized based on our data.
Rollback Tax Negotiation: Our familiarity with local government regulations aided in accurately estimating owed rollback taxes. We negotiated responsibilities for these costs to benefit our client during the zoning change.
Value-Added Results
Through our tailored approach and detailed understanding of the property's diverse potential, we secured a sale price $300,000 above the initial broker's price opinion. This success was driven by our recognition of the distinct values of different parts of the land and the strategic marketing thereof.
Client Testimonial
"The Finem Group's professionalism and in-depth local market insights not only met but exceeded my expectations, achieving significant returns. Their clear communication and strategic expertise make them the gold standard in the industry." - Steve and Sarah Guida
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