Land Assemblies-- not always for everyone!
by Geraldine Santiago
There are many reasons why a homeowner may not want to sell to a developer. Land assemblies are difficult and challenging because not all homeowners want to sell at the same time others are wanting to sell.
Though the money is like a windfall and many people look forward to the 'next chapter', in their lives, there are others who find the entire process of change, selling, moving very, very stressful. For example, I know homeowners who are seniors who want to stay for as long as possible or who are unwell and cannot move out. No amount of money will make them move or sell. There are also some homeowners who can't find their next move up or trade up home, so they communicate this with the developer's Realtor, and until that time happens, there can be no deal in place.
However, not all is lost! From my experience, there are many developers who hold on to properties for a period of time, and can wait out time. They purchase one or two properties in a given year, and other neighbouring properties they acquire later, sometimes many years later, depending on the expanse of the project.These are usually the bigger players who have deeper pockets to do this, who are engaged with multiple projects simultaneously. These developers are the ones with a strategy or a plan in place and will need the time to develop large scale projects.
Other developers, however, look for development projects with a specific time frame in mind and cannot wait for years to assemble. They have a specific budget, with a specific time to acquire, plan, break ground and build, and typicaly work one project at a time. Finding the right developer for your land assembly is the key to success!