Newsflash: Neighbor on shared driveway wants to develop – Louisville, Kentucky

I live on a shared driveway with two other households. One household is an older lady who doesn’t want to go anywhere and wants to give the place to her son once she passes (she’s in her mid 60’s).The other household is at the top of our shared driveway. It’s an older couple – he’s 82 and she’s 79 – that has 10.5 acres with a crappy little house. The lot is GORGEOUS. Some rolling hills with a pond and enormous pole barn. Really is beautiful.Anyway, the old man at the top of the hill uses our driveway, located entirely on my property and my other neighor’s property, with an easement and apparently has rights to widen the easement to 60 feet if needed in order to bring in a neighborhood.I have spoken with him about my wish to purchase the land without him speaking with any developers. The land is tax appraised at $375,000. He said he wants $550,000 from a developer or he would sell it to me for $500,000.My questions are:1) I have spoken with three neighbors (plus myself) that would be interested in parceling the land out. 2 acres to one neighbor, the house / barn and 2 acres for another, one acre for my neighbor, and everything else for me. Howevever I believe the neighbor that wants to develop is asking more per acre (ultimately) than people could get financed for. How can I tell how much a bank will loan for the land if divided up?2) I would LOVE to purchase the whole lot for myself for $375,000 since I can get a loan on that. I don’t have the extra $125,000 cash to make that loan work at $500,000. Is a developer going to offer tax appraised price, more, or less? What is the norm here?Any answers are greatly appreciated. I will be back on shortly

Read more at https://www.reddit.com/r/RealEstate/comments/4lxi1y/neighbor_on_shared_driveway_wants_to_develop/?utm_source=ifttt

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