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Realtor Provides Update on Listing of Region 4 Property
There has been a total of three different groups interested in the 9.33-acre parcel of land owned by the Regional 4 School District on Kelsey Hill and Falls Landing roads in Deep River since it was listed at the end of May, according to Carolyn DiPietro, a real estate agent with Berkshire Hathaway.
The lightly wooded corner lot, which has the potential to be subdivided, is listed for $320,000.
“We have had several people come and look at it,” said DiPietro, at a Sept. 2 Region 4 Board of Education (BOE) meeting.
“The first couple who looked at it, they knew that they could put four houses, but I think by the time of their journey through talking to, you know, surveyors, and other people, builders, you know, they really decided their needs were for a one-family, so it didn’t really suit their needs,” continued DiPietro.
There was also an inquiry from individuals serving on the Deep River Conservation and Inland Wetland Commission and the Deep River Land Trust, but it did not develop beyond initial stages.
Another interested party was seeking commercial property, for use as a landscaping business. The parcel is zoned Low Density Residential District (R-60).
DiPietro said that Berkshire Hathaway continues to market the property electronically and through different mailings to contractors and builders. The company sends bi-weekly reports to the district with information detailing online interest.
“They are hits that come through the Internet for people on Zillow who are looking, people on realtor.com, homes.com, all the large companies,” said DiPietro. “It tells how many people are actually looking for these types of property, [which is] not too many.”
DiPietro also shared information on the number of new residential construction projects in Chester, Deep River, and Essex, using a key indicator, building permits.
“In Deep River, we’ve had two people who have applied for permits for the year, that’s year-to-date, and there have been none this month,” said DiPietro, adding there was one permit issued in Chester in 2021 and five permits issued in Essex, year-to-date.
The scarcity and escalating costs of building materials, two impacts of the COVID-19 pandemic on the construction industry, are also affecting land sales.
“There hasn’t been supplies and the increase in prices has...tripled,” said DiPietro. “You used to be able to get a two-by-four for $3 and now they’re almost $10. Availability, you weren’t even able to get shingles and things.
“So, it’s been very challenging for builders in this, during this period of time, and as I said, costs have just gone through the roof,” she continued.
Potential buyers or developers would also need to factor in a variety of other costs with this particular parcel of land, such as the professional installation of a septic system, well, and utilities.
“It’s not like you have gas in the street and you can hook up to public water, you know, so…the cost is financially higher,” said DiPietro.
In addition to costs, there would also be a lengthy process to develop the land.
“It’s raw land,” said DiPietro. “So, it needs to be developed. It needs to go through all the permits and everything, then it would need to go through a subdivision. So, you know, cost just seems to be everything at this time and it is what it is.”
Despite some of the challenges associated with the parcel, DiPietro said there could be reasons to be optimistic about the future.
“I did speak with a builder the other day and he has noticed…that things are stabilizing, and some prices are beginning to come down,” said DiPietro. “So, that’s a good sign and we’re moving into the period of time where the leaves won’t be on the trees anymore and people will be able to see a lot more than just driving by [from the] street.”