I own a single family house on a very large corner lot in Seattle, and have come to learn of an emerging ownership structure which very few Real Estate agents I've spoken to, are aware of, though I have met a couple of developers that are aware of this, and doing this.
Essentially, the technique is to build a 2nd dwelling on the lot (we call them detached accessory dwelling units — other cities have other names for them that includes "backyard cottage", laneway house, etc). Then, drawing up a condominium contract, and selling the house and the cottage separately — the condo contract allows these 2 separate dwellings to own a single lot. The point of all of this, is to allow 2 dwellings on a lot, that otherwise can't be subdivided due to local land use rules and minimum lot sizes.
A Portland Oregon based developer has great article that discusses this technique : https://accessorydwellings.org/2014/10/07/adus-and-condos-separating-ownership/
I'm interested in selling this property, at a price that reflects the fact that it can be developed this way, and that also reflects that unlike other properties that might be large enough to do this, mine is a corner lot with a paved alley, which means that when the city allows lots this large to divide (highly likely with our huge population growth — all of our mayoral candidates are talking about allowing more density all over our city ) — mine can divide (because it is a corner lot, each new lot can be street facing) and most other can't, because they aren't corner lots.
But I have run into a challenge with all of the real estate agents I've spoken to (and I've made an effort to speak to quite a few, with multiple local companies), which is that they are unfamiliar with this technique, and as a result, they don' know how to price the property — because they are all basing their prices on comps — and there are no local comps that have used this technique.
So, I'm curious, how do people go about finding Real Estate agents that have experience with buyers that are developers & investors, as opposed to just a typical family looking for a house.
And also, how might you go about determining the value of a property such as this, as a starting point for a listing price?
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