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by Jim D. Ray
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e access – that is, legally permissible access to the site from nearby roadways – can make or break a transaction. Even the best site can become a lemon, depending on access limitations.
Generally speaking, there are two types of access to a site. The first is “full” access, for oncoming traffic from both directions. Depending on a roadway’s existing configuration, this may require the installment of acceleration/deceleration lanes, blisters, or traffic signals.
The second (and less favorable) option is “right in, right out” access, which limits vehicle access to right turns from a single lane of traffic. Because right in, right out limits the site’s access to a single direction, depending on the ADTC of the affected lane, this may limit the interest of certain buyers.
If a site has potential for broader access options, the property owner may want to consider requesting a modification from the applicable municipality. Performing this legwork before placing the site on the market will significantly increase potential for realizing the full asking price.
Utility Availability
Although still common practice in many areas, properties that employ well and septic systems are regarded as secondary sites in comparison to those with modern utility infrastructure.
The cost of bringing utilities to a site may be a significant factor to some buyers. If possible, property owners should consider having electric, water, and sewage improvements brought to the site before marketing the property. Again, such a preparative measure can optimize conditions for realizing the site’s full asking price.
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