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Overview
This a 0. 35- acre lot in Rio, Jensen Beach, FL, presents a compelling opportunity for investors or developers. Although the lot is currently landlocked, lacking direct road access, an issue that must be resolved before construction can commence, the county has classified it as "buildable. " This designation indicates compliance with all relevant zoning, size, and building code criteria for development. In this case, "Buildable" means the lot meets local construction regulations regarding size, shape, and zoning, although it does not ensure road access. In Florida, a lot can be considered buildable if permits can be issued once all conditions, including access, are satisfied. This lot's buildable classification implies it is suitable for development, contingent on resolving its access issues. According to Florida property definitions, like those from "Law Insider, " a buildable lot is one where permits can be issued without any further subdivision, complying with regulations regarding waste disposal and water supply. Similarly, "Homesteady" notes that a buildable lot is cost-effective and feasible for construction, provided all feasibility studies and permits are obtained, although landlocked status may hinder usability. Thus, the lot's designation as buildable indicates it is ready for development once access is assured, in line with the county's evaluation.
Access
Options Florida law offers means to obtain road access for landlocked properties. One route is through an easement by necessity, governed by "Florida Statutes Chapter 704, Section 704. 01, " which can be granted if the land is intended for residential or agricultural use and is surrounded by other properties. Another option is negotiating with adjacent property owners for a right-of-way or easement. If negotiations do not succeed, legal action may be necessary. Litigating an easement, especially for necessity, could involve filing a suit in circuit court if discussions fail, as detailed in "Florida Statutes Section 704. 04. 04, " to ascertain the existence of the easement and determine compensation. It is essential to consider potential legal costs and disputes with neighbors, and to seek advice from a real estate attorney, as advised in resources like "Rocket Mortgage. "
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NMLS Mortgage Loan Originator ID 16953
5/6 (30 Yr) Adjustable Rate Conforming* |
30 Year Fixed-Rate Conforming |
15 Year Fixed-Rate Conforming |
|
---|---|---|---|
Loan Amount | $60,000 | $60,000 | $60,000 |
Term | 360 months | 360 months | 180 months |
Initial Interest Rate** | 6.500% | 6.875% | 5.875% |
Interest Rate based on Index + Margin | 8.125% | ||
Annual Percentage Rate | 7.058% | 7.063% | 6.132% |
Monthly Tax Payment | N/A | N/A | N/A |
H/O Insurance Payment | $75 | $75 | $75 |
Initial Principal & Interest Pmt | $379 | $394 | $502 |
Total Monthly Payment | $454 | $469 | $577 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.