What is transitional land for sale in Northern Virginia?
In its simplest form, transitional land is land that is changing from one use to another.
It often includes agricultural land that is changing to residential, commercial, or industrial use. It can also include redevelopment in urban centers, when existing buildings are torn down and the underlying land is redeveloped into a higher and better use.
Take, for example, land for sale in Loudoun County that is being purchased as farm land or agricultural land and developed for residential use. This is a classic example of transitional land. Another good example is the Mosaic District in Fairfax County, where a new urban center has been developed on the site of a 1950s drive-in movie theater.
For real estate agents, land owners, and developers, understanding the highest and best use is critical for determining the market value of transitional land for sale in Northern Virginia.
Highest and best use is affected by physical factors –accessibility, location, topography, size, shape, and utilities available; and legal/regulatory factors – zoning ordinances, building and fire codes, and deed restrictions. The combination of these factors will dictate what you can and cannot do with the property, and by extension, the potential profitability and value of the land.
In some cases, transitional land can refer to land that is reverting from a more profitable use to a less profitable use. For example, a zoning change that results in a lower maximum density of housing units in a residential zoning district would decrease the value of that land to prospective developers.
If you’ve got any questions about transitional land for sale in Northern Virginia, feel free to contact me anytime.