Lynnfield Land for Sale

Conveniently situated in Essex County, this community offers a suburban environment in the North Shore area of Massachusetts. Originally divided into two towns, the modern community is now one of the most prosperous sections of the area.

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Land for Sale

While the median home price is higher than more rural areas, this community still has prices that are better than many suburban areas. Right now, the median home price is actually 10 percent lower than it was a year ago. During the last 12 months, the median sales price fell by $67,200 to reach $602,700. At the same time, the average price per square foot rose from $260 to $269. The rising price per square foot and falling home price are mostly caused by residents switching to smaller properties and smaller units. Because of this trend, real estate developers can transform vacant lots into condos or townhouse units and find a ready supply of buyers.

Why Investing Is the Smart Choice

Known for its affluence, this town is a great spot for investors. Many of the homes and rentals in the area are luxury developments designed for discerning renters and buyers. With a thriving community, investors can also easily create a commercial shop or restaurant in the area. Like many sections of Massachusetts, the real estate market is growing in this community. To capitalize on the area's growth, investors need to find a property sooner rather than later.

With so many lots to choose from, finding the right home is not always easy. Boston City Properties can help you simplify your property search. Our team of professionals can help you navigate the real estate marketplace until you find the perfect property for your needs.

Discover a Desirable Location

Located only 9 miles west of Salem, this community is just 14 miles away from Boston. It is located 15 miles to the south of Lawrence. Encompassing a total of 9.9 square miles in size, this community includes several lakes and ponds that are great for building sites. Some of the Lynn Woods Reservation is also placed in the southeastern side of town, so property buyers can create luxury homes with scenic vistas in this area.

Interstate 94 and Route 128 cut through the community twice. Residents will also find Route 129 and Route 1 within the town. On the western border, residents will find the city of Reading. North Reading is to the north and the northwest of town. Meanwhile, Wakefield can be found on the southwestern border. While Lynn is located to the southeast, Peabody is placed on the northeast. Saugus is located to the south of the community.

Many Types of Developments Are Available

Once an owner buys a new property, they have a number of development options. Before the purchase, investors should make sure that the property can be used for their future building site. The city has zoning laws that require certain properties be used in specific ways. As long as the investor keeps the zoning laws in mind, they can use the lot to create a new property.

While some investors want to build a structure on their lot, there are other options as well. Some investors choose to hold on to the property for long-term appreciation. When the real estate market advances in the area, the property naturally gains in value. Without having to build or rent anything, the investor is able to sell the vacant lot for a profit.

Vacant lots tend to be lower in price than a developed property, and they also offer a number of extra options. Other than keeping the lot vacant, the owner can always create an industrial, commercial or residential building. While developed properties are limited by whatever structure is already on them, undeveloped lots offer owners the chance to create the exact development that they need.

Before purchasing any property, investors should check out their potential return. If the lot is in a desirable area and is surrounded by amenities, it will most likely grow in value no matter what the owner does to it. In addition, owners need to check out the zoning rules for their area. Many lots can only be used in certain ways, so the buyer needs to make sure that they are able to use the lot to build a residential or commercial property before they buy it.

Once the lot is bought, it can be used to build a housing development of single-family homes, condos or other structures. In densely populated areas, investors often create rental units. Rising property values mean a higher demand for housing, so these investments can pay off if the lot is in the right area. Vacant areas can also be used to start a business, construct office rentals or even for parking spaces. As long as the owner builds in accordance with the zoning regulations, the options are endless.

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Land for Sale