Buying Colorado Vacant Land
Colorado’s colorful and rich past history has certainly changed the landscape starting long before the gold rush. Colorado’s past is ever present today, especially as more people are moving to this state and interested in buying vacant or raw land to build a home.
New data just released continues to show the Denver area holding the fifth spot in the U.S. as having the least amount of days a home sells. The number of days it takes to sell a home is down nearly 17% since last year and 53% since 2010. In other words, the low inventory of homes for sale coupled with record numbers of people moving to Colorado is forcing many homebuyers to look for raw or vacant land to build a home.
The problem with raw or vacant land is the buyer has to perform extreme due diligence before buying. There are numerous issues that can severely impact even the best of building plans and the Colorado Department of Natural Resources (https://cdnr.us) is a good source to help you determine some of the following.
Gold was first discovered what is now known as Idaho Springs that brought a mass migration of prospectors to the Colorado Territory beginning in 1859. The prospectors left their mark - there are hundreds of abandoned gold mines scattered throughout the state. Some of these mines have deep mine shafts that spread out in all directions - even under your building site.
Today, there are over 78,000 oil and gas wells dotting Colorado landscape including active and plugged wells. Two years ago, the U.S. Geological Survey (USGS) discovered that Colorado has 40 times more technically recoverable natural gas resources. The recent Mancos Shale Reserve alone, is estimated to have over 66 trillion cubic feet of gas, 74 million barrels of shale oil and 45 million barrels of natural gas liquids. Last year a home built in Firestone, Colorado exploded, killing two people after a small pipeline connected to a nearby well began leaking odorless gas into the basement. It’s imperative to research and locate any wells nearby or on the land you want to build on.
It takes a well-trained eye to determine whether the land you want to build on was part of the vast strip mining done years ago. You’ll need to research old strip mining permits, talk to long-time neighbors who may have knowledge of the history of the land. The Bureau of Land Management (BLM) may help you on your search.
Added to all these issues, you should determine if there are any flood plains, zoning or building regulations, setbacks, water drilling or environmental concerns. If your property is going to be split off from another tract of land, make sure it will comply with Regional Planning Commissions (RPC). The RPC can also help with any future scheduling of the building of roadways. Lastly, check for phone service, gas and electric availability.
Our experienced real estate attorneys at Gantenbein Law Firm in Denver, Colorado offer exceptional skill, impressive and innovative solutions for your real estate needs.
With the current real market creating explosive real estate prices on homes, you may want to instead consider buying vacant land.
However, you should meet with an experienced real estate before a vacant land purchases to see if there are any zoning or land use restrictions, flood plains, mining issues and more.
Call the real estate attorneys at Gantenbein Law Firm at 303-618-2122 to schedule your consult.