Neighbor’s plan for ‘McMansion’ may hit legal roadblock

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DEAR BOB: I own a two-acre lot in an area of mostly one-acre lots. A neighbor wants to buy a half acre from me so he can build what I call a "McMansion." He needs a larger lot to accommodate the size home he and his wife want to build. We don't mind because it won't be close to our house and having a highly valued house next to ours should enhance our home's market value. However, we don't know how to value a half-acre lot where there are no lots for sale. Also, what legal steps must be followed to deed a half acre? --Walter H. DEAR WALTER: I suggest you retain an appraiser and a real estate attorney. If you proceed with the half-acre lot sale, be sure to add your appraisal and legal costs to the sale price of the property. Purchase Bob Bruss reports online. As you will discover, subdividing a lot in an urban area usually is not simple. Although you have no objection, the neighbors might protest. The appraiser can inform you of the market value of a half-acre lot in your neighborhood....