Valuation and Sale of Complex Riverfront Property

For more information, please contact:

Nick Pratt - npratt@landvest.com

Valuation and Sale of Complex Riverfront Property

Lion’s Head Farm in North Scituate, Massachusetts

PROPERTY LOCATION

• North Scituate, MA

PROPERTY SPECIFICS

• 46± Acre riverfront farm.
• Four main components: Lion’s Head Lot (Riverfront Lot), Lion’s Pride (Main House), Lion’s Head Farm West (Riverfront Farmland Improved with a Barn), and Lion’s Head Farm East (Interior Farmland).
• Extensive river frontage and scenic stone wall lined road frontage.

THE PRINCIPALS

• Owners (family trust)
• Owners’ attorneys and tax advisors

THE ASSIGNMENT

• Develop a disposition plan by providing conceptual development plans and valuations of the property under multiple scenarios.
• Work with a local engineer to prepare an existing conditions plan, conduct soil testing, and prepare conceptual development plans.
• Offer the property to conservation buyers initially, then to the open market.

CHALLENGES OVERCOME

• Portions of the property had recently been marketed unsuccessfully by another firm.
• Unique market area near the Scituate and Cohasset town line with limited comparable sales data.
• Extensive site cleanup required prior to marketing.
• Delays with Land Court approvals.
• Negotiating driveway and utility easements, as well as evaluating potential shared river access.
• The entire property was enrolled in Chapter 61A and subject to a right of first refusal held by the town, which indicated it might have an interest in the property but would wait until it had an opportunity to exercise its right of first refusal. This dampened buyer interest and complicated the marketing effort.

THE OUTCOME

• Lion’s Head Lot: Sold to a neighbor across the river for protection.
• Lion’s Pride: Sold to an end-user.
• Lion’s Head Farm West: Sold to a buyer for single estate use. The buyer planned to build a single residence on the river and renovate the existing barn. This eliminated an additional five potential riverfront lots.
• Lion’s Head Farm East: Sold to the town for conservation. The town exercised its right of first refusal and matched the terms of a purchase and sale agreement with a local developer. The purchase was funded by the town’s Community Preservation Act fund and local fundraising.

Lion’s Head Lot

Sold to a neighbor across the river for protection.

Lion’s Pride

Sold to an end-user.

Lion’s Head Farm West

Sold to a buyer for single estate use. The buyer planned to build a single residence on the river and renovate the existing barn.

Lion’s Head Farm East

Sold to the town for conservation. The town exercised its right of first refusal and matched the terms of a Purchase and Sale Agreement with a local developer.