The back 1/5 of my property is being used for a commercial business parking lot. When I purchased my home, I realized that I actually owned the paved over lot, and the fence to that lot had a gate so I could access and use the spaces. I approached the business to discuss a purchase, but they essentially ignored me, and I just let it be for 4-5 years.
Now, I have some coverage issues with zoning new construction on my lot, because so much of it is “paved over” (the back parking lot works against me). To make matters even more complex, my lot is residential, and the parking lot is being used for commercial purposes, so it would need completely rezoned for the business to use it. The loss of this lot would highly impact this business. They asked me for an easement, but I told them there would be no benefit for me to make that arrangement and I’d still owe tax on the lot. So I told them if they covered all transfer costs, I would sell them the lot and approve for city council to re-zone the area (the re-zoning is approved, it just needs my OK and sig).
The business representative argued with me over some inconsequential amount of money for the final paperwork, so now I am thinking of raising my asking price since he violated our verbal agreement (and I’m petty). I only asked for $2.5K for the back lot (roughly 2K sqft.). My property values at around $220K, and is nested right in a commercial area but zoned residential. What kind of feasible price should I ask for the back 2K sq ft, given that without my concurrence, the business couldn’t even get the lot zoned commercial without heavy judicial involvement. Basically, what is the “easy out” dollar value for the business before they seek legal options? They are not hurting for money.