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Hot properties in Mason may be sold for lottery

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MASON, OHIO -- Just off Western Row Road in Mason sits a plot of land that may be in such high demand that the developer may have to resort to a lottery for the buyers.

A far cry from the real estate doldrums of a few years ago, it was careful planning that could lead to a real estate bonanza.

RELATED: M/I Homebuilders starts construction of development at former Western Row Golf Course

The developers are excited about the piece of land that now looks only like a giant mud puddle with a few wooden stakes stuck in the muck.

The developers share their excitement with the people of Mason, a town Money Magazine called the 7th best place to live in 2013.

It's a place where large tracts of empty land were fairly nonexistent, until the old Western Row Golf Course went up for sale during the recession.

"We'd had our eye on that piece of property as a great opportunity here," Vice Mayor of Mason Victor Kidd said. "It's kind of the last remaining crown jewel within the city."

Mason officials were meticulous in finding suitors for the property.

"Some other developers that looked into it had plans that they actually brought to council for that piece of property that council was not real keen on," Kidd said.

The city predicts the community will best be served with the mixed-use development - new homes for sale between $200,000 - $400,000, sharing the parcel with businesses that might be offices, retail stores or restaurants.

It would be "a nice use of that piece of property," Kidd said.

Dan Tartabini, vice president of marketing for M/I Homes said the city's strategy appears to be so successful that his company may have to resort to something rarely seen in this part of the country.

"We might be in a situation we'll have to have a lottery," he said.

A lottery for new home sites, Tartabini said the preview for the development is getting crowded.

"We have well over 125 people that have RSVP'd to that event," he said.

 

Copyright 2013 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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