After two years on the market, and a series of price decreases, a nearly 18-acre parcel in Sanford has once again been marked down, this time to $2.2 million.
The vacant property, along State Road 46, was priced at $5 million when it went on the market in 2013 and is now less than half that amount after the string of reductions.
Charlie Brenner, head of brokerage C. Brenner Commercial Real Estate, who is representing the Sanford family that is selling the land, said, "At this price something ought to be happening."
In addition to the new price, the location of the site makes it appealing, Brenner said.
Size is also a factor, Brenner said. "There are not that many larger parcels along 46 in that area," which is just east of Sanford's train overpass.
The land was almost sold a year ago for apartments, but the deal fell through. It is zoned for multi-family, which allows 50 units per acre.
And its proximity to the hospital could make medical offices appealing along the land that fronts SR 46, Brenner said.
But the property is up against competition in Sanford, which still has plenty of available land.
"There is availability for development and redevelopment in the area," said Eileen Hinson, the city's development services manager. "There are some pretty large parcels and there is also the option of putting together parcels."
The area "still has more room to grow," Hinson said.