Guesstimate on .5 acre lot S. of 30A ???

[Cork On the Ocean]

Clint, I thought you were working with a realtor, is there some reason that they aren't guiding you in your purchase? They should be running the comps and helping you negotiate the deal or are you doing this on your own. As Josh said, it's virtually impossible to give you any support without knowing the exact parcel. There are so many factors that can affect it's value even if properties around it sold for a particular price.

Years ago I wanted to put an offer on a lot in Sanibel. At the courthouse, I found that this lot had been donated to the owner as preserve land by a family member and while there was no preclusion to resale, there was a recorded agreement that the property could never be built on and had to remain preserve. It had a marketable title but the worth was nothing to me if I couldn't build. The seller had not disclosed and sure I could sue later but who needs that hassle so be sure to protect yourself regarding surveys, use, appraisal and such.

Land is the weakest sector right now and I personally wouldn't pay what someone paid in 2006. With a gulffront lot selling for $800K in 5/08, and gulf/lake view in Watersound at $400K in 4/08, I'd be careful not to overpay.

 

[SHELLY]

I have found out what the nearby (same street) lots were listed for at the peak. Would 50% of those peak listing prices approximate today's values??? Also, the lot cannot be subdivided.

Did the seller actually present you with a price?...or is the seller playing Bob Barker and making you "guess" at the price he's got in mind.
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[seagrovegirl]

Get a Realtor!!! This thread has some great suggestions, but you obviously need some professional advice and I'll be willing to bet, the advice will be worth it!

 

[ClintClint]

After the fiasco I described in the "Low - Ball Offer " thread, I took the advice of the members and "fired" that Agent.
I think $250K-$275K is all I'm willing to go.

 

[GoodWitch58]

one "bad" experience with an agent is no reason not to be represented by someone who knows the market. Interview some agents and find one you are comfortable with...there are many competent, straightforward Realtors who will do a good job for you.

 

[Mango]

If you trying to avoid realtor commissions on a FSBO, why don't y'all get appraisals . Then y'all have a starting point for negotiation. If this is a property you have great interest in, and the seller is not flexible, then see if he/she will allow a realtor to get involved to help determine the market and assist in negotiations.
There are many great realtors right here on this board. If you can't figure out FMV between you and the seller, then you would be wise to get the counsel of a realtor. But, asking here if the peanut is ripe for picking when know one knows where it is won't yield you a peanut farm.

Well, y'all know what I mean.

 

[AAbsolute]

In the end don't we all offer what we think a property is worth?

I worked with a woman who had about 5 acres bayfront in Santa Rosa Beach that was not listed for sale. It was the toughest negotiation I ever experienced, because she did not know its value and was in no rush to sell. She finally asked me what I thought it was worth and I forwarded her 3 appraisers names instead. Later she tells me she never talked to them, but she was ready to sell the property to me. Again, she would not consider hiring an outside opinion and asked me to establish the price.

The only thing I could think of was to tell her that it was a conflict of interest for me to establish the price, although I wanted the property. I finally told her that if she would agree, we could get the property appraisers value and add 10% because they are historically low. She agreed and there you have it.

I hope my ex-wife and her family are using and enjoying the land for 158,000.

 

[ClintClint]

AAbsolute, I'm sorry for your loss---the land of course. A wife would be a lot easier to replace than 5 acres on the bay. LOL.

 

[AAbsolute]

That was a hard negotiation. The woman I was dealing with was in California. Her husband who had passed loved the property and she hadn't seen it or cared to visit the land in many years. It was adjacent some family owned land so it was strategically important, but for this good woman to leave the price to me was very much a conflict.

The ex. and her family trust now own about 12 contiguous acres bayfront on Chat Holley near the bridge. It shouldn't take much care and planning to do quite well with about 450,000 in the whole parcel.

 

[PalmBeach]

Get an appraisal from a good appraiser that has good knowledge of the area and knows how to actually appraise rather than fill out a form to a pre-determined value for a loan. PM me if you would like a reference or two. I am a local appraiser but only do commercial.