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

[JoshMclean]

I agree with you Josh 100% because there aren't any comps. I guess it's just whatever the market will pay.

Check your pm box.

 

[SHELLY]

I haven't bought it yet. I'm going to make an offer. I've got my own gut feeling on the value, but the view from up here in Atlanta may be distorted. I hope that the collective wisdom of the members can help.

Oops...read through too fast--thought you were trying to unload the property and set a price.

Well then, when did the seller purchase the lot, at what price and what's the current asking price? How long has it been on the market? Are you going to pay cash?..or finance.

.

 

[ClintClint]

The property isn't listed and was bought back in the 90s at some absurdly low price (by today's standards)

 

[YoungFT]

In the absence of comps...

I would suggest estimating along several dimensions.

1. As you're doing, get the smart local guys to offer an opinion even if it's a wild ass range, it could help

2. There has to be some lot sales that you can adjust up or down based on size and distance to beach

3. Shelley may have been implying this approach, but if it's unimproved land, other than the purchase price and annual taxes the current owner hasn't much additional capital invested so you could take the price they paid, assume 10-12% annual appreciation (might be high) and see where that gets you into a reasonable price range. (If the home was purchased in 1993, grew 11% per year in value you would multiply the purchase price by 4.78 to come up with today's value )

Good luck and let us know what price you came up with, how and if it was accepted. Curious minds want to know.

 

[AAbsolute]

You might go to the Walton County Property Appraisers website and search the lot a number of ways. Look at its full card and then select recent sales in this area. It's not the best way to look at value, but it's educated.

I personally don't give value to lot size unless it's sub-dividable. The neighborhoods we work in are usually short term rental neighborhoods and some owners see oversized properties as an expense to upkeep.

 

[AAbsolute]

If it's a good transaction for you I would advise to keep it to yourself. I can't ever shut my mouth and break this rule consistantly. If you want someone else to buy it just mention to a few people how happy you are with your pending transaction. This is a funny place.

 

[ClintClint]

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.

 

[YoungFT]

Maybe 50% of peak and 4-5X what the owner paid in early 90's gets you to a more narrow range. Good luck.

 

[cnestg8r]

Farther to the East, 1.2 acres South of 30A sold for over 8 M$ in '06. Today it can't get 5, maybe 4 M$.

 

[ClintClint]

A little more homework shows the lot across the street sold late 2006 for 650K, but that's about 10 times what the owner paid in 2001. Does this sound right?