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Answers (4)
Best Answer
- John (Jack) Herman, "Buyer Agent John"
- Contributions:54
I visited and evaluated just about every tear down opportunity in Westport with a a buyer-client about two months ago.
From this experience, I suggest if you are attempting to price a property to sell it, search the system for recent properties which sold between about 600-1.1M (which were old houses, or smallerl houses). These would have been potential tear downs, and this will provide the direct primary data from which you might discern a comparable basis. Drive by the properties to get an idea of where your property fits. This is a simplification of course, but it is a start.
- westporter7
- Contributions:2
Thanks for the answers! As comps are hard to come by for the neighborhood I'm in, I guessed it couldn't hurt to reach out...
I had already deduced these more obvious ways to get a feel for what I might get for my property, but I thought perhaps there was a 'magic' calculation based on maximum number of BRs and Square footage / allowable lot coverage!
Thanks again for the input.
- Olga Lund, "Lund Realty"
- Contributions:30
It seems the true value would be the value of the land trak minus demolition and cleaning costs. Counties appraisal values are totally different from the "current market value". I would say there is no rule of thumb there in comparing thses two values. sometimes county appraisal is much lower - mostly in the up trend R.E. market, other times it is higher then the actual market value - in the down trend market. Counties are behind on the value because they use the previous year's comparables in the current year appraisal process, plus their value is extremely unreliable as they usually have a hudge amount of properties to appraise within a short time period. the best solution would be for you to turn to a broker. If not, see if you have a professional among your friends and family that would have an access to the moltiple listings in your area and could get an estimation for you as a favor.
- Jaimee D'Agostino, "Jaimee DAgostino"
- Contributions:28
If the value is in the land, a good place to begin would be finding the assessed value of the land only from the town hall. This is on public record, and, typically, the town's assessed value is 70-80% of the market value.
How to price a "tear-down" house / property, without going to a broker?
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