Profile picture for SueCram

Ideas for Selling a Building Lot?

I've listed my lot with three local realtors over the past 5 years.  It's in a great area and I've lowered the price almost 50%.  Any ideas for getting it sold?
  • August 28 2012 - Spokane
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Answers (9)

Profile picture for Lathamator
Find a good agent. That knows what they are doing.
  • April 11 2013
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It would be best to view the amount of lot/land listings an agent has as that agent most likely sells a high number of building sites. 
  • April 09 2013
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Profile picture for PeterInSpokane
Find a Real Estate agent who sells new construction and ask them to "Ghost list" a new home on the lot in the "to be built" part of residential.  There are a lot more buyers shopping residential home listings than there are shopping land listings.
  • April 09 2013
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Profile picture for SueCram
Thanks for the ideas and we'll get to work with some of the builders in the area!  
  • August 28 2012
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Hi Sue,
Ofe was right on when she asked if you'd talked to any of the builders in the area. John was right on when he mentioned that builders need to build in a return on their investment.

Other than the obvious suggestion (lowering the price), here are a cople of other things you may consider:
1) Locate builders that are building and show them how they can make money by purchasing your land. Otherwise, it may be just as valuable to have them show you how they won't make any money at your current price - so you can then fine-tune your price in order to sell it in this market.
2) Find buyers who want to build their own custom home. You can even put the legwork in to partnering with a builder to put together the estimates, you can buy plans, and list it on the Multiple Listing Service...the caveat would be that the build-out will simply be funded by a construction loan taken out by the buyer. You (or your agent) need to help buyers see what can be done on the lot in order to get them to take action on it. Many folks that would like a new house don't know where to start when it comes to building - so put that part together for them so they can focus on picking out the finishes.

Best of luck!
Ryan Halset | Realtor
Boardwalk Real Estate | Seattle, Wa
  • August 28 2012
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Profile picture for nwhome.us
As a broad rule of thumb, builders want to see a building lot priced at 25% of the sales price of a home they feel they can build there. That will vary greatly depending on the location and building activity in the area.

It's absolutely no surprise that a vacant lot has not sold in the last 5 years in Spokane.  Though it may have something to do with the reach of the marketing programs of the agents that you've hired, it has a lot more to do with the huge number of other options available, at next to nothing, around resorts (golf courses). Craig's List is nothing more than a playground for scammers and looky-loos; it doesn't even come close to reach of the MLS.

Spokane has its own MLS system that is seperate from the NWMLS, which covers most of the rest of the state. The larger brokerages in Spokane belong to both listing services.  They also have a national and international reach. 

Which brokerages have you tried?

  • August 28 2012
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Profile picture for Ofe Polack
I sell a lot of land, and I know that land is not easy to sell on this market.  Have you contacted some of the builders that build on that area?  If you give me a call or send me an email, I will be happy to share some other ideas with you.  The best of luck! 
  • August 28 2012
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Profile picture for SueCram
The lot is in a golf course development that provides a water/sewer system so engineering isn't necessary - but it's a good question!  Neighboring homes are in the $500K+ range.  There are several lots for sale nearby.  Our lot is the least expensive of the ones for sale, and none of them have sold in 2012.  It's advertised on Craig's List now, since the realtors weren't getting any interest.
  • August 28 2012
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Profile picture for Ofe Polack
Have you done any engineering to the lot, does it have a septic design and/or permit?  Is it the only lot for sale in the area?  We need more information in order to give you advice.
  • August 28 2012
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