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Land value

how to estimate land value?
  • April 24 2013 - Pelham Gardens
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Answers (2)

Land Values are directly related to the "highest and best use" for a particular parcel of land ~ essentially it's development potential.  

The development potential for a particular parcel of land is regulated by the local jurisdiction's designated "zoning code".   Every parcel of property is included that local jurisdiction's long range plans to accommodate community development.  

First, you might wish to contact the local government (where the land is located) and speak with the Community Development or Planning Department.  They will be able to tell you exactly what the land may be used for.  Once you know that, it is a matter of locating comparable parcels of property and what amount those similar parcels have sold for within a reasonable time in the recent past.  Appraisers try to find comparable sales within a 6 month time period, and then sometimes need to reach back a bit further if there haven't been any comparable within that 6 month time.  Title companies may be able to provide you with some helpful information, and of course, a qualified, active and experienced real estate broker can assist you!
  • April 26 2013
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....for WHAT purpose ? For information only ? For insurance ? Taxes ? To purchase ? What type of property ? Condo ? SFR ? Commercial ?

Be a little more specific...
  • April 24 2013
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