Profile picture for financialservices

trying to figure out the value of a lot

  • March 19 2009 - Philadelphia
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (2)

The way I do it for each location is find out what the annual dollar volume is for the area. for instance $350,000,000 annual dollar volume for Yourtown, usa. If 220 units trade during the same year and the average sqft is 3000. Subtract out the value of the house structures-- most homes are worth Approx 375persqft 220units*3000sqft = 247,500,000

350,000,000 - 247,500,000 = 102,500,000

102,500,000 / 220 units = $465,000 average lot values.

Then I do the same math for the top 50% of sales and bottom 50% of sales and you get a rough estimate of the premium to live in a certain location.

Then you should do this for several years to get an idfea of trends...

Hope this helps.

Dave
  • March 21 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for sunnyview
Lot values can be hard to pin down. Your best bet in going to an MLS site like realtor.com or another search site in your area to see what lots like yours are being listed for. A list price is obviously not a sold prices, but it should put you in the ballpark if you adjust for the amount that might be negotiated off the asking price. A local agent familiar with land sales may also be able to help determine value with a CMA for your area.









  • March 21 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.