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How to run comps on this deal?
4 posts by 4 users
Dan D.Real Estate InvestorNorton, MA 
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I have a pretty good lead for a small peninsula on the East coast. It is owned by siblings, and a few of the siblings want their money. They have tried for awhile to sell it on their own without success. It seems like a possible wholesale with huge potential. However, they are good friends with some of my good friends, and so I want to be careful not to offend anyone with the offer. I will also disclose all of my intentions to make sure everyone is satisfied, and no one thinks I am " pulling a fast one on them." It is undeveloped land, some of which is marshy. Not sure about the zoning, if any. There is the potential to build a good amount of waterfront properties as long as it is zoned properly. Given that it is a very unique piece of land, how would you run comps and determine a reasonable price for it? |
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Dan O.Real Estate InvestorCO 
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I'd approach with caution and be sure to do all of your due diligence on this one! A couple of things... You can get a ballpark figure of how much it's not worth by the lookng at the current asking price. Not sure what you mean when you say some of it is 'marshy'. Do you have some sort of wetlands statute up there that might actually declare the whole parcel unbuildable? Knowing the 'wetland' status as well as zoning would be a good place to start, no? With those 2 variables, an agent or appraiser would have an easier time pulling realistic comps so make their job as easy as possible. |
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Jason H.Real Estate CoachOakton, VA 
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Make sure you figure out the wetland situation first. I own several arcres out west and about have of it is wetlands and useless for now. |
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Land I.Anderson, SC
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You might try the county tax info for some similar comps.. Also check the zoning, the wetland and lake or waterfront restrictions, dockable, etc. |
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Posted: 06/28/2008 at 08:16AM