Develop New Construction On Agents Land Listing?

[Frank F.]

Hi Guys, 

A partner and I came up with a strategy and want to vet it out / see if anyone has attempted before... 

The idea is to reach out to real estate agents in my area (Long Island) that have listings of vacant lots (many in high end neighborhoods here due to Sandy).  The goal would be to get the agent to change their listing from a vacant lot to a "new home to be built" listing. The price would also be listed at the price for the new home (example, the lot listing would probably be around $200k, but the listing would be increased to lets say $800k) . I would get blueprints and a general contractor with construction pricing lined up. 

So buyer would purchase at the $800k price, I would take $200k and give to the agent plus commission on the $800k as incentive, then pay the general contractor the approx $500k cost upon completion and the different (give or take $100k would be profit for me.

Obviously this easier said than done and I am using VERY rough numbers here, but can anyone offer input on the overall CONCEPT of the plan ?   

Thanks in advance