What is 9 acres of land locked property by the lake really worth?

[Cynthia K. Anderson]

Hi BP. I've been busy working on marketing and sales for the past few months. Now I've got motivated sellers for 9 acres of prime real estate by the lake. It is land locked but there is a developer behind the property who I could whole sale the property to. If the real value of the property is 240k how low of a price should I try to get on the front end from the seller? The easement issue can be resolved and the developer can build a culdesac to add to his four phases of a subdivision.

[John Oden]

Former Nashville-area lakefront property owner here.

It would be very important to consider which of the two lakes the land has close proximity to. There is a dramatic difference in value depending upon which Nashville area lake, as one allows property owners to manage their own shorelines, apply for boat dock permits, etc., while the other lake does not.

It is also important to quantity exactly what "by the lake" means. Being able to see the lake by climbing the tallest tree on the property is one thing, while owning property that adjoins the Corps of Engineers shoreline (on the right lake) is quite another. 

These details alone would affect the value of the property by an order of magnitude.

Best of luck with your investments,

John