All is perfect but the price - 4 town home development deal

[Allison Lagstrom]

Hi BP community,

We are looking to land our first development deal on a site.  The site is owned by a lady who has lived in the area for 30+ years and is listed for $550.   The realtor says the owner has set the price and there are no comps to support it.  There have been several offers presented, guessing in the $300s, but the owner has not even countered.  We would love to develop four townhomes and our price would be $375 max.  Any ideas on a creative way to proceed? Something like $375 now and a portion of the proceeds if the townhomes sell above x price?  Something else?

Many thanks for your help and advice!

Allison