Should I buy land surrounding my property?

[Jean-Marie Poth]

I have owned a house for about 17 years. It is in the middle of four other lots that are owned by one family. They have been used as rentals or have stood vacant/ filled with junk for longer than I have been there. The family is now selling the entirety at one price. The houses are not worth much, but the land is in a great area of the city. I have always wanted to own all of the land and/or sell to a developer if the day ever came. My quandary is that now it is presenting itself and I don't know if it is better to buy the properties with the hope of completing the package with my house or see if a developer will buy it and then buy me out. My trepidation is that someone will buy it and it will remain just a great lot in a great spot with no future development of the land and that I am missing out on an opportunity.