To sell or not to sell...

[James Faulk]

Hello - I have on the market to sell a 2 acre corner vacant land the Seattle/Tacoma area. I'm a little hesitant to sell because we've gotten offers from the corporate department of large global gas/convenience store operators (all investment grade corporates) with plans of developing a gas station/convenience store + QSR and/or other retail. It's gotten to the point where there's a bidding war among these companies and our asking price is at a premium to other sites in the area. I would be less hesitant to sell if the Buyers were just mom and pop operators/franchisees.

My thinking now is that my site is almost certainly prime location however I had previously thought that my site was not all that great (traffic counts on that corner just north of 20k). Am I wrong? If all these large corporate are wanting to buy my site, shouldn't I just develop it myself?  Any thoughts and opinions here?

[Brent Coombs]

@James Faulk, why talk yourself out of a windfall? Seems to me, NOW is the time! What if, by the time YOU develop it, all the current bidders have invested elsewhere and the site DOES revert back to being "not all that great"?

Of course, I don't know anything about the area or its potential to continue to appreciating (or your developing skills), but I do know that if I was offered a PREMIUM above normal market expectation, THAT might seal the deal for me. 

Over the years, I've heard about some stubborn Sellers who wouldn't sell at any (premium) price, but then that "any price" became LOWER with time - because the rich buyer/s gave up, and moved on. 

Meaning, it was too late to become less stubborn anyway. I mainly feel sorry for their kids! Welcome to BP. All the best...