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Updated over 2 years ago,

User Stats

94
Posts
21
Votes
Julie Nealey
21
Votes |
94
Posts

Need guidance on selling my land

Julie Nealey
Posted

I need advice. I own a parcel of mixed use land that my broker pulled comps on in preparation to sell. I have pre-app approval already. I have done about $500K (verifiable) work to get the land buildable. (The property was previously landlocked, so I filed with DOT and gained access off the major state route, had the wetlands redetermined as well worked with an adjoining property owner for a boundary line adjustment for city mandated storm water drainage. It has been a long 4 years.)

Do I add that 500K to the comped price as it adds significant value to the property or not? 

Should I have my broker aggressively shop the land off market at a higher price for about a month, and if that doesn't generate quality results, put it on market at a slightly lower price knowing I will more than likely have multiple bids? The property is in a higher demand area and is in prime location. Has anyone done both and can provide me with pros and cons?

I can't decide what to do. Thank you!

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