Multi-Family and Apartment Investing
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 2 years ago,
Need guidance on selling my land
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!