127 acres 37 homes

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some guy just called me saying he wants to sell his property that sits on 127 acres. he just got permits from the city to be able to subdivide it. he said before permits, it was assessed at 1.4million. now that he got permits it got reassessed for 2.7million.

he said the home across the street sold for around 150k. he also said that within that 127 acres you could fit 39 homes in it....

what do i do from here besides connecting with some builders? he said he wants to meet up but i have no idea what i am supposed to ask him

[Will Barnard]

No developer in their right mind would pay almost 50% in the dirt alone! So not only do I ditto what J stated, I add to it that the total cost to build with that sticker price of the dirt leaves negative profit. 

May I ask why this guy wants to talk with you if you are not a developer and have no idea what you should be asking?

Assessed value has nothing to do with market value and if I was the owner of this property and the county attempted to reassess my property with those new numbers, I would fight it to the death. Even the $1.4M seams high if you can only get 39 homes out of it at $150k each. I would not pay more than $1.2M for it and it should not be worth much more than that.