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Updated over 7 years ago,
How to Value Land + Teardown SFR
Hello BP,
I recently came across some derelict properties in the Delridge neighborhood of Seattle and was able to (with the help of the owner of a nearby shop) track down the owner, who said that they were actually selling 3 adjacent lots. The total land square footage of the lot is 13,772, and the owner is asking $1.1 million for all 3. Is that a fair price? I've never done a tear-down deal before, so I'm not 100% sure how to value land and take into account the price of the demo and rebuild.
Thanks!