How to Analyzie a Piece of Developed Land

[Julie Marquez]

I think the seller is asking too much for his lot (off market deal). It is one of the last lots in a neighborhood development finished in 2013. He bought the lot in 2014 for $44k and now wants $120k.

House values in the neighborhood have increased 33 - 46% since 2013. Is it fair that is lot value is worth 33 - 46% more than he paid in 2014. =$58k - 6$4K

A similar lot in a developed neighborhood is pending for $122k, but homes in that neighborhood are worth $550k, while this neighborhood is max $350k. So is it fair to value his lot at 58% less than the fancy-pants neighborhood. =$77k

The county assessed value is $47k. My gut offer was around $70k. We aren't far into negotiations, I'm just doing my research.

Also, this lot is zoned duplex, which makes it more valuable to me, but really limits the comps. How much value (if at all) should I place on it being a duplex lot? How do I find the true value of this lot and am able to show the seller of such?

[Jay Hinrichs]

I did not cAtch the r 2 zone. Trip to planning department would be appropriate