How to price raw land and attract developers?

[Chad Carrodus]

Any tips on how to price raw land zoned as low-density single-family? Owner says the land would accommodate 32 single families if a developer subdivided and built a green space and retention pond. Assuming this is true, the local market could easily justify 32 single families in the $400K-$550K range. In fact, the market is craving it. Also, it's in a 100-year flood plain (any building restrictions on this?). It's in a rapidly appreciating market.

There are no true comps and I feel like the owner is asking too little, but I don't want to overpromise and underdeliver. What questions do I need to ask? I understand there are a lot of factors at play here, but as a developer (assuming everything mentioned to be true), what is a price range you would deem fair? What would make the deal enticing to you?

It's in a northern Atlanta suburb (Woodstock/Roswell/Alpharetta).