Selling my property to a developer for maximum price

[Jay Dimacali]

Hello BP,

I have a duplex rental that is right next to a 1 acre lot where I just learned that a developer bought it. They're planning to build apartments. The story on my lot that I was told by the owner is that it is a key lot that is needed to develop the entire property. My question is what are your thoughts and suggestions to get the maximum price out of selling my property to them? I obviously want more than what market prices are because I know this lot is important for their development. I'm in the Los Angeles area and specifically in the San Fernando Valley. Thanks in advance for any help!

[John Teachout]

1 acre isn't going to be a very large apartment complex, is their project contingent on acquiring your property or is that assumption on your part? How big is your piece of land? What's your property worth if there are no next door plans? Developers are usually pretty astute in finances so not likely they'll pay ridiculous prices for a piece of property vs going somewhere else and doing their project. Come up with a price that would make you want to not operate your duplex there and be glad if they'll meet it.