Lake Front Vacant Land: Are they asking for too much or am I off?

[Mona B.]

Hi BP,

I’ve been interested in double closing on a lake front property within Central FL and wanted to propose an offer range from $1.6 - $1.7m based on my analysis. It is 2.5 acres with over 15 undeveloped residential vacant lots that are platted; no comps. Previous due diligence, planning, and City permits completed. The seller is asking for $3.5m and stated he has refused offers below $3m, but is willing to review all offers.

As mentioned, I would double close with a builder/developer as the end buyer. So far, I have connected with mid to large size developers, but don’t want to contract with the seller if $3+m is seeking too much from my end buyer for 2.5 acres.

Would greatly appreciate any feedback from any vacant land wholesalers or builders/developers . Thank you!