How to determine land price

Question

Recently I saw house destroyed by fire, The owner wants to sell it as land, all the floors have fire damage. The structure is not damaged , even some of the rooms are intact but the whole place is strewn with debris and trash all over.

Now is there a website where I can get the land value. The poperty is in morris count New Jersey.

Please educate me.

Thanks,
Bimal

Now is there a website where I can get the land value. The poperty is in morris count New Jersey.

Please educate me.

Thanks,
Bimal

Bimal Doshi · Answer

Thanks, That helps.

David Krulac · Answer

If there are few sales, then by necessity the area needs to expand.  I would start with neighborhood, town, surrounding towns, then countywide.  It would be arare situation to go outside the county.

Bimal Doshi · Answer

Hi David,

Thanks for your input.
How far out do I go from the subject property to get the sold land COMPS.

This property is  being sold as Land is because it had fire and now it is not useable. There are no other land being sold in and around that community.

Regards,
Bimal

David Krulac · Answer

comp recent lot sales, like last 6 months, don't use old data.  county has all sales either online or at the courthouse.

comp demo costs by calling demo companies and get there ballpark figures including removal and disposal.

Bimal Doshi · Answer

Hi Jon,

Thanks, I ran rough comps myself, I need to find out how much a complete tear down and rebuild will cost plus landscaping etc.

Regards

Bimal

Jonathan Faccone · Answer

Bimal,

Depends on highest and best use of the property.  Also, depends on the area but new construction is the strategy of choice for many these days especially  in Morris.  Even if the house weren't completely fire damaged, it still may make more sense to tear it down and rebuilt if the price/sq ft justifies it.  Fire damage is pretty rough and can be quite costly from a renovation standpoint so tear down might just be the only viable option?? The first step is visually inspect the area to see what the activity looks like in the area then you can call a local realtor to speak to them about the local market and pull whatever comps you need to determine the exit play.

Best of luck,

Jon

Bimal Doshi · Answer

Shawn, great suggestion, thanks.

But how do I find what was determined.

Bimal

Elvis Duarte · Answer

you can listen to the podcast of seth williams.

also in his website there's a video on how to do that.