I think your best apporach will be using the income and cost approach since comps are not there for a market approach.Actually the past land sales are valid but should be adjusted for the size of the land sale, smaller areas that are legal building sites sell more per acre or sq. ft. than do tracts.

I think large tracts of vacant land is becoming harder to come by.

Most tract builders are pretty much the same, but there are differences.

I know when I am looking to build a new housing tract or do some other deal the first thing I do is line up my capital then I go shopping..

We've never had any problem getting financing for buyers or our land or getting financing to buy a large tract. 

I use to sell for a new home tract build and it is a PAIN to sell something that backs up to, not necessarily a busy street, but even a "busier" street.

The lawn is roughly the size of a postage stamp and I will need to shovel the sidewalk myself in the winter.The tony townhouse is 1970's tract-built garbage.

Both of those loan types have income restrictions but in some instances you can qualify if the property is in a certain census tract. 

Walton Group Acquires 1445 Acres South Of Houston Near Alvin In Brazoria CountyThe Walton Group of Companies acquired a 1,445-acre tract located off SH 288 fronting FM 1462, about 25 miles south of Houston.The property offers proximity to transportation corridors (SH 288 and the future expansion of the Grand Parkway).

For our company, we stay away from the tract homes.