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Old 12-25-2004, 11:09 AM
David R. Stevenson's Avatar
David R. Stevenson David R. Stevenson is online now
 
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Gainesville, FL – 8 lot subdivision on 1 acre lots – all lots sold and closed for $165,000 to $175,000 each within the past 2 months. (Minimum house size 3,000 sf) – superior location.

1 acre tracts on the SW side of Gainesville sell for about $40,000 per lot. – (1,500 to 2,200 sf) – inferior location, inferior site

Quite a disparity:

I have a lot I am appraising that is 2.5 acres in size with a 40 year old house – in bad shape. Excellent location. Surrounded by $800,000 to $2 Million Dollar homes. The subject street has immaculate homes about 5 in total – all 2,000 + sf. –all homes were built 25 to 35 years ago. My subject is the oldest home.

A lot just sold in a planned development – the last lot less than a mile from the subject for $125,000 - 1.78 acres.

There is a listing of an old house with 5 acres near the subject with an asking price of $257,000.

I have a comp of a 7 year old home that sold on 2.5 acres for $267,000 same size as subject or slightly larger in a similar location.

What I am thinking is that my subject lot may be worth $200,000. Am I crazy?
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Old 12-25-2004, 12:47 PM
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Where does abstraction take you???

I'd look at that, it would lend support to your thinking.........

(I printed the question.....makes for good discussion while preparing the Holiday feast)

:santa:

TB
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Old 12-25-2004, 01:15 PM
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Richard Carlsen Richard Carlsen is offline
 
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Without seeing the house etc. it almost sounds like a knock-down to me. Comes close to being a form of gentrification. Out with the old smaller and in with the new bigger. With that much value in the land, your most accurate methodology may be doing a land form with contributory value of the improvements.

Hard to get into appraising with the smell of turkey wafting in from the kitchen.
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Old 12-25-2004, 03:52 PM
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Abstraction does not work very well when you have a shortage of land (close in to

town).

I am trying to determine what someone would have to pay for a vcant piece of

land.

Abstraction suggest much smaller land value ......

You can not find parcels of land for sale or that have sold (close in).

What I think I am seeing is that the people have to pay about $50,000 to $100,000

per acre with whatever is on the property.
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Old 12-25-2004, 03:56 PM
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Development projects around the subject start out at $119.00 up to $145.00 psf

for a 2,000 sf house with 60 x 120 lot to (3/4 acre).

1 block away they are selling homes on 5 acres in a gated community for over

$200.00 psf 3500 to 5200 LA.

What range should the land component fall into? 15 to 25%?

15 miles North of this area in less populated areas they are selling 5 acre tracts with house and getting about 27% for the land component. ($225,000 home, 1,726 sf with 5 acres - building cost is about $95 psf) - which I have from very good sources.

If they can get 27% far away from town - what should my area get? - More or less or the same.

If the same then the 5 acre developer in town near my subject is getting upwards

of $54,000 per acre.

My lot could fill a niche that is not being filled quiet easily.

So, $50,000 times 2.5 acres = $125,000 (as a low end number) trending upwards

to $200,000..... as a range.
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Old 12-25-2004, 07:00 PM
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Let's PM'; I have vast experience appraising vacant (for eminent domain) land in the Fl Keys = no comps...maybe I can help???

TB
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