land values from sand sales

[Diego Lopez]

When determining land value for your cost approach, how far back do you go in search for comps. Do you stick to the prefered 1 mile / 1 year or do you go further lets say 2 years / 2 miles as long as it's within the same market area? Are 2 year old land sales relevant in this market?

I stick to 1 mile / 1 year but i like to get others input.

 

[Terrel L. Shields]

I use the most proximate, recent and similar sales....and in my area, many unique lots or acreage tracts means I may be several miles away and more than one year to find "similar" lots.

 

[Diego Lopez]

Thank you Terrel for the reply. Do you considered active land listing as well?

 

[Mike Boyd]

I use the most proximate, recent and similar sales....and in my area, many unique lots or acreage tracts means I may be several miles away and more than one year to find "similar" lots.

Same here.

 

[jeanwillick]

Agree with above posters also. Many times in our areas, vacant land sales can be non existant and a check of "for sale" listings will back up the few "solds" found for a better confirmation that you're on the right track.

If no vacant land sales can be found, there is a good article in this quarter's Valuation Mag found at: https://www.revmag.com/