You keep referring to "partial construction' without explaining what stage the structure is in. "Partial" limited to a slab will probably sell for finished or previously improved lot value, or close to it. "Partial" amounting to 90% completion is going to sell a lot closer to "As Completed".
Another consideration for those buyers is what *they think* the pricing will look like at the end of their project. If this project is at 50% completion and it's going to take a minimum of 4 mo to complete the construction and market it to a buyer then what do they think the retail price will be at that point? Higher? Lower?
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Whereabouts is this property located? 'Cause I did a partial construction on an SFR located up in one of the communities in the SB mountain area a couple years back. Slab + framing + some sheathing + septic + water/power at the street. My opinion of the "as complete" was $400k at the time, and it ended up selling for $125k. Much less than 1/2 the "as completed" value.
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