I live in NYC and have owned 80 acres of vacant land in the state of Washington for about 10 years now. It is completely paid off and the only thing I pay are the yearly taxes. (which are minimal).
What is the best way to find out how much my land is actually worth? I have looked on Trulia and Zillow at vacant properties in the same county and it appears as if the price has gone up significantly from when I purchased it. What I am concerned about is if these vacant properties are actually selling. I am not in great need of the money, so I do not want to sell it for a low price.
What I would like to do is possibly sell a portion of the land and do a 1031 exchange.
Are there any sites that show recent sold prices of vacant land? I contacted a few of the agents I saw as the listing agent on other properties in that county and nobody has responded.
Check out comps on the main land websites: LandWatch.com, LandandFarm.com, LandsofAmerica.com. Depending on the county, you may be able to pull up sales data from assessor or treasurers website as well.
@Diana L. Look for an agent with more than one or two land listings and call/email them. In my area one agent seems to dominate the land listings so I imagine there is one or two for each market.
Contact several local agents familiar with the market. Every property (vacant) is unique and will not have a direct comparison.
I'm curious where it is at! That's a significant amount of acreage in Washington
I have always had great success with splitting property into smaller pieces just like you mentioned always trying to get highest and best use for it. As far as value goes, I would start with the county recorders office and work backwards that way. Title company's in the county. I also like to get in touch of surveyors in the area find out what is going on, become a detective. Land is a different animal and if worked right can pay in dividends. Land is also worth what someone is will to pay, I have increased value of land in many areas of the southwest. You say you see an increase of value track it down. I would be looking to sell to create a note at high interest that would pay you for years to come and seeing from surveyors or county how I can subdivide. Hope this helps.
Good luck to you,
@Steve Haight Thank you! I have a name of a surveyor who works in that area, I will contact him today. So the surveyors and county will be the ones to determine how or if, the land can be subdivided, correct?
Yes sure you are on the right track now, good for you. Investigate the land around your piece, size, zoning, access, water, power, sewer. Wish I knew more about your piece could help you better.
@Diana L. Hi Diana, Our office focuses primarily with vacant land. Our most basic model to determine land value is purchasing the land at 25% of new home cost. We will run comps of new construction in the area to find the new home cost then work backwards from there. We take into account all the utilities and improvements that need to be made. Where is your land located? Just gain a better understanding of what your land is.
The land is located in Orondo.
Hello, thank you everyone for posting here and helping me get on the right track. An agent in that area emailed me a comparative market analysis report for the last 6 months. It shows all of the vacant land listed, sold, and how long on the market. (for that specific area).
There is quite a wide range, some have sold for $2,000/acre and others $400,000/acre. I am guessing location, and lay of the land have a lot to do with that.
I'm not familiar with the area but where I'm from renting it out as farm ground works pretty well. Not the greatest overall returns but it's so passive and there isn't any cap ex. Adding irrigation depending on the area can bring in better rent too.