Need guidance on selling my land

[Julie Nealey]

I need advice. I own a parcel of mixed use land that my broker pulled comps on in preparation to sell. I have pre-app approval already. I have done about $500K (verifiable) work to get the land buildable. (The property was previously landlocked, so I filed with DOT and gained access off the major state route, had the wetlands redetermined as well worked with an adjoining property owner for a boundary line adjustment for city mandated storm water drainage. It has been a long 4 years.)

Do I add that 500K to the comped price as it adds significant value to the property or not? 

Should I have my broker aggressively shop the land off market at a higher price for about a month, and if that doesn't generate quality results, put it on market at a slightly lower price knowing I will more than likely have multiple bids? The property is in a higher demand area and is in prime location. Has anyone done both and can provide me with pros and cons?

I can't decide what to do. Thank you!

[Michael Le]

If it is a proper comp then theoretically you should be compared to other properties that have similar road access and similar entitlements and restrictions, so it doesn't make sense to add the $500k to the comped price. If the only comps are other pieces of land that are in the same condition as your property was 4 years earlier before all the work you put in, then you'll probably just have to let the market determine the value of all of that work. Hopefully it is worth much more than $500k otherwise you worked for free.