How to value ranch land
A elderly family member has a 1,300 acre ranch that she's looking to sell. She claims it's worth at least $1M, but she's willing to sell for $750K to family, in exchange for a minor concession (i.e., another family member gets to keep his job there for at least 3 more years). I have looked at a few commercial listings of similar land in the area, and based on price per square foot of the *list* price, it looks like the land should conservatively be worth anywhere from $1.5M to $7.5M. However, I admittedly know nothing about ranches. How do I go about finding a better estimate of the value? How do I find out if it can be divided and sold in smaller increments.
I obviously have a lot more research to do. Where do I start?