Lake Front Vacant Land: Are they asking for too much or am I off?

[Mona B.]

Hi BP,

I’ve been interested in double closing on a lake front property within Central FL and wanted to propose an offer range from $1.6 - $1.7m based on my analysis. It is 2.5 acres with over 15 undeveloped residential vacant lots that are platted; no comps. Previous due diligence, planning, and City permits completed. The seller is asking for $3.5m and stated he has refused offers below $3m, but is willing to review all offers.

As mentioned, I would double close with a builder/developer as the end buyer. So far, I have connected with mid to large size developers, but don’t want to contract with the seller if $3+m is seeking too much from my end buyer for 2.5 acres.

Would greatly appreciate any feedback from any vacant land wholesalers or builders/developers . Thank you!

[Kelly Boulton]

I agree with John.  I would make sure you have secured a buyer before going under contract. Realtor or not.  If you have a mid-size developer connection, have you brought the deal to them?They would likely be very open about how much they would pay for land, which would give you a better idea on the offer to make the seller.

How long has the seller had the property for sale?  Everyone says they won't go below *$* until they see a legitimate offer, or are tired of waiting it out.  Good Luck!