This is gentle property, close to town, just .2 miles from pavement, with a power pole and a well. It would still need soil testing to determine the suitability for a septic system, but the gentle slope makes this one an easy build. How does it compare to some of the other vacant land I have been looking at?
I have looked at over 40 properties priced under $200,000 in the last two weeks. This one is one of the best, with the easiest build and a good view from the building the apparent building envelope.
So, why hasn’t it sold?
Probably the biggest reason it has not sold is the shape of the parcel. The parcel is an very long triangle with half the property located in a narrowing point that provides no usable portion because it is too narrow, and very little in the way of a privacy buffer as there is an existing home at the top of the point. That being said, there are 3 or 4 acres right down in the center of property that are far more private than most of the property I have seen so far, and there is nice view right where a house could be located. Just one house down below the street grade.
It is always difficult to put a comparable price on land. Land is worth whatever a buyer and seller can agree it is worth, but this one already has 6 months of exposure to market place and has not sold. That’s real indication of true value. I think somewhere around $150,000 would be about right. The land is worth $130,000, well, power and road access add another $20,000 to $30,000. This is one I will continue to watch.