Naomi, Other/Just Looking in Missoula, MT

Total final land value versus selling price

Asked by Naomi, Missoula, MT Sat Jan 10, 2009

I am looking at a piece of land with the only improvement being a well. The Missoula County Property Info System has the total final land value/2003 full reappraisal value of $62,416.00. The sellers are asking much more than that - $90K. What would a realistic and fair price be?

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Kevin Bailey’s answer
Land values vary greatly depending on the location. Views, water, access, landscape and distance from Missoula all play a big role in determining the price of a piece of land. Taxable value is NOT a good indicator of what a piece of land is worth. I have seen that number way to high and way to low in the past. I would recommend having an agent do a Market Analysis for you.
Kevin Bailey
EXIT Realty Missoula
406-544-5164
0 votes Thank Flag Link Mon Mar 12, 2012
Property values in the Missoula area have increased dramatically since 2003 (single family homes have increased by over 30%, bare land by even more)

2008 bare land Stats: The median sold price for .....

...less than 1 acre in the Missoula area was $79,900

...1-5 acres in the Missoula area was $145,803

The fact is that you can't use values from 2003 to determine current market value - The only way to determine a "realistic and fair price" is to analyze comparable bare land sold within the past 3-6 months
0 votes Thank Flag Link Sun Jan 25, 2009
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