Home Selling in Sedona>Question Details

Brettcurrier, Home Seller in Sedona, AZ

I'm thinking of selling my lot at 35 Cathedral Rock Trail in Sedona. What's the current market for unimproved land in that neighborhood?

Asked by Brettcurrier, Sedona, AZ Sun Feb 26, 2012

If I were to list with you, what would you recommend I ask for the property for a reasonably quick sale?

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Answers

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The market for unimproved land in the entire Sedona area has a very weak pulse at this time. With the drop in market values due to the current economic situation, existing homes are valued below replacement cost. That is to say, if one were to purchase a building site, and then attempt to construct a home on it, the total investment (building site plus development costs) would exceed that of what a similar existing home can be purchased for. Therefore, buyers are choosing to purchase existing homes over buying a building site and building. Therefore, the supply of lots to choose from is very high, and their market values are much lower than they have been in eight years.

Unless you HAVE TO sell your Sedona property, I would recommend that you consider other alternatives to solve your needs. Consider your Sedona property the equivalent of a blue chip stock. As you know, Sedona is completely surrounded by forest lands with a limited amount of private property to about 26 to 30 square miles of land. Also, there is a maximum height limitation (25 to 30' depending on the site and where it is located) which means that unlike in other areas of the country where one can build multi story buildings to increase housing availability, in Sedona, one cannot.

Eventually, the market will turn, and the demand for building sites will once again be very strong because we simply won't have any land left to build on.

You can find more information about me, and my credentials by looking me up on LinkedIn.
0 votes Thank Flag Link Thu Nov 8, 2012
I am looking at buying some land in or around Sedona. Feel free to contact me at ursulahwy@aol.com
0 votes Thank Flag Link Wed Nov 7, 2012
Hi Brett;
If we were working together, I would recommend that you find other solutions to whatever is motivating you to consider putting your lot on the market for sale at this time.

Generally speaking, offering a vacant piece of property for sale that is located in Sedona is simply a poor business decision at this time and one that, if at all possible, should be avoided.
There are only about 25 to 30 square miles of privately held real estate in the Sedona area (the incorporated and unincorporated land we call Sedona). Most of the privately held land is already built on. The remaining available choices become fewer and fewer each and every year. The longer one can hold on to an unbuilt upon parcel of land in Sedona, the more valuable it will become.
Now, weigh that information with the fact that the lending institutions have been putting their foreclosed properties on the market for sale at prices that are below replacement cost. In other words, one cannot purchase a vacant property and build a replacement structure for the prices these foreclosed homes are being offered for sale at. Therefore, a Buyer is not likely to want to purchase a building lot (and hopefully pay top market dollar for it) to build their dream home in today's market when they can buy something existing for less.

Without knowing you specific motivation for offering your property for sale at this time, I cannot offer other viable considerations that may be better solution for you. But, with 34 years of local experience in this business, I'm sure there are other options you should explore.

I hope this information helps you in your decision making process.

I'm here to help,
Bye for now,
Nora Sims
0 votes Thank Flag Link Thu Mar 8, 2012
The vacant land sales in Sedona have improved in the last 6 months... It is still a slower area of the general Real Estate market.. However it depends on view, utilities to the lot line and the asking price... You can search comparable properties on the web at Sedonaproperty.net.... If you would like me to go by and take a look just email me at rob@sedonaproperty.net and I will do that

Rob
0 votes Thank Flag Link Sun Feb 26, 2012
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