Market Conditions in 08005>Question Details

Daniela, Home Buyer in Fort Meade, MD

How do I get the value of a piece of land?

Asked by Daniela, Fort Meade, MD Sun Oct 28, 2007

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9
I ahve a piece of property in Manning, South Carolina and would like to know the current value of the 5 acres of land?
0 votes Thank Flag Link Thu Mar 20, 2014
Hi Daniela,

The previous posts have covered most of the ways of arriving at the value of a piece of land. Tax Records and having it appraised are very good ways of coming up with a "estimated value". The size and location of the property have a lot to do with its value, zoning, and most importantly recent sales activity in the 08005 area will have a great deal to do with the market value.

Remember that the "actual market Value" based on recent sales can be different from the accessed value the township puts on a parcel.

Ultimately, recent sales, the amount of similar or better lots available on the market now, what a buyer is willing to pay and the seller is willing to take, will determine the selling price and therefore the value. Good Luck this is a great time to be a buyer!

If you need any further assistance, please fell free to contact me.
0 votes Thank Flag Link Wed Nov 7, 2007
I would not use a CMA for this purpose. Analysis of land value is beyond the training and expertise of most Realtors. This is a job for an appraiser. And really, not just any appraiser. I would select only an appraiser that has lots of experience appraising land near the Jersey shore and is intimately familiar with local land uses and zoning. Probably someone with an MAI designation that is located in or near Barnegat.
0 votes Thank Flag Link Wed Nov 7, 2007
You could look at what the tax records have the land assesed at - keeping in mind that alot of times that will be a lower value than what it can sell for - but it is a place to start in addition to doing the same thing the others have said - have it appraised - or ask the owners if they have had it appraised or if they are willing to - then you wont have to pay for the appraisal - or have a local agent do a CMA. Basically though it is only worth what someone is willing to pay for it - so you need to see what other similar lots have sold for recently (hence the CMA).
Dani Padovano
Crossroads Realty
609-607-8600
daniellep@crossroadsrealynj.com
0 votes Thank Flag Link Wed Nov 7, 2007
A piece of land could be buildable lot of less than an acre, or a piece of land might be several acres prime for commerical development. Who might be able to provide you the best advice depends upon the size, usage, and zoning.

We have both commercial and residential agents in our firm, and service Monmouth and Ocean Counties. Let us know if we can help.

Deborah Madey - Broker
Peninsula Realty Group
Deborah@PeninsulaFirst.com
0 votes Thank Flag Link Sat Nov 3, 2007
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
Contact
God isn't making any more of it! First off I agree with the other postings about either having an Appraiser give you an appraisal or having a Realtor give you a market analysis (more than likely - complimentary = )
Keep in mind that depending on the zoning can increase it's marketability. For instance if it's commercial, it will be worth a lot more than if it's residential. If it is commercial you can sell it or do a land lease. If it's residential you should find out the towns zoning requirements and whether it's suitable for a builder to build on or whether it's not buildable becasue of location, size or even wet. I would recommend contacting a REALTOR first and also going down to the town hall to figure out requirements.
Web Reference: http://www.agentjustin.com
0 votes Thank Flag Link Thu Nov 1, 2007
Find a Realtor in your area to run comps for land there. If it is commercial, this might be a little harder, but can be done.
Web Reference: http://iansellsnola.com
0 votes Thank Flag Link Wed Oct 31, 2007
Daniela:

Tina's answer is great. Let me add to look at http://www.loopnet.com as a resource for active land for sale to give an idea of "hoped for" value.
0 votes Thank Flag Link Sun Oct 28, 2007
Hi Daniela,

There are different ways. You can get an appraisal by an appraiser. Or you can get a market analysis from a Realtor (using a realtor that is familiar in your area and with land it the ideal situation). The appraiser will cost you money and more than likely the realtor will do it for free.

Cheers Tina Abraham, Broker/REALTOR
Web Reference: http://www.tinaabraham.com
0 votes Thank Flag Link Sun Oct 28, 2007
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