I'm surprised that you didn't get a better answer:
Raw land is very, very hard to estimate; because, until it has value due to the oil or minerals on it, it's vale would be determined by the use the owner would put it to: (never end a sentence with a proposition?)
If it was farm or ranch land; that would def affect its value. But you wouldn't value it by buliding a high-rise on it.
Conversely; if it was located in the city, it would make a good ranch or farm.
So when a Buyer want to buy raw land; whether it is 1/4 acre for one building, or 10 acres for a bunch of buildings; they would need to submit a "plan" for what they intended to do with the land. Otherwise, it would difficult or impossible to get a loan to buy the land.
So, if you value the land at $50,000 for a nice big hacienda, someone else may value the land at $500,000 for a Hotel or shopping complex.... more