It is difficult to answer your question without knowing the details of location, conditions and zoning. So look at all the questions asked by Dot.
IN the city of Los Angeles, I have seen some sellers getting plans approved for construction and selling the land with the plans ready to go. These properties usually sit for a long time . I don't think that it is a good way to maximize profit You have to realize that although a plan speaks a clear language to an architect, it hardly is understood by the common people ,who on top of that have no imagination. And if you get someone creative with imagination to visualize the final product, that person will probably end up wanting something very different anyway. So obtaining building permits is usually an attractive proposition only in the event that they are very hard to get. For example , if you are in an HPOZ area , it would save the new owner a lot of time and exasperating delays. In this case, I personally think that the building permits would add to the value put on the table.
Another way to look at it is the fact that land is going to attract a certain group of buyers : investors, builders, contractors, developers etc... Taken for granted that the location, condition and price are your 3 major tools to market your property, you have to make sure that your agent will direct the marketing campaign to these groups of buyers. To put up a sign and wait for a contract to fall from heaven is not pro-active. You need an agent who will target the buyers where they are. This is a skill that not everyone understands. Your marketing strategy is very important, if you don't have one , you don't have an agent working for you and promoting your interests. An agent is a consultant and is here to guide you in making the right decision. Maybe that is the first question to answer: Do you have a good agent?
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