Peter Mohylsky, Beach Expert, Call me at 850-517-7098 (PMI. Destin)

Spam prevention
Rainer
457,203
Clay R. Seay
Florida Homes Realty & Mortgage - Saint Augustine, FL

In our area, oceanfront lots or Intracoastal Lots can bring a large increase in value to a below average home.Pick that 1200 sqft home up and move it across the street and you lose instantly, so lot location and size can matter.

Even in the same neighborhood, a home across the street is valued less by several hundreds of thousands of dollars.

In your questions, the same could apply. Depending on the Buyer's view point of what they value. Some might like a cleared lot and would pay more while others would value the privacy and trees more.

 

Jan 22, 2024 08:23 AM
Rainmaker
2,165,881
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

I try to use 6 months or newer and also keep the Fannie & Fredi recommendations( comps should be) :

Urban - within 1 mile to the Subject Property 

Suburban - within 2-5 miles to the Subject 

Rural - within 10 miles to the Subject 

These are Guidelines and can be adjusted

Jan 22, 2024 08:20 AM
Ambassador
2,408,855
Kat Palmiotti
eXp Commercial, Referral Divison - Kalispell, MT
Helping your Montana dreams take root

It all depends on the property - very wooded large lot might be more valuable than a small cleared lot if everything else is exactly the same (i.e., there are (or are not) utilities, the neighborhoods are the same, access is the same type, etc). On the other hand, if the large lot is hard to access, has no utilities, has unique covenants, is landlocked, etc, it won't be worth more. But if it's close to utilities, has beautiful views, and is in a growing area, maybe it would be worth more. This is too vague a question for a specific answer!

Jan 22, 2024 09:11 AM
Rainmaker
2,372,189
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

Peter Mohylsky, Beach Expert comps are always a challenge when you live in a rural, low population State like North Dakota. Not just for agents but I was always fielding calls from appraisers wondering if I knew of a property similar to ????.

Jan 22, 2024 08:44 AM
Rainmaker
1,045,873
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

My BF's acre is densely wooded and he'd rather die than clear it . . . it's what he wants and why he bought the house.

Would a different buyer prefer a smaller, cleared lot? I WOULD. Land requires upkeep unless you're Grizzly Adams! 

So the answer is, case by case determine what buyers preferred and paid a premium for, or what went for less. 

Comps are not an exact science but you just gotta work through them if you're not in a PUD where everything is the same +/-

Jan 22, 2024 08:13 AM
Rainmaker
706,522
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Obviously more acreage provides more value.  In our area, it has a premium.  And if there is a view with that land, the price is even higher.

Jan 22, 2024 09:47 AM
Rainer
373,320
Don Baker
Lane Realty - Eatonton, GA
Lake Sinclair Specialist

Depends on the land.  There are times when working with buyers when I can't find a comp with a house on say 50 acres that I find houses on one acre and then also find comps on 50 acre unimproved and determine how much value is added to the home that way.

Jan 22, 2024 11:09 AM
Rainmaker
2,775,046
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

The plus & minus also known as the credit or debit and give & take systems do apply everywhere they are needed. Everything must be given it's just due

Jan 22, 2024 11:54 AM
Rainer
413,535
Caroline Gerardo
Licensed in 20 states - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

Residential appraisals best or #1 and #2 comparable should be closed with a conventional type loan in past three months. Square footage of subject and room count should be similar and not bracketed from smaller to subject being larger. Lot size, style, condition, age are vital line items to adjust.  Less than a mile away in similar neighborhood- next to commercial or school or noise or problems are adjustments. View is the most difficult to valuate -  Does the cleared lot allow for better view or is the beauty of the woods a better view?  Is the extra land useable for gardening or privacy or hunting or are there trails there to hike-  is it boggy with critters that I don't want (snakes) or can I imagine seeing cormorants and kingfishers while I have coffee?  Show me the appraisal and I can argue the adjustments he (I say he as most are male aged 62 LOL it's a fact) made.  I'm going to guess that 3 acres has $30000 more value than 5000 square foot lot - unless it's on a lake or I can take my boat or kayak right out to the bay from by lot, then lots more. Argue utility, function, sporting, view, privacy...

Jan 22, 2024 10:18 AM
Rainmaker
1,188,211
Doug Dawes
Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA
Your Personal Realtor®

Kinda depends on the location of the lot. Waterfront lots can be quite expensive also depending on service hookup availability. But speaking in generalities it has been my position that land value is 50% or lower than the residential structure's value. Again, just speaking in generalities.

Jan 22, 2024 12:50 PM
Ambassador
3,159,434
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

some lots here are waterfront and we only compare apples to apples.  If the house is very unique I generally have a conversation with an appraiser to make sure I'm on target and that if it sells comps will support it.

Jan 22, 2024 10:57 AM
Rainmaker
1,188,211
Doug Dawes
Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA
Your Personal Realtor®

So much depends on location, location, location. Also, availability of service hookups. Many times I have spoken with an appraiser

Jan 22, 2024 12:57 PM
Rainmaker
7,784,744
Roy Kelley
Retired - Gaithersburg, MD

In our urban market, the comps should be in the same community. 

Jan 22, 2024 11:08 AM
Ambassador
4,651,026
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

If anything, they should be proportional in the assessment of each.

Jan 23, 2024 03:50 AM
Rainmaker
5,188,610
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Location, location, location are the three keys to land value. If you can find some vacant land sales you may have a clue. And then sometimes it is the buyer who overrides the logic for the location!

Jan 23, 2024 03:31 AM
Rainmaker
1,742,883
Georgie Hunter R(S) 58089
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

On an island, land is valuable, so size matters a lot.  But land also varies as to usability, so a level all usable lot is more valuable than a steep unusable lot.  Acres sell for hundreds of thousands here, so theoretically you could spend more for the land that for the building in some cases.

Jan 22, 2024 07:27 PM
Ambassador
3,095,171
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate (435) 632-9374 - St. George, UT
St. George Utah Area Residential Sales Agent

Size matters when it comes to valuing land along with location, in the city, rural, amenities, condition, etc., Peter. Talk to an appraiser and get more insight, if needed.

Jan 22, 2024 02:26 PM
Rainmaker
978,228
Andrea Bedard
Thompson Company, REALTORS® 240.593.2860 - Silver Spring, MD
Fluent in Real Estate & German, M.A. ABR ASP CIPS

I had a situation just like the one you describe, Peter Mohylsky, Beach Expert. My listing was 4 acres,  3 of which were densely wooded with unbuildable land abutting it. According to the appraiser I met, compared to a similar sale in the subdivision that was less than 2 acres, it didn't add value because "it's not usable for enjoyment and you can't see the land". I  argued that the privacy this land offered was exactly the reason why we received multiple offers and sold for more than 60K above list price. Also, there's bird watching, etc., and more land could be cleared if the new owner so chooses.. thus, it was very much available for enjoyment. I was quite stunned by the appraiser's opinion! Neither the appraisal nor the appraised value was shared with me, unfortunately. It didn't matter to my sellers since the buyer had waived the contingency and was going to buy it no matter what. But I sure wanted to know.

Jan 22, 2024 02:17 PM
Ambassador
3,338,449
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

 

I always seek apples to apples. Sometimes there is only the one apple I am seeking comps for. Adjustments are made from there.  You have some great responses here. At the end of the day, it always does depends on so many variables.  

Jan 22, 2024 12:54 PM
Ambassador
6,349,430
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Land varies so much depending on where it is and the highest and best use.

I think that it does not have that much influence on the price of the home as much as the features of the home and distance to important things like urban areas, waterfront, etc.

Jan 22, 2024 11:16 AM
Rainmaker
5,847,480
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Those unique properties sometimes are very tough to comp, and rather than price it too high, if there are too many variable, I call an appraiser to come out and put a value to it.   Sometimes the home has been added onto, and need the new square footage anyway.

Jan 22, 2024 04:55 PM
Ambassador
5,198,813
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

Here, it's location - lake and golf course lots, partially cleared will bring the most money. Most buyers here do not want 'very wooded;' they prefer partially cleared. Sadly, developer buyers prefer cleared.

In town, the larger the lot, the better. If it's subdividable, even better. 

Jan 23, 2024 08:27 AM
Rainmaker
898,042
Carla Freund
Keller Williams Preferred Realty - Raleigh, NC
NC Real Estate Transition & Relocation 919-602-848

Land value can make a difference. It's so subjective though. For example, you have 12 acres - can it be divided or do you need this much for the septic? Is it difficult to find that much land in that particular area? I've seen some pretty crazy values in new construction neighborhoods.

Jan 23, 2024 10:15 AM
Rainmaker
897,388
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Depends on what the client is looking for.

Jan 24, 2024 11:00 AM