Valuation and Sale of Unique Urban Land

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1.96± acres of vacant land formerly used as a horse stable and owned by a single family for several generations.
118.30 feet of contiguous road frontage.
Mostly open and level topography with no wetlands.
Subject to a driveway right of way benefiting two adjacent properties with no road frontage.

Conceptual land planning to determine the property’s highest and best use.
Valuation of the property under multiple disposition scenarios.
Develop a disposition plan and identify issues that need to be addressed prior to marketing.
Prepare the property for marketing and develop a database of local developers.
Market the property, including directly to a database of local developers, to generate maximum interest and competition. The property was marketed as-is with a conceptual development plan available.

Unique property with no directly comparable sales.
Weakening development market with high interest rates, construction costs, and investor expectations creating downward pressure on land prices.
Confirming site development constraints and development potential as a basis for valuation.
Renegotiating the right of way and addressing other abutter concerns.

Due to the preparation work, including developing a database of local developers, and the ability to quantify the development potential and support the valuation, the property attracted a significant amount of interest and went under agreement in less than two weeks following multiple competitive bid rounds.
The sale price was over the asking price and several other terms favorable to the seller were negotiated. The seller was able to name the new subdivision road to maintain a connection to the property’s history.
The permitting process was relatively smooth and took approximately one year. The buyer paid non-refundable deposits over the course of the permitting process.
The subdivision plan that was ultimately approved by the city was nearly identical to the conceptual plan prepared by LandVest.