What percent of the asking price would you consider selling raw lakefront land in Texas?

What percent would you hold out for?

The land is the last waterfront not developed in this valley, was/is a family farm.

Kre

What is it exactly you are asking?
You might ask your broker

Are you buying or selling this property?

You need to be clear on what your intentions are in order for a clear response to be given.

Scott

Sorry I was not clear.

I am selling the land.

I know we usually do not get what we ask, but, wondered what percentage of the asking price would be considered a good deal for the seller.

Kre

That depends of the list price vs property worth & market condtions. Do you already have an appraisal or have you done a CMA?

Are you buying or selling this property?

You need to be clear on what your intentions are in order for a clear response to be given.

Scott

What does your competition in the area charge?

Thanks for your input. Unfortunately there are no comps due to the fact all the waterfront property was sold years ago except our family farm.

I checked with 2 appraisers and they said it would be hard since there were no comps.

Land that is not waterfront is going for a good price on top of the mountain since people from a large city has been moving in that direction even tho it is 60 miles away.

I currently have a buyer, paperwork is at the title company. 83.11 acres for over a million dollars. Will see if it actually closes. The price I decided to accept is 91.5% of my asking price.

Kre

Usually property sells at -5 to -10 percent of asking price as long as it's priced right.

You could go to the government website and check appreciation rates for land and add that up for the last few years to get a ballpark figure.

The deal you have now seems like a good one.
not giving legal advice

If homes recently have sold in the area, appraisers can factor out the improvements to come up with a land value. Here in my area we use as a rule of thumb 25% land value, 75% improvements.

I cannot tell by your post if you are the owner/seller or the listing agent. If you are the owner/seller, it doesn't matter what percentage of the asking price you get if you first don't know whether your asking price is too low or too high or about right.

If the property is worth less and a buyer pays you more than it's worth, great for you. But if the property is worth more but you don't want to find out because you don't want to pay for a couple of appraisals because they would be "hard" to do, then you could lose out big time.

How do you know the property is not worth 1.2 Mil or 1.5 Mil or 2.0 Mil? If I owned this property, I'd get the property appraised by at least two different but experienced appraisers. Even if the appraisals are "hard" to do, they will get done. Basing a sale price on appraisals is much better than picking a number out of the air.

Thanks SandraC,

Unfortunately the appraisers in the area (2 different counties, one on one side of the lake arm and the other on the other side where the land is) did not want to do the appraisal due to there being no comps.

I tried to hire appraisers but they simply did not want the job.

I am the seller.

My real estate agent is the Broker/Owner
ABR, CHLMS, CRS, RFS, SRES. The agent gave me 3 different prices based on one price for waterfront and another for the pasture, but would be sold as one unit. I chose the higher price based on my knowledge of what property on top of the mountain a few miles away was being sold for in 10 acre plots. I felt lakefront property in the valley would be worth more and chose the higher price accordingly.

The land has a drawback, it is a narrow 2 mile strip, 537' waterfront and about that many feet at the other end.

There is acreage that had been on the market for several years just down the road that sold a few weeks ago, pasture only (waterfront sold off many years ago) for $3,000 an acre and I am selling the pasture part for $8,000 an acre and waterfront for $16,000 per running foot.

Unfortunately two different developers folded recently, did not finish their developments just a mile down the road. This made my land less attractive to developers.

Appraisers in the general area (rural counties) are few and far between. Simply cannot hire an appraiser when they do not want the job.

Kre

Kre,

Unless your buyer is paying cash, they (the bank) will need an appraisal and SOMEONE will do it. If you leave 100k on the table because you only called 2 appraisers in a 50 mile radius and both said "It's too hard", you may be slighly po'ed.

If you post your city/area I will try my best to find an appraiser who is willing to do a report for you. Vacant land is tough, waterfront property is tougher and with that the fee will be higher than your average home appraisal. I personally would not rely on a BPO or CMA on such a complex assignment, not on such a valuable piece of property.

Good luck