We’re looking to build new and there is a plot of land we’re interested in. Not a ton of comparables for land in that area, but the most recent best price on land was $22/ sq ft a couple months ago. Prior to that, $16 last august, and before that it was between $8 and $10/ sq ft a couple years back. City lot, but decent sized at ~6000 ft.
They are asking $33/ft for it, which is actually down from them looking for $45 a ft a while ago. I did find that about four years ago, the neighboring lot went for $3.8 a sq ft. I think the asking price is too high. Honestly, I think $22/ft is pretty high, but I know the market is not very rational right now and this neighborhood seems to be more desirable with some big employers coming into town nearby. I think $22/ft could survive appraisal.
So, I’m not sure what good form would be here. I’m not looking to lowball anybody, but also don’t want to pay exorbitantly for land and find out it’s not really worth that much later on.