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Kat Palmiotti
406-270-3667,, Broker/REALTOR® - Kalispell, MT
Helping your Montana dreams take root

I'd suggest pulling sales and under contract data from your MLS - just for vacant land. If there are similar parcels that recently sold, that should help define the price. You may need to adjust for amenities - i.e., are there utilities on the property, are there any special features, etc. Your broker should be able to help you do this as every location is different.

Apr 30, 2022 04:29 PM
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Then use only raw land and many appraisers will use price per square foot. I usually use price per acre and adjust accordingly.

Apr 30, 2022 02:54 PM
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
CEO of Vision Drive Realty - Coastal San Diego

That would be a normal CMA which you could do on your MLS or Cloud CMA the same you would for residential property, but you're just pulling vacant lots within the same lot sizes and or acreage as the subject lot, then you could also pull lots with improvements (houses) of similar size to get an idea of the developed value (obviously the house floorplan is a variable). 

Apr 30, 2022 02:09 PM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Candice A. Donofrio and I are on the same page this morning. Good luck!

May 01, 2022 04:45 AM
Peter Mohylsky 850-517-7098
PMI. Destin - Miramar Beach, FL
Call me at 850-517-7098

Yes, you just need to filter the comps to suite your need

May 01, 2022 03:47 AM
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate (435) 632-9374 - St. George, UT
St. George Utah Area Residential Sales Agent

Like kind property for like kind, especially if house is a tear down. The lot is improved though, you have the utilities there.

Apr 30, 2022 07:51 PM
Kathleen Daniels, Probate & Trust Estate Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

You have some good comments here that guide you through what to do. 

I will add that you will want to keep in mind the location of the lots and how they vary based upon the data you extract from the MLS.

Apr 30, 2022 05:05 PM
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671



Apr 30, 2022 02:18 PM
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

In my MLS we would have to do a land search only & then you won't end up with any comps. We are already a built up area. Have only had these situations where the house has burned down.

May 01, 2022 11:39 AM
Roy Kelley
Retired - Gaithersburg, MD

The lot size is only of of the factors that should be considered in a CMA. 

May 01, 2022 11:06 AM
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

Using lot size doesn't always work here. Sometimes a 1/2 acre lot will sell for the same as a 3 acre lot, or a 3 acre lot will sell for more than a 10 acre lot. I'd just check land comps for the last year and use a range for lot sizes. Or if you have the assessed land value, let's say it's $100,000.00, search land sales in the $50 - $200,000.00 range, then check lot sizes.

May 01, 2022 10:19 AM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

I know you can make manual adjustments that may not have the right headings but do allow for plus or minus values. Remember, all formulas lead to a conclusion in their moment and for their purpose. That's what we are after. NOTE: Real Estate is alive and always on the move

May 01, 2022 06:27 AM
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Try your MLS technical help or consult a licensed appraiser as to how they approach the issue. 

May 01, 2022 05:54 AM
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

Get the baseline from the tax appraisers' website for the land or unimproved portion. Adjust with most recent sales data for closest and vacant land.
Tweak that value based on options currently available for buyer. Religious number crunching will give you a feel for the 'crazy factor' that may also color the target SOLD price.
Stand by your numbers. Builders know their costs and the margins they need and they are NOT the same between builders. A builder who intends to do a 5x infill has different parameters than the replacement builder.

May 01, 2022 05:46 AM
Doug Dawes
Keller Williams Evolution - 447 Boston Street Topsfield, MA - Georgetown, MA
Your Personal Realtor®

I would just do land comps

Apr 30, 2022 07:32 PM