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Cher
Cher, Educator-40+ yrs
Category: General
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Is undeveloped land with in a city possibly worth as much or

Resolved Question:

Is undeveloped land with in a city possibly worth as much or more than the house sitting on it?
Submitted: 2 years ago.
Category: General
Expert:  Cher replied 2 years ago.
Hello, and welcome back to Just Answer!

In general, the house would typically be worth more, but this would be very dependent on the condition and saleability of the house, itself. It would also depend on the specific location and size of the undeveloped land and if the city or other businesses/individuals might be interested in it for other, specific purposes, which may drive the price up.

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Cher
Cher, Educator-40+ yrs
Category: General
Satisfied Customers: 18719
Experience: M.A., B.A., Author, Senior Informational Specialist
Cher and 87 other General Specialists are ready to help you
Expert:  SpecialistMichael replied 2 years ago.
Yes, absolutely. Though many houses could still be considered for raw materials for building from. Depending on the location, many smaller rural areas tend to make so- offers for the first acre then even smaller amounts for each acre after that when dividing up something like say, a farm land.

This is heavily dependent on the neighborhood and area. There are plenty of places in my area where a house and lot(1/4 -1/8 acre) of land can be purchased for 10,000 dollars. The neighborhoods though are quite dangerous, the house would need incredible amounts of repair and rehab and generally.

There also another city more north of me where an entire block was basically cleared to make way for the grounds and parking arrangements for a big casino. There are rumors the very last house(still standing 7 years later AFTER the casino was built) was offered 400+ thousand dollars where the house and small parcel would probably be assessed at less than 100K.

If you are looking for the actual value on the parcel, the house and the land in general, this is considered public record and you can actual view it by just asking your town hall and finding out what the assessed value was on the house, property/parcel of land or whatever else was included. You can also view taxes on the property tax as well as the numbers it previously sold for. Generally its worth what similar houses and properties are worth, but in many cases single family houses are worth more than something like a single family house converted to apartments..from an assessor standpoint in certain areas. There are areas where it literally is exactly the opposite.

Otherwise the land literally is only worth what someone(a developer vs a land purchaser) is will to pay for it. Which in the case of a HUGE casino, could be 4-5 what its actually worth via an assessor. I would recommend actually getting the tax information as well as seeing what everything was assessed at and when to get a better idea of perceived and actual value.

Let me know if this helped. Thank you for the great question

MikeSmile
Customer: replied 2 years ago.
Hi, the Gross assessed value by the County records is showing 207k. The owners want 125k cash for it, so that would be very close to 60% of gross if I'm figuring correctly. Yes/ no?
Expert:  SpecialistMichael replied 2 years ago.
Well is that comparable to what the other properties in the area sold for and more importantly what this place recently sold for as well?

Having a house assessed and/or appraised separately is a much different situation if the property was sold for a completely different number in recent years. Basically what they recently sell for is going to be a better indicator of "the right price" - market dictates this unless you know there are developers or something making guaranteed better offers.

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