Property Value Factor #7: Lot Size
We often get first inquiries from people asking for the typical price of property per acre here. While there are rare individuals who want more acreage, most buyers value the factors discussed above so much more that the size of the lot doesn’t matter. Exceptions are a lot so small that it is unworkable, or a prime lot with a great view and slope in a great part of the lake that also had a few acres. This could be a benefit.
As evidence of what I am saying, my waterfront lots website used to have two correctly priced lots. One was a 46-acre tract with more than a half mile of shoreline priced at $612,000. A second lot had about 1.4 acres with 811 feet of shoreline and was priced at $1.375 million.
As another example, a few months back I sold a waterfront lot with more than five acres and 300 feet of shoreline for $210,000. In the same month, I sold a 1.5-acre waterfront lot, also with over 300 feet of shoreline, for $825,000. In both these situations, the higher priority factors listed above drove the price, for good and for bad.
There may be specific situations in which acreage is a big plus, such as for a developer for example. However, acreage is not usually a high priority when looking for a waterfront home.
Comments 1
I own a vacant lot in buck run out near bernards landing and are thinking of selling if the market has recovered enough. What are your thoughts ??