You are going to have to find out what similar properties have sold for and how recently. Comparable sales are sometimes difficult to find in that they may be over 6 months old or longer. Most areas of California have declining values from the lofty prices of a couple of years ago. Price is also going to depend on what the property can be used for? If it can be used for only one house the value will be different than if it could be subdivided into multiple lots and again what those could be used for, density, etc. One or the hardest hit segments of real estate in Calif. is probably new homes? Applications at the DRE for tentantive subdivision maps has all but disappeared. If your porperty has its' greatest value as a subdivision it may be drastically reduced in value now? Therefore if your potential buyer is a builder, you will probably have to make it a complete steal to get someone to buy it. That said, strong developers buy when thing are a bargain not at the highs. The key word is "bargain".
Jun 24, 2009