At what price does 10 acres in Encinitas, Ca. sell in todays market? Considering a fast closing.

In Selling Property - Asked by Lonnie J. - Jun 24, 2009
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Answer(s)

Paul S.
Broker/Agent
Glendora, CA

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
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Paul D.
Owner/Investor
San Diego, CA

Are you the Buyer or Seller? I can best advise you on this over the phone. I have been advising the banks on this since type of asset valuation since the days of the RTC.

Jun 25, 2009
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Lonnie J.
Developer
Murrieta, CA

I'd like to talk with Paul D. in the San Diego area about his response. Please contact me at ljgrizzly1@msn.com with your contact info. Thanks

Jun 29, 2009
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Chris S.
Broker/Agent
Coeur D'alene, ID

Have a qualified broker perform a BPO (broker price opinion) for you. It should include good comparable data and suggest a list price based on your time parameters. Marketing time varies from market to market, but for a quick sale (under 3 months) in most areas I would expect a 50% discount off of market would be required.

Aug 3, 2009
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Gregory G.
Broker/Agent
San Francisco, CA

This is dependant on many factors... especially financing.

Aug 14, 2009
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Dorene S.
Broker/Agent
Torrance, CA

Dear Lonnie,
Land sales do take time, and much depends upon the type of property and the zoning. The best way to sell fast is to offer financing and sell for a very low price.

Feb 9, 2010
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