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Roborob
Posts: 1
Registered: ‎05-09-2011
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How do I calculate the price per square foot of land (without the home)?

Hey there, I would appreciate the advice of any experienced real estate professional on this forum.  Here's my question: how can I calculate the average price per square foot of the dirt (without the home) in my neighborhood?   I've been talking to a neighbor about purchasing a small plot of land adjacent to my home and I was interested in giving him a comp for unimproved land in our neighborhood.   From what I can gather, the only price-per-square-foot info I can find includes the price of the house.   So in my neighborhood, that is about $400 per sq ft.   I would imagine that the price of the land without the house should be about a quarter of that.   Can anyone provide me with some guidelines for calculating price per square foot of unimproved land?  Thanks!

Regular Contributor
Prechter
Posts: 86
Registered: ‎12-20-2010
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Re: How do I calculate the price per square foot of land (without the home)?

Look at comparable sales and back out the replacement cost of the structure.  You should come up with range for ppsf for land that reflects only location differences.