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Old 05-04-2013, 05:37 PM
 
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Listing a house soon and am not sure how much the lot size affects what the price should be.
There are several properties in the neighborhood that are under contract, houses are very similar in style but the lots are around 30% smaller (5500 sq ft lot vs 8000 sq ft). The houses that are pending range in price from $125 - $140 per sq ft.
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Old 05-04-2013, 05:41 PM
 
Location: Salem, OR
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Well out here it would depend on the lot. A lot that slopes up or down doesn't gain a lot of value, vs. a flat lot or a lot that backs to green space. Odd shaped larger lots also don't add as much.

You should ask your broker.
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Old 05-04-2013, 05:44 PM
 
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The lots are all the same width, 50'...the difference is in the length of the lot (160' vs 110'). All are flat and have block fences (Phoenix area).
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Old 05-04-2013, 06:14 PM
 
Location: The Triad (NC)
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Quote:
Originally Posted by SelfEmployed75 View Post
How much does lot size affect comps?
If sizes are comparable... the size effect would be about zero.
Quote:
...houses are very similar in style but the lots are around 30% smaller
(5500 sq ft lot vs 8000 sq ft).
That's close enough that how the land "lays" is more an issue than the area.
And still, how a prospective buyer interprets that is what makes it more than a wash (or not).

Smaller and terraced with nice plantings vs bigger and flatter with few trees.
Have school age kids and dogs you'll probably want room for them to kick a ball around...
otoh you don't want to mow and your wife likes to tend gardens. iow: it's a wash.
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Old 05-04-2013, 06:19 PM
 
Location: Florida -
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Comps are going to reflect the properties of others, not yours. Ultimately, the question will be: 'Can you generate enough marketing/presentation leverage to convince someone else to pay more for your added 60ft of depth. Along these lines, you need to seriously think out the question: 'What is the value of my larger lot?' (eg; does it give you more privacy from the road?, more potential pool space?, 'breathing room?', 'not just another small tract lot,' 'largest lot in the neighborhood!', 'enough room for your kids to spread out, without leaving home' ... It's the old "sell the sizzle, not the steak" approach.

Seriously, that's what marketing is all about. Once you have that figured -out, compile your own presentation flyer for the property and look for a realtor with enough vision to effectively promote your "Supersize me" property. Otherwise, nobody will really care that you have more 'depth' in your lot ... or, at least, won't be willing to pay you for it. And, even if you don't get paid much more for the depth, it can become a deciding factor when comparing other smaller lot properties.

[This is similar to the approach of people who have added a lot of built-in extras that aren't particularly obvious ... added insulation, pull-out cabinets, etc.] - I've done this a few times and always 'gotten paid for the extras' ... one way or another but, oddly, most people don't really think about it or simply expect the Realtor to take the initiative.

Last edited by jghorton; 05-04-2013 at 06:28 PM..
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Old 05-05-2013, 02:03 PM
 
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It can have a huge effect, but it's going to depend on the land value in the neighborhood. For older homes where a lot of the value is in the land, an extra 30% of land could push the price of the home up by several hundred dollars per square foot of dwelling. It's not unusual to see small, older houses selling for over $500/sq ft when a newer, larger one nearby might only be $300/sq ft. Obviously, they aren't comparable and comparing on a per square foot basis isn't useful in determining value.
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