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Old 07-29-2008, 11:37 AM
 
40 posts, read 235,452 times
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I would like to get some advice for purchasing some land. I have found a lot that I am interested in but I believe it is way overpriced. I looked it up at BCAD and the owner bought it last year for about a third of what it is listed for (according to the appraisal records) with no new improvements. I am not currently working with a realtor so I would like to know if I should contact the seller directly or find a realtor that specializes in land purchases to negotiate for me. This lot has been on the market for several months and so have the other lots in the neighborhood. Any thoughts would be greatly appreciated.
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Old 07-29-2008, 01:09 PM
 
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Hello Jennifer!

It seems you may be confusing the tax appraisal value with the "market price".

Tax values are what you find at BCAD or the Bexar County Appraisal Dist office.
They can vary widely from the market or actual purchase price. For the most part, selling prices are not available publicly. When it comes to raw land, it's possible that the owner bought a larger tract of land that was sub divided and then re-appraised at it's current value. There are too many variables to second guess what the purchase price may have been....and is that really relevant to your decision?

You should be asking yourself how much the property is worth to you....not what the current owner paid for it, or how much he's going to make. Is it a good investment for you and your future? Get your realtor to make a market analysis...find out about development plans for the area....and other things that may effect the future value of the land.

Good luck in your purchase!
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Old 07-29-2008, 02:50 PM
 
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Thanks for the reply wCat. The land has definitely not been subdivided and it is definitely overpriced as far as the market value. It just gets frustrating that there is so little land available in the area we are looking at. It seems as though people bought up lots in the last few years for dirt cheap and are now trying to sell them for huge profits. I wish we had been in a position to purchase land 3 years ago. We could have gotten a great deal.
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Old 07-29-2008, 02:51 PM
 
5,633 posts, read 13,943,736 times
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Hi Jennifer! This is exactly what you are looking for:

Search Form (broken link)

Those are realtors that specialize in land. You can search for San Antonio area agents. I think there's only 5. That should narrow it down for you. Most realtors will tell you they know land, but it's best to just go straight to the source and contact the specialists.
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Old 07-29-2008, 02:52 PM
 
5,633 posts, read 13,943,736 times
Reputation: 2730
Quote:
Originally Posted by jennifer6271 View Post
I wish we had been in a position to purchase land 3 years ago. We could have gotten a great deal.
Let me comment about this. Every year people say the same thing...if only we bought land last year...or 3 years ago...or 5....the truth is, they aren't making anymore of it so I think it's a good deal as long as you buy as soon as you can. They are overpriced because, unfortunately, people are buying them. But you will get a break if you can convince the seller that there are comparables in the area and you have choices.

Good luck!
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Old 07-29-2008, 02:53 PM
 
40 posts, read 235,452 times
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Thanks TexasNick! I'll check it out.
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Old 07-29-2008, 03:19 PM
 
Location: San Antonio
4,149 posts, read 9,305,674 times
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Quote:
Originally Posted by TexasNick View Post
Hi Jennifer! This is exactly what you are looking for:

Search Form (broken link)

Those are realtors that specialize in land. You can search for San Antonio area agents. I think there's only 5. That should narrow it down for you. Most realtors will tell you they know land, but it's best to just go straight to the source and contact the specialists.
While you're right in that many realtors don't know about land sales, the land specialist designation is one that you pay to get. Take a class and pass a test and you're a specialist. It's more focused on large land sales too.

I think Jennifer is only looking for a few acres in a neighborhood, which is totally different.

Regardless, it's imperative that you make sure your Realtor knows what they're doing, in any purchase.
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Old 07-29-2008, 03:26 PM
 
5,633 posts, read 13,943,736 times
Reputation: 2730
Thanks for that clarification, kev. I had a hunch about that, too. I do have experience working with a land consultant and the great thing was that he knew about every property I asked about..right down to the "T" without having to look up the information beforehand. Even things like mineral rights and soil type was already written on his palm, literally.
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