Selling vacant land in South Florida? You’re likely wondering what your land is worth in Miami-Dade, Broward, and Palm Beach County. Unlike houses, you can’t google your empty lot for a price estimate. House Heroes can give you a fast cash offer to buy your land or free home report to show local comps. You can estimate your vacant land’s value considering dimensions, zoning, building costs, and the local housing market.
Dimensions: Size & Shape
Vacant land value is largely determined by lot size: the amount of square feet (or acres). More land means more dollars. Look up the size of your plot on the Miami-Dade County Property Appraiser, Broward County Property Appraiser, and the Palm Beach County Property Appraiser. Besides size, the shape and surroundings impact sale value. Street access? Rectangular shaped? Lots without street access or not suitably shaped are not ideal for construction and thus have lower value. Search your property on the Google Streetview and scroll upwards to see the overview. Compare it to the neighboring properties to understand how your land “fits in”. Proximity to transportation or job hubs can increase value exponentially.
Zoning: What Can Be Built?
Zoning determines how your vacant land may be used. In other words, the city/county set forth regulations determining structures that can be built. Some lots may be zoned to allow apartment buildings, and others restricted to single-family residences.
Need help finding zoning information? It is not easy. Give us call at (954) 676-1846 or fill out the “Got a Question” form and we can point you in the right direction. Zoning info can be found on the Miami-Dade, Broward, and Palm Beach County Appraisers. For Miami-Dade, scroll to the bottom of your property’s appraiser entry and look for the “Zoning Code.” For Broward County, click the “View Map” option on the appraiser, this opens up a sky view, and then click “City Zoning Codes”. For Palm Beach County, find the “Zoning” category on the appraiser.
The amount a builder can pay for your vacant lot depends on the cost to build. Material and labor cost vary market to market. In South Florida, new construction costs around $120 per square foot, including materials, labor, permitting, and legal fees. Costs are also dependent on the structure (luxury residence have high costs than a basic rental). Some lots may not be suitable for building at all, but better suited for parking lots or drive ways. In this scenario, the best option is to gauge the interest of surrounding owners to buy the land.
Sale Value After Building
Construction companies estimate expected value of new construction before building on vacant land. This is done by looking at the “the comps”, i.e., recent sales of local and similar property. New construction can be rare with few comps. Look at the top selling properties and expect 10% or so more for new construction.
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