Best Way To Appraise Property R-13 Lot

[majesty2009]

I have 1 acre of land in San Diego. I just had it appraised and the guy said its worth between $780-$810. He looked at similar properties in the area, but I'm not sure if I agree with this appraisal.

The property will be used to build condos. That is its main value. The property that is identical next door sold for $650,000. That was in 2003. The property across the street sold for $485,000 this year and its half the size. Also the people who purchased the property next door want to purchase mine so they can build a complexe on both and I assume this will save them a large amount of money when they go to build.

I would think that you would double the $485,000 since that was the latest sale in the area. I dont know why I would take less per square foot on a more desirable property.

Also any suggestions on getting an appraisal. I didnt know who to use so I just looked someone up in the yellow pages. Also I am not sure where to advertise. I dont think the house trader is the best because this is an developement R-13 property that will be used for a condo project. Should I just contact developers. Any advice would help.

[ahnuld]

I have no idea about the area, but it wouldn't surprise me if the value increased from 650k to 795k from 2003-2007. Dont know what you expected, but you are selling it in a declining market.

[DesertCat]

It will sell for what it will sell for. Why not just negotiate with the guys next door and get the most you can? No appraiser is going to have special insight or go out on a limb to predict the motivations of your neighbors.

[majesty2009]

Their not my neighbors they are a large real estate development company and no special insight is needed. The property will be used for nothing else than building condos.

[RobertHunter]

Never forget that the defintion of an appraisal is that it is an art, not a science. I would be willing to bet that if you get 3 appraisals you will get three different figures, especailly for something as unique as vacant multi-family land.
In my market(Florida) a smaller piece of land sells for more per square foot than a larger piece of land. For instance, if a 1/2 acre lot sells here for $50,000. a 3/4 acre lot in the same subdivision will sell for about $65,000 but definately not for $75,000.
If apparaisals cost in your area what they cost here(around $350.) I would definately get another one done if I thought the first one was low. If you know any good REALTOR's or real estate attorneys(or anyone in the real estate fied) ask them for a referral of an appraiser. When you conatct him or her(assuming you want a second appraisal) go ahead and let them know what the ballpark figure is that you think it is worth and ask them to contcat you before they complete it if the figures are coming in way off what you think they should. He could possibly tell you after doing some research that he could not get to the price range you are looking at. Also, request that a registerd appraiser does it and not a registered appraiser trainee(if you have them in Cali). Good luck with the sale.

[majesty2009]

Thank you to everyone who has responded. It looks like I will be able to get what I was looking for its just realy stressful at the moment. Your advice has been helpful.