Have you visited model homes and new construction homes for sale? That would give you the best ballpark for your particular area.

Yes, few comps out there which is a good gauge of my post build value, just need to bridge the gap going the other way Land + Development Cost(?)

There should be other lots nearby that have sold to give you a range for the land value? Sounds like you have no idea of the land value?

Chispa, my question isn't about land value, yes I can get an idea with comps but the land value is ultimately a function of what can be developed and at what cost, the cost being the big unknown right now which is the crux of my original question.

In Phoenix, my builder uses $250/sq ft for a good finish level excluding land and design fees.

"land value is ultimately a function of what can be developed and at what cost,"

I disagree. Land value is just land value, based on market conditions at that particular time. Land value has also gone up during these crazy times, specially in FL with so many people moving to the area, many who are willing to pay above market rates. I've seen lots that have been for sale for many years, all scooped up in the last year, at prices no one would have paid 2 years ago. Covid was the best thing to happen to some areas of FL when looked at from a real estate perspective.

The fact that construction costs are high and you might have less to spend on the lot, doesn't mean the lot owner has to discount his lot to meet your total budget.

Back to your question. A SW FL large builder is asking around $455 - 463/sq.ft not including the lot. You are also seeing tear downs and in those cases the buyers are certainly over paying for the lot, but that is just the premium cost of building a brand new house in an established and usually desirable area.

I'm guessing just to build you'll be at 1 million or above at this point in time.

Judging by the feedback things have gotten way more out of control than I thought.

Looking at a $650-$1.25M cost per these comments. Comps in the area for updated homes go for $900k. To get over $1M in the area all the homes are over 3,000 sqft. So at best the land is worth $250k or they have to pay me $350k!

Land prices may not accommodate building a 2500 sf home, getting it to appraise for enough value to fund loans without you bringing more cash.

In CA, it often takes 4000 sf to make the numbers work for custom. Tract builders eliminate smaller homes when their land costs grow also, but their "smaller" is 1000-1500sf.

Be wary of cost quotes online including this forum. Get current number from local builders for today's costs, add 4-7% if it starts a year from today.

Jeff, thanks. I think that's partially the problem I am running into. The Lot can probably accommodate a 4,000 sqft home, which would be really overbuilt for the neighborhood and given setbacks and FAR limitations you would have to build a big ugly box to squeeze it all in, while sacrificing space for other stuff. the Sqft would amortize away the cost of the land to make the math work in theory, but that's not necessarily the most desirable outcome.

Hi, Peter,

Another way to approach your question is to start with the total amount you want to invest, assume an allocation of land cost/total project cost, (e.g., 25%/75% or 30%/70%, etc.) and see what's left over to build the home, pool, and landscaping.

Check local assessments for neighboring properties; they may separate the assessed values for the land and home. If so, that will help you make an informed choice about how much of the total budget to allocate for the land purchase. Then check with some local builders about the type of home, pool, and landscaping you can expect with the remaining amount in the overall project budget.

Best wishes for a successful project.