By Living Room Realty, October 14, 2019
Good question!
In general, a 5000 sf buildable lot is on average $240,000. How do you find one you may ask? You don’t. They are a true unicorn to find one in inner Eastside Portland OR. Every once in a while one will come along. But a lot of times, they are sold off market to a developer. Such was the case for a recent sale of mine. The owner had a separate tax lot attached to their main property. It was more profitable to sell the tax lot to a builder, separately from the main lot and house. A buyer would only value the larger yard at an additional $30,000 at best. While the half lot on its own struck a value of $120,000. The difference in value was too much for the owner to pass up. Most buyers searching for a lot to build on end up having to find a house that needs to be torn down. This is definitely an added expense. Tearing down a house costs around $30,000. Its a tall order when the buy in just to get to a buildable lot is close to $300,000.
