In the last 6 months, out of 138 vacant land listings (zoned residental), 5 have sold with 1 sale pending.
SOLDS:
1 acre sold for $110k at 100% of list price
1 acre sold for $125 at 100% of list price
.55 acre sold for $185 at 79% of original list price ($235k)
.74 acre sold for $212k at 88% of list price ($240k)
1.25 view acre sold for $320k at 72% of original list price ($445)
PENDING SALES:
.22 acre listed for $119k
Of the 138 listings tracked during this period, 61 properties have cancelled or expired. That leaves 71 properties (priced from $89,500 to $2,940,000) currently listed for sale as vacant land on Bainbridge Island. (Approximately 1% of the current 71 listings are under contract.)
Mortgage rates for vacant land are always higher than owner-occupied mortgage rates because banks assess a greater risk to a loan whenever the owner does not use a property as a primary residence. With banks and lenders being even more risk adverse than normal, land loans are expensive and hard to find.
On the flip side...housing starts on Bainbridge Island have been extremely low for months. As the economy begins to right itself and demand grows, we expect a shortage of new homes, which will put pressure on prices and vacant land. It's all a matter of time.
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I was checking out some of the old articles on real estate business. I found every article and analysis showing huge losses in terms of sales and price within last quarter of 2008 and in the beginning of 2009. However, i found only one article showing good results and that is of yours.
Bulldozers for Sale
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