Do you know when and for what price the last sale went for in that subdivision?
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We have shopped around. The interior lots in Heritage Plantation are priced from $120k to $140k so we priced ours at the very bottom of that range hoping for results. So far, we havn't had any interest at all. We're willing to accept the loss at this point, we just don't want to lose any more than we have to. If we could, we would be better off building on the property ourselves and moving there, but we are a military family and are stationed in Ohio. We bought it as an investment, but boy, did that backfire!
I have no idea where Laural Hill is located. If it is anything like the rest of the real estate markets, you are looking at a 40-60% drop in price from the time you purchased. If you do decide to hold it, be prepared to hold it until current prices increase 100+ % in order to get back to your break even point, not including closing and carrying costs.
The last sale was in May of 08 for $150,000.
That seems rather high, compared to yours, which isn't getting activity. Was it an arm's length transaction? Were there "rebates" given back to the buyer? How many other lots have sold in the last 12 months? How much did that seller pay for that lot which sold at $150,000? Is that lot similar to yours, or does it have special qualities?