Is $549,000 too much to pay for .35 acres?

Question

I'm considering buying some land, and I noticed a attractive piece of land in a neighboring city. It's a vacant lot (.35 acres) and zoned for tourist commercial. Downtown in this city is quite small, however, this land is right downtown. I was wondering if this was a reasonable amount of money to pay for this lot.

Answer 1

It probably is reasonable, I know that is typical for our downtown land where I live, because it is so profitable. Find out what other pieces are going for in that area.  

Answer 2

uh is there a mansion on it? cuz if not that is a ridiculously HIGH price. if you end up buying that you are out of your mind

Answer 3

Depends on where you are in the country, in Houston it is WAYYYY too much but in Southern California or New York no it's not too much, good deal actually.  Talk to a real estate agent at one of your local offices and get their opinion on it.  A neutral party never hurts!

Answer 4

my gosh NO! That is expensive.

Answer 5

It depends upon where you are - New York?  Florida?  Timbuktu?

Location, location, location!   That's what usually designates the value of land.  One way to see if your price is in the ballpark is to go to your local courthouse and see what comparable properties in your area are going for.  Also, don't forget to get an attorney to ensure that you won't owe unpaid taxes/liens on this property.