Valuing A Strip Of Land

Expert, localized Los Angeles answers provided by Heather Roy

Valuing A Strip Of Land
	Dear Edith: When we bought our house several years ago we noticed on the survey that a 10 by approximately 90 foot parcel was cut out of the original lot and attached to our neighbor's land. (There is a dotted line on the survey showing the original line.) The property line on that side now is only about five feet from our kitchen windows and we'd like to have a little privacy room. Recently somebody bought the house next door and indicated a willingness to sell us the odd-shaped piece of property. But we have no idea how to determine the value of land in our area so we can make the new neighbor an offer.

	It’s not as if that land could be used as a building lot. It has value, really, only to you and your neighbor. There’s no way to compare it with any similar recent sale, which is usually the best guide to price. In the end, I guess, it comes down to how much the satisfaction of owning that strip of land is worth to you. As your neighbors have brought the subject up, you might start by asking them to name a price. Some negotiators feel that it’s always a good idea to let the other party mention a figure first
	Edith Originally published on July 6, 2006

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