Catherine Bell values twenty 36-acre parcels under two scenarios. Without clear water rights and legal subdivision, they're worth $2.5–$3 million total. With recorded access and water plans, they jump to $3.24–$3.96 million. The second is the defensible valuation today.
Are you doing deals like this? Floor case, no real subdivision premium. If the market treats this mostly as a chopped up rural ag lots and the water story is muddy, so $125,000 to $150,000 per, uh, 36-acre parcel, total gross is $2.5 to $3 million. That's basically no real win after the cost. The base case realistic retail. So if you create 20 legal 36-acre parcels, establish recorded access, and can show a credible parcel-by-parcel water plan, $162,000 to $198,000 per parcel, total gross value of $3.24 to $3.96 million. This range I think is most, is most defensible today.
