Cohousing-L Mailing List: Figuring out what land price is appropriate for project size and expected unit price

[leenaree (leenaree]

  We are trying to determine a price range for land parcels for our group. 

  For example, Let’s say you are looking at a parcel in a  
neighborhood where  3 bedroom, 1400 sq ft  townhomes are currently  
valued at $218,500, with land valued about $69,000 (though 1 sold 2  
months ago for $262,000).  You expect to build 30 units evenly  
distributed between 1, 2 and 3 bedrooms, and want to add features like  
solar panels on at least the common house.

  Is there any rule of thumb or formula for determining whether a  
parcel of land is affordable for your group, given a desire to keep  
the home prices comparable?

  Thanks

  Eileen McCabe, Tammany Commons, Snohomish County Washington