Pricing Information and Renovation Costs

How LRA prices property and pricing lists.

The following is intended to be used as a guide for the sale price of LRA owned property.  Prices may vary, up or down, depending upon the condition and location of the property.

Pricing Buildings and Land

Standard prices for buildings and land are found by locating the three-digit Assessor's Neighborhood number (next to property address in property list) and comparing it to the price list labeled "Neighborhood Standard Price List".  Residential buildings are priced at the "vacant vandalized residential buildings per unit" price and land is priced at the "vacant land sq. ft. price".  You can use the formulas below to figure the price for buildings or land.

Residential Buildings

Number of units x 'Vacant Vandalized Residential Buildings' price.  Note:  Buildings acquired through tax sale in 2013 and later may be priced higher than the 'Vacant Vandalized Residential Buildings' price if they are in better than average condition.  That information may not be available at the time you make your offer.

Land

Square footage x Vacant Land Sq. Ft. price

Side Lots

Front footage x Side Lot price [definition]

Construction of New Homes

Front footage x Residential New Construction price (Only if you purchase a buildable vacant lot with the intent to construct new single family homes.)

Renovation Costs

In order to renovate an LRA property it is estimated that it will take a minimum of $70 per sq. ft., including "sweat equity", to meet code compliance.  The Commission may insist that you provide evidence of a loan and/or bank financing for the amount necessary to complete the renovation of the project. 

Definition of Side Lot

The definition of a Side Lot is vacant land, up to 25 front feet, and under certain circumstances up to 30 front feet, to be sold as additional side yard to the owner of an adjacent residential property. Exceptions may be made for lots over 30 front feet if the parcel is not deep enough for structural development, irregularly shaped, in an area where development is unlikely and maintenance is a problem, surface conditions do not lend themselves to development, or the building code in that area requires a wider lot. These exceptions will be made on a case by case basis. This assumes the lot is not next to other vacant lots, either LRA owned or privately owned.

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