Questions about land I inherited
I inherited a portion of a tract of land.  The size is around 33 acres and it is located in an industrial zone.  We have it listed with a CRE local to the area but its been going on nearly 5 years and the land still has not sold.  It is located close to the city dump and is undeveloped.  The land is located off of a major roadway, though.  Should we change CRE?  Or is maybe the property not worth as much as we are asking?
[{"id": "fek3vtm", "text": "Price sells everything. You\u2019re overpriced. Your agent might suck too but you\u2019re overpriced.", "replies": [{"id": "fek4hm5", "text": "I've mentioned a few times that maybe we should lower the price.  The problem is my mom was 1 of 3 and I'm 1 of 4.  So I essentially only own 1/12 of the tract.  I'm also the only one with any real experience in buying and selling my own house.", "replies": [{"id": "fek84q6", "text": "Sounds like the issue is with the sellers (having 7 or 12 decision makers, depending how you read this) not the agent.", "replies": [{"id": "feker3k", "text": "Yeah, I pretty much make the decisions for my siblings but its more or less too many people.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fek5d9k", "text": "Is there anything out there besides the dump? Anything built recently? It might not have much development opportunity.", "replies": [{"id": "fek5q2e", "text": "There's been a lot of development and I want to say a fabrication shop is down the road.  I'm mainly wandering if its just common for big tracts of land to sit for long periods of time.", "replies": [{"id": "fel7qlp", "text": "Very common. In fact, most raw land has been sitting undeveloped for eternity.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fek8yhe", "text": "In general, land is always slower to transact and the larger the tract, the longer it takes. 33 acres near a landfill probably isn't a hot commodity, so I would look at market need as much as price. Dealing with family is usually a mess, but you could plat and sell off in smaller pieces. Ask your broker for an opinion.", "replies": [], "depth": 1}, {"id": "ffvso59", "text": "What is the zoning of the land?  It could be near industrial properties but still zoned agricultural.  How is it accessed?  Do you have direct roadage or is your access via an easement across someone else's land?  \n\nWhat is the situation with water and sewer availability to the property?  \n\nYou might make an appointment to meet with someone in the planning department of your local government to confirm what the zoning is, what the property could be used for, whether it could be divided etc\n\nYou could ask your listing agent for recent comps and also contact another couple of agents to make listing presentations and see if your agent might be missing something.  \n\nI'm not sure why your relatives want to sit on the land and pay taxes on it, keep it mowed etc rather than getting rid of it.  In most areas of the US, commercial real estate prices are quite high right now.  I would sell it now for what you can reasonably get. I'm not predicting doom in the economy, but you never know, there could be a slowdown in a year or two and the value of your property would drop.", "replies": [], "depth": 1}]