cost of land- yikes

[Zinger]

I am currently looking at a property which is in a new development. The property is way overpriced- which is probably why there are 20 lots left.
Developer is asking around $88K for a .6 acre. Other lots on the street sold for $80K.
After calculating price per square footage I figured the property I want I should only have to offer $65K based on the sales of other lots price/sq. footage. However based on the asking price this seems like a huge Low-Ball offer and would possibly be offensive to seller ?!?!?
I looked up the assessed value- which I know you can't base your price on
($18K). And I know you should only pay 20% of what your house is worth for land. All that being said the one house for sale in the neighborhood is ONLY listed at $360K.

So question to those experienced in this- can I offer so low, or should I just start looking in another neighborhood?
Thanks

[Don_P]

If you're willing to walk away from it then you have nothing to lose by offering whatever its worth to you.

[concretemasonry]

If you think that land is pricey, look at the price of land in India or Europe.- You have to add a zero or two depending on the location.

I recall seeing industrial land (flat) with no improvements and nothing around it and 10 miles from rail or a good highway in India that was about 35 miles from a major city that was about $250,000 (plus "fees") per acre.

It is just a supply and demand situation. If the seller does not have to sell, why should he reduce the price?

Dick

[Zinger]

Not really a supply and demand situation- there are lots for sale all over the area- ranging from $12K to 40K... which is why these lots are so overpriced.

[concretemasonry]

It sounds like the owner is in no hurry and id not interested in selling them now for many different reasons (ultimate value, taxes, partners, financing divorce, etc.).

Why are you interested in the "overpriced" lots? Is it just the proverbial "location"?

Dick