How do you calculate a reasonable sales price on real estate?

When my fil died we inherited a small piece of property in AZ near Bizbee. It was part of one of those come buy our land schemes and it was never developed. To my knowledge there is not even any utilities on it. We pay the taxes on it annually, in fact they are due next month and I already have the bill for $46. 16.

When we inherited it they were around $20.

A lady dh works with is moving “home” to AZ in the Bizbee area and has expressed an interest in purchasing the land. We have no plans to do anything with it so we would be thrilled to sell it, but we want to be fair.

The last time we were in Bizbee we inquired about listing it for sale and was told that it would cost more in realtor fees than the land was worth.

As she pointed out there would be no realtor involved in this, just a lawyer and an exchange of money and title. How do we figure out a fair asking price for it?

Similarly we have a piece of land on Grand Lake that when the lake is up is lake front on the cove side of it, but it would take considerable work to build on it. It has a very bossy POA that we’ve been battling with for years because we owned the property BEFORE there was a POA and refuse to join it and pay $100 a year for a key to a boat ramp. We go by the property sometimes when going to see our brothers, but we’ve never camped on it or anything like that. How would we figure a price for it as well. The taxes on it run about $20 a year, they’ve been going down this last few years.

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