What should one be looking for in sf price if they are trying to purchase land or property downtown? For example, I see a building that is in a great location downtown and it is dirt cheap. Pretty much, it is a worthless property as is but if torn down the land could be used to build some sweet office space or condos.

I am not an expert in this but know there are some experienced professionals on this board.

Most new developments are going for $225+ a sq. ft (some have a few units selling a little cheaper, but I'm guessing average is around $225-$250 sq. ft.). So, figure out how much your development costs and subtract those from total avg. sq ft costs and get your raw land value. I'm doubting you'll touch anything downtown for under $100 sq. ft for raw land. Most of it is eaten up by investors and developers and Urban Renewal already.

I'm doubting you'll touch anything downtown for under $100 sq. ft for raw land.

WOW! If you can find me a buyer for half that much for any dirt downtown, I'll follow you to the ends of the earth.

p/sf for land - For office dirt, if it's site-ready, meaning all utilities and access are in place with construction-ready dirt, the price will be in the $8 to $10/sf range. Retail out-parcels could go for as much as $17 to $19/sf (or higher) depending on where they're at.

As for buying a building that could be torn down - not going to happen. Finding one, however, that could be redirected would be in the $25 to $35/sf range. As metro said, however, there aren't any "deals" left downtown, and for the remaining projects (where there's real money to be made) you'll need some pretty deep pockets to pull it off...otherwise, it would already be in the process of being done.