Ditto Barbara's answer which gets my vote for BEST ANSWER.

Hi Jackie,
Ok, my 2 cents worth:
1. Sell, if you are willing and able to list your lot at or below your competition.
2. Build if you wish to live on the property. I would not build for someone else. It is too hard in my opinion to gauge what someone else would like or want. Additionally, it is hard to determine what the rental market will be when the property is completed.
3. Sit tight if the above two don't apply.

Of course there are many other factors depending upon your needs, but I am just trying to net it out for you.

Barbara Jenness, ABR, e-PRO, GRI, TRC
Licensed Real Estate Broker
2008 SPIRIT of the Industry Award for Passion - Selected from all REALTORS & Builders
2008 REALTOR of the Year - WCR St. Augustine
2008 Businesswoman of the Year - WCR St. Augustine
2007 Women's Council of REALTORS®-President, St. Augustine Regional
FIVE STAR: Best in Client Satisfaction Real Estate Agent(SM)
Website: http://BarbaraJenness.com
Barbara@BarbaraJenness.com
Phone: 904-823-0027

Accredited Buyer's Representative (ABR)
Certified Internet Professional (e-PRO)
Graduate, REALTOR Institute (GRI)
Transnational Referral Certified (TRC)

How about this option...

You already own the lot. There are many contractors and sub contractors that are out of work. If you want to build on the lot then now is the cheapest time to do it. If you wait til the market rebounds then your cost to build will be more expensive.

For example...Lets say you can hire someone to build you a 1500 sq foot home for $100 a square foot (could be a lot less). So this house will cost you $150,000. Lets say you wait til the market has turned and everyone is working and making money. Now the same builder will charge you $150 a square foot. Now the same house will cost you $225,000.

Now would be a great time to build...rent it...then sell it down the road.

Good luck!

John McElroy
RE/MAX Unlimited
904-540-9500

Hi Jackie -

I did a search in our MLS system and found a little more detail for you. Here is what I found in Windswept Acres:

Currently Listed:
Lot #1, Unit 2, Block G, on the corner of Soundiview and Micklers, has been listed with us since 1/12/09 for $110,000. Size 75' x 100'.

Recently Sold:
Lot #3, Unit 2, Block G, 5389 Soundivew, was listed for $99,000 and sold 10/10/08 for $94,500. It was on the market for 3 days. Size 75' x 100'.

In order to answer your question I would need to know more about the location and about your goals. Are you planning to live in Windswept acres? Are you considering selling to purchase another property, or liquidate? Would you build to resell? Where is the site located?

The new Playground Park in the neighborhood will be an attractive family draw in addition to the close proximity to the beach and intracoastal waterway.

Would you like a more detailed analysis?

Marjorie Taylor
Broker-Associate
Watson Realty Corp.
Marjorie@MarjorieTaylor.net

Marjorie Taylor is a licensed Real Estate Broker and community leader representing Homes in St. Augustine. She is passionate about helping clients buy and sell Homes in St. Augustine and Homes in St. Augustine Beach, Florida.
904-591-9121
Marjorie@MarjorieTaylor.net http://www.TheBestAgentInStAugustine.com

It is a nice location, near the intracoastal and walk to the ocean, only one lot currently on the market for $110,000 and only one sold in the last few months for $99,000. If you really need to sell you might net $75,000. I agree with Bill, building is probably not a good option, resales are generally far better value than new builds.

Regards

Harry Ashley
Broker Associate
Hawk Beach Realty
2 Jungle Hut Rd,
Palm Coast, Fl, 32137
Cell: (386)-931-6054
Fax: (866)-793-2579
http://www.palm-coast-flagler.com

In most Florida locations today, based on the present market conditions, building and selling are not favorable considerations. Leaving you with the option of, sitting tight......

An opinion only