An appraiser is asked to value a parcel of vacant land in an older neighborhood that is almost fully developed. There have been no recenet land sales in the neighborhood, but area homes have been selling for $125,000-$150,000. The appraiser's research also indicates that homes nearby neighborhood are being constructed for $150,000 on lots worth $40,000. In these cases, total property value of each home, including profit and overhead is $140,000.
a. What is the land-to-property value ratio?
b. What range of value is indicated for the subject parcel?