"For undeveloped property, this fair value can reflect the market’s perception of its potential, including future improvements, but only to the extent that it’s supported by current market data.
So tell me Einstein... what value does one of Greg's finished buildings have or some nearby comparison? Don't give me land value comps because that makes you feel better!"
Every undeveloped property land value is a reflection of its potential...which is why it is called fair market value. What someone is willing to pay for the property in the open market taking into account everything including its "potential".
To add finished building value into the equation is ridiculous because it doesn't include the development COST to put those buildings there.
...to do so would artificially inflate the asset value in the transaction...and that is fraud.
Market Data 
Markets 
AI
