Sector Hub · 2 Property Types
Land real estate covers raw land (unentitled parcels held for appreciation or future development), entitled development sites (zoning + plat approvals in place — 50-300% premium to raw land), master-planned communities, brownfield sites (requiring environmental remediation), greenfield (previously undeveloped land at urban / suburban edge), conservation land, and timberland. Performance is driven by Highest and Best Use (HBU) analysis, entitlement progress, and location. Land has zero NOI in current state — value derives from optionality (development upside) and underlying rent (if leased for grazing, billboard, cell tower, solar, agriculture). Carrying costs (property tax, insurance, debt service) make land a negative-yield asset until developed or sold. Public homebuilders (DHI, LEN, PHM, NVR, TOL) collectively control hundreds of thousands of residential lots; Forestar (FOR) is the only pure-play public residential land developer; Howard Hughes (HHC) develops master-planned communities (Summerlin, The Woodlands, Bridgeland). Industrial land via Prologis (PLD); timberland via WY, RYN, PCH. Ilora.ai ingests title commitments, ALTA surveys, Phase I / II ESAs, zoning verification, and entitlement documentation.
Property Types
Canonical KPIs
Common Questions
Raw land (unentitled), entitled development sites, master-planned communities, brownfield (remediation required), greenfield (urban / suburban edge), conservation land, and timberland. Four core types under the land sector covering pre-development optionality.
HBU is the legally permissible, physically possible, financially feasible, and maximally productive use of land that produces the highest value. HBU analysis tests every plausible use against zoning + market demand + construction cost. HBU is the foundational concept in land appraisal.
Land entitlement is the regulatory approval process for development rights — zoning amendments, subdivision plats, conditional use permits, environmental clearance, and utility commitments. Fully entitled land commands 50-300% premium to raw land because the buyer eliminates entitlement risk + 18-36 months of carrying cost.
Forestar (FOR — DHI subsidiary, residential land developer). Howard Hughes (HHC — master-planned communities). Public homebuilders (DHI, LEN, PHM, NVR, TOL) hold significant land banks. Timberland: WY, RYN, PCH. Most development sites are held by private developers, JVs, and PE-backed land funds.