Which property is worth more in its as-is condition?
1. A 20-acre vacant parcel zoned as open space.
2. A 1-acre vacant parcel zoned for a single family house with a water way traversing it and a protected tree in the middle.
3. A 5,000 sf lot in an urbanized residential subdivision with an expired entitlement that was left over from a home builder that went bankrupt.
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