What distinguishes land from a site in real estate terms?

In real estate, the distinction between land and a site revolves primarily around their potential uses and level of development. Land refers to a broad expanse or parcel that is often undeveloped and encompasses everything that can be measured as real estate, including natural features like trees or bodies of water. In this context, it is essentially the raw material upon which development can occur.

A site, on the other hand, is typically considered a plot of land that has been prepared or is ready for development. This means it may have undergone some form of grading, utility installation, or other modifications that make it suitable for building. This distinction is crucial for appraisers as it affects valuation, investment potential, and development opportunities.

Understanding these definitions is important within real estate because they influence not only market value assessments but also how properties can be marketed and sold. An undeveloped piece of land could have different market dynamics compared to a fully serviced site prepared for immediate construction.