How to set asking price on unique waterfront property?

My elderly mother inherited some land 40+ years ago, and now it may be time to sell it, if it can be promoted and priced correctly. The land has been in the family for almost a century, and has always been used as farmland (circa 125 acres), but has real potential for recreational land use, as it has water frontage on a secondary navigable river, as well as formerly connected Oxbow lake, which is also used recreationally for fishing and boating which adjoins a 25,000 acre national wildlife refuge a couple of miles down. It has about 3500 ft of water frontage combined between the river and the lake. Now for the negative stuff, it is located in an extremely rural part of northeastern Louisiana, it is in Floodzone AE with most of the land 2-5 feet below BFE so would require any structures to be elevated, and any waterfront access along the river would have to involve Corp of Engineers building permission, as well there are extra requirements for septic systems.

We listed the property about 6 weeks ago, for what we thought was a fairly high price, close to double the local going rate for farmland, and within 9 days received a full asking price offer, then with closing coming up in a couple of weeks the buyer backed out last week after deciding access road construction would cost more than he thought it was worth. Which has us wondering if we underpriced the land, to complicate matters more we received a second offer on it the next day after the initial buyer backed out for about 60% of asking price.

There really are not any good comps out there, there is some other riverfront land, but it is a lot lower and wetter, there are also some lots for sale along the same oxbow lake, but are a MUCH smaller tracts (only about 3 acres in total divided into circa 0.50 lots , as well as a 1.7 acre lot also along a pubic road all priced at about 4 times our per acre listing price),

We are not desperate to sell, we don't want to over price it and have it just sit on the market, but at the same time don't want to give it away.

Any thoughts or suggestions on how we should proceed, how to value such a unique property with water frontage on 2 different bodies of water, etc.

submitted by /u/Penguin_Life_Now
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source https://www.reddit.com/r/RealEstate/comments/1w9khei/how_to_set_asking_price_on_unique_waterfront/