A developer wants to subdivide a parcel of vacant land into 30 lots to be used for residential construction. The sale price of each of the developed lots is estimated to be $50,000. Site developement costs are shown below:

Construction costs: $20,000 per lot

Management and supervision: $40,000

Contractor's overhead profit: $100,000

Sales expenses: 10% of gross income from lot sales

Taxes: $1,200 per lot

Entrepreneurial profit: 14% of gross income from lot sales

What is the indicated value of the land parcel, assuming the immediate sellout of finished lots and a relatively short construction period?