I know this was a couple of years ago but in defence of developers who use property options, of which I am one, they are a great way to get the highest possible price for your real estate.  The key is agreeing on a high enough price knowing that your risk is the time of the option and nothing else. If the developer gets the approval necessary to get his development up then the added value is attached to the block. He can either buy at the significantly higher than market price that was agreed to up front or leave you with the value added block.