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If there are no hidden clauses, as TerryW has mentioned could be lurking in the fine print, then I would not sign up for a measly $1500. As Dave says, tell him you will call him if you decide to sell, but maybe also mention that your block may be of interest to other developers. A big hint to...

What is in it for you to sign such a contract, locking you in to this developer (whether or not a price is stated). Unless there is something tangible in it for you, wouldn't you be better served to just say "no" and see what happens. If you do decide to sell, you may then do better with two or...