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land decision

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billyiron

04-17-2005 09:52:04

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2 years ago,I bought a farm with pivot and well for $2000 an acre, its pretty good,no prize but okay,,yesterday the realtor from local town stops and says someone would take it for $3000 an acre,, now what,,whats this crazy land price going to do,,need input,is it time to cash in and let the big dogs take over,, thanks billy

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Matt from CT

04-19-2005 08:20:29

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Re: land decision in reply to billyiron, 04-17-2005 09:52:04

Greetings from one of the lands-of-crazy-prices...

And we're the rural and least desirable part of CT, although we're seeing more and more pressure from Boston.

House lots being advertised now are all in the high 5 to low 6 figure ranges -- we're talking anywhere from 1 to 5 acres, going for $80-200k just for the land. I'm sure there is some cheaper parcels, but their in such demand they don't even need to be advertised.

Even if I move to a "nicer" piece of property in the future (decision point will be in about 10 years when the nearly neighboring dairy retires...and their land almost certainly will become moderate to heavy commercial development), I'll probably continue to hold on to this land as a long-term investment!

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thejdman01

04-18-2005 16:22:19

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Re: land decision in reply to billyiron, 04-17-2005 09:52:04

this aint no hog wash or shucking and jiving. swamp ground pure swamp w/peat moss sold for 250,000 yes 250,000 an acre. then they took out a lot of dirt brought fill in put a office building on it i cant imagine what total cost per acre was when they got done. i have also honestly saw land sell by the square foot no joke. its gone crazy land values only going to go through the roof like everything else except for the pay check.

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James2

04-18-2005 08:39:45

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Re: land decision in reply to billyiron, 04-17-2005 09:52:04

Unless you need the money I wouldn't sell. Once you get out of the land business it is tough to get back in. I bought several acres just last year and probably could nearly double my money, but what would I do with it? Talk to Allan from Ne, I believe he has been looking for some and it's not easy to find. Also remember to subtract out the land agent fee, and capital gains, is it still as attractive?

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dr.sportster

04-18-2005 05:54:01

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Re: land decision in reply to billyiron, 04-17-2005 09:52:04

If a realtor came on my property and I had not had a for sale sign out I would tell him to take a hike or dont call me Ill call you.Who needs that.

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Dave Mattson

04-18-2005 05:51:25

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Re: land decision in reply to billyiron, 04-17-2005 09:52:04

The Owners of the Babcock Ranch (91,000) acres here in Florida just turned down 455 million from the State of Florida. $5,500/acre

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Doyle Alley

04-18-2005 05:19:17

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Re: land decision in reply to billyiron, 04-17-2005 09:52:04

A tract of farmland (mostly pasture with some woods) just sold here last month for 32 million for just over 1100 acres. Price of land is going nuts. I can guarantee you that there aren't going to be any new farms in SW Florida. Just too expensive to buy land.

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billyiron

04-17-2005 21:21:26

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Re: land decision in reply to billyiron, 04-17-2005 09:52:04

Me wonders if its time to take the marbles ,,call it quits,, and go home,,this is just farmland,closest town is 7 miles away and 1900 people,there was a farm not to far from this one sold for 3300 an acre, it had an old house and machinery building,,the realtor says people call everyday wanting ground to buy,,Pa always said when everyones running it is time to walk,,and vica versa,,,Ive seen this land thing go wild in the 80s and then go right in the toilet ,,Ill be pondering this for awhile,,thanks for the replies,,billy

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Mark - IN.

04-17-2005 20:40:11

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Re: land decision in reply to billyiron, 04-17-2005 09:52:04

There's been a small ten acre corner down the road across from my field that's been for sale for at least the past couple of years, and today the guy who owns it sees me out and asks if I'm interested in picking it up. I asked how much. He said $150K. $15,000 per acre for farm land miles from town, surrounded by farms? I told him not to hold it for me. I was being nice. First thing went through my mind was that maybe if took a few more toots off of his crack pipe he'd smoke himself straight, but I was nice. He'll be sittin on it until one or both of us die for that price. I've seen as low as $3K per acre, high as $7K per acre for tillable, depending on the size.

Had a buddy in Darien, IL. that paid $90K for 3/4 acre and another $300K to have a house built on it in a posh subdivision back in '86, and he had the "poor" house in the neighborhood with two Honda Civics in the driveway. Last I heard was appraised at over a $million a few years ago. His big plan was to starve a few years, sell it, and pay cash for a smaller retirement place for him and his wife. Hope it pays off, looks like it will or did.

Mark

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Galen

04-17-2005 20:28:09

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Re: land decision in reply to billyiron, 04-17-2005 09:52:04

MAN! Paid $500 an acre in SE Nebraska in 2001! Mostly pasture, but I'd probably'd stayed put for much more than that! Cain't imagine land being even $3000 an acre, let alone $10,000. Guess I better crawl back into my hole an hide again ..... ..

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MAC,IL

04-17-2005 17:54:14

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Re: land decision in reply to billyiron, 04-17-2005 09:52:04

If the realtor offers 3 for it, wonder what he would it for?????

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OkieBob

04-17-2005 17:26:20

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Re: land decision in reply to billyiron, 04-17-2005 09:52:04

Never sell anything until you try to buy another one just like it. That kind of gives you an idea of what the market for the item is.
I like land as an investment "cause they ain't makin any more". Will Rogers

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Davis In SC

04-17-2005 17:04:58

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Re: land decision in reply to billyiron, 04-17-2005 09:52:04

Often realtors are acting for someone with some inside info. It happens a lot here,People buy up land ,then a highway or company comes in.... & land values skyrocket...

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Road Man

04-17-2005 15:44:30

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Re: land decision in reply to billyiron, 04-17-2005 09:52:04

Don,t forget the captial GAIN TAX @ 15%. I justpaid mine. I bet the land is worth aloy more.

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kyhayman

04-17-2005 14:45:58

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Re: land decision in reply to billyiron, 04-17-2005 09:52:04

True story, we had a small farm (180 acres) a few miles from our main operation. Good location, not a lot of development pressure. Dad and I bought it together in 1985 for $500 and acre. In 1999 a realator offered us $4000 and acre for it, we priced it at $8,000 an acre back. She took it on the spot. Big mistake. Its in tracts now, 6 houses to the acre for $49,900 per lot. If the agent wants it an its not listed they have a buyer ready, and are making a significant profit. If you want to sell, make sure you get what its worth.

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mattinraleigh

04-17-2005 14:11:58

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Re: land decision in reply to billyiron, 04-17-2005 09:52:04

I am a Realtor in NC and I only go visiting properties that are not for sale as a last resort when nothing else is availible.

If you are interesting in selling, I would have several Realtors come by and give you an estimated value, then try and sell it on your own for 20% more and see what happens.

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cockshuttguy

04-17-2005 13:56:22

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Re: land decision in reply to billyiron, 04-17-2005 09:52:04

I'd hold if it is anything like our neighborhood.
Land that sold for 2500 an acre 10 years ago is going for 10000 now. You can buy a 120 acres for a cool 1.2 million and it isn't even tiled.
Or if you split it off and ruin it for farm land it is going for 24000 an acre. As the ole famous singer sang, you got to know when to hold them and when to fold them or something like that.
Good Luck,

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Jay (ND)

04-17-2005 12:46:44

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Re: land decision in reply to billyiron, 04-17-2005 09:52:04

If you aren't losing money on it and can afford to keep it, I would, rumor has it that they aren't making land anymore.

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NEsota

04-17-2005 11:54:50

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Re: land decision in reply to billyiron, 04-17-2005 09:52:04

A few years back in Japan, the real estate was being priced in what would be the equivalent to pricing it by the square foot in the U.S. A couple of weeks ago, I read that real estate over there had declinded in value for either 12 or 14 years in a row. Think about what Kenny Rogers sang: "Ya gotta know when to hold 'em, know when to fold 'em, know when to walk away and know when to run."

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dhermesc

04-18-2005 05:45:52

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Re: land decision in reply to NEsota, 04-17-2005 11:54:50

At that time the "Emporer's" palace was appraised at some rediculous price - like the value of all of California. There are still huge loans of property there that excede the value of the property by 3X-5X. These bad loans that the banks are afraid to foreclose on are one of the main drags on their economy.

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Coldiron

04-17-2005 11:41:12

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Re: land decision in reply to billyiron, 04-17-2005 09:52:04

If you are thinking of selling then get an appraisal from a licensed appraiser, not a market appraisal from a realestate agent. It will cost a couple of hundred but will save you thousands. Land may be selling for 3000 an acre but that is usually in smaller parcels. Large places sell for much more than the going rate for the possibility of future development etc. I have sold short a couple of times but the last time I did very well because I did the leg work on finding the true value on the place. Land values, "You Aint Seen Nothin` Yet" Two realtors just bought 80 acres east of us for "investment" and they got it for a song. They are already digging perk test holes and plotting out the parcels.

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tlak

04-17-2005 09:58:11

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Re: land decision in reply to billyiron, 04-17-2005 09:52:04

If a realtor came by then the asking price is probably $5000@acre. Sell if thats what you want but you have to head down the road and pay the same or more.

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