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Buying more land

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Dave from MN

06-05-2007 14:44:25

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Neighbor has 20 acres adjacent to mine for sale, he is giving me first chance, I guess I need to buy due to the fact I really DO NOT want a house going up so close to my barn, Feedlot distance for this area is now 660'. And apparently the measure from the actual barn., not the land. Any way, He is asking less than the average price of comparable land in this area, land across the road sold 75 acres for $9000 and acre, this person is offering this 20 to me for $7000 and acre, if I dont buy he is gonna ask between 8 and 12 K and acre and call that guy that is putting in that development across the road. Land isnt getting any cheaper is it? So do I keep the 2- 10 acre plots seperate from my main 40, or is it better to make it all one 60 acre peice, one reason i am asking is that I may be paying cash for the one 10 and I do not know if I want it under the farm loan land. Cause you never know these days. Any advice, sorry my post are always soo long

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Kirk Grau

06-06-2007 09:14:55

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Re: Buying more land in reply to Dave from MN, 06-05-2007 14:44:25

Lots of good thoughts below. I am with the buy it crowd even if it was a little over priced if you can afford it. They are not making any more land next to yours and the options/uses for land contiguous to what you have are always a little greater than something seperated somehow.

Good Luck regardless

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rhouston

06-06-2007 07:59:00

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Re: Buying more land in reply to Dave from MN, 06-05-2007 14:44:25

I don't know what state you live in. Here in N.Y. each parcel has a theoretical building lot on it that you pay extra taxes on. If you have 2 parcels then you pay for 2 building lots. That would be the only reason I can think of to combine the parcels into one. A large parcel will have one theoretical building lot even if you have buildings on it.

This may vary by State, county, township

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dan hill

06-07-2007 04:50:22

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Re: Buying more land in reply to rhouston, 06-06-2007 07:59:00

Maine is the same.We call them phantom house lots.

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KRUSS1

06-06-2007 07:45:09

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Re: Buying more land in reply to Dave from MN, 06-05-2007 14:44:25

Buy it, pay lots for it, sell it for more to somebody else, complain because someone develops it.

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glennster

06-06-2007 07:29:34

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Re: Buying more land in reply to Dave from MN, 06-05-2007 14:44:25

if you can swing it , buy it. sounds like the seller is giving you quite a bargain on the price, roughly 2k under average market value. being a smaller parcel than what sold across the street, i am pretty sure the value of the smaller parcel will be higher. altho your short term return on investment will be lower, if you are in the path of developement (urban cancer) your property value will increase dramatically as the sprawl approaches. when the time comes, you can 1031 trade to a larger farm, draw out your origional investment and put some money in the bank. right now is a bad time to sell real estate, but a good time to buy if you have the funds available.

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Mattlt

06-06-2007 06:46:11

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Re: Buying more land in reply to Dave from MN, 06-05-2007 14:44:25

Keep the parcels separate. You won't have any problems getting a Homestead Credit on them either way, just in case that was a worry.

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Can't buy the land around

06-06-2007 06:09:20

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Re: Buying more land in reply to Dave from MN, 06-05-2007 14:44:25

doesn't sound like you are buying it to make money... but if you were then I would say go for it.

it's a lot easier to make money on the buying side than the selling side.

in other words it's easier to buy something cheap and then sell it for market price, rather than buying it at market price and selling it for more.

the other thing to consider is that is sounds as if you are going to be using some of your cash to buy most or part of the land. If you ever had to liquidate it, buying it at a discounted rate sure would make it hard to loose money.

I'm no wall st whiz kid, but in my situation it would be better to borrow the funds to buy the land and keep my cash in my current investments (currently earning more % than what the loan interest would be) your situation may be different.

anyway, u got the money, just figure out the best way to buy it, you can't buy it once the developer has it.

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paul

06-05-2007 22:21:40

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Re: Buying more land in reply to Dave from MN, 06-05-2007 14:44:25

Kinda went through a similar thing. Only a different neighbor got kinda ticked.

Oh well. Gave him 12 months, he was all complain & no action. Mine now.

If you can afford it, buy it.

Keep the parcels seperate. Farm program will lump them all together, but for the deeds, keep it seperate.

--->Paul

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led

06-05-2007 21:21:46

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Re: Buying more land in reply to Dave from MN, 06-05-2007 14:44:25

Buy it. If 20 acres was 5 miles away then you have to do the math. Your neighbor is doing you a favor. No price comparison on contigent land. Do not count of the following, -local law, local goverment zoning ect. Don't count on things staying the same. You don't want anyone that close.
Led

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Unclemerle

06-05-2007 19:37:31

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Re: Buying more land in reply to Dave from MN, 06-05-2007 14:44:25

Dave

If you can afford it buy it. If you can"t afford it put up a chicken barn on all four corners of your place and fill it with fiesty roosters.

Merle in SWMN

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GBA

06-05-2007 18:45:33

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Re: Buying more land in reply to Dave from MN, 06-05-2007 14:44:25

If you can pay cash for it and not miss the money,buy it.There is nothing that you can grow on it that will ever pay for it.

When I see all these outrageous prices for land it makes me wonder where all the money is coming from.I live in an area of poor wages and cheaper land.In 1972 you could buy good tillable ground for $200 per acre.By 1980 it was $1200 per acre and interest was 20%.By 1987 tons of it had sold on the courthouse steps for $300-600 per acre.Now its back up to $1500 per acre.Close to town it will bring $4000.

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landmononply

06-05-2007 17:52:48

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Re: Buying more land in reply to Dave from MN, 06-05-2007 14:44:25

I dont understand the neighbor taking $60,000. less just cause it is you. Thats a lot of beer.

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Mike (WA)

06-06-2007 06:05:17

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Re: Buying more land in reply to landmononply, 06-05-2007 17:52:48

I have a feeling David is "reaping what he sowed"- Some people reward good neighbors when the time comes to sell.

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Dave from MN

06-05-2007 18:30:55

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Re: Buying more land in reply to landmononply, 06-05-2007 17:52:48

Well, I have known him for 27 years, bought his farm and have a good relationship. Also I own a 66' strip down the center of the 2 -10's. I did allow an easment to access the land via my driveway, but for each easement use I am to be paid $4000. Also, I am sure he realizes my desire to not have houses even closer than any are now. They are good people.

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John (C-IL)

06-05-2007 17:20:25

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Re: Buying more land in reply to Dave from MN, 06-05-2007 14:44:25

First option is to buy it.

If you are going to borrow money the bank may want you to mortagage all the property that you own, that way they are more than covered if the economy turns around.

At some point you are going to be selling, just a fact of life. But if the developer only has to deal with one seller the price will be higher.

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37 chief

06-05-2007 16:49:33

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Re: Buying more land in reply to Dave from MN, 06-05-2007 14:44:25

If you can swing it I would buy it. In a few years you can probably sell half off for what you paid for the whole thing. Land isn't being made anymore. It's hard to believe the 10 ac dad bought in the 50's for 7,500.00 total price, is now worth 5000,000.00 an acre and up. too bad we didn't keep more. Stan

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Ben Rauls

06-05-2007 16:37:13

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Re: Buying more land in reply to Dave from MN, 06-05-2007 14:44:25

I just bought 15.1 acres for 45,000.00 just flat farm field

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Mike (WA)

06-05-2007 16:36:10

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Re: Buying more land in reply to Dave from MN, 06-05-2007 14:44:25

1- Buy it.
2- ALWAYS, ALWAYS, ALWAYS keep it in as many parcels as you can. Once you mate it up to make one larger parcel (which your county will be surprisingly helpful in doing), you'll play heck getting it split up again, at least in most jurisdictions. And even if you ask the county planners about splitting, and they say, "Oh, no problem," they will probably have changed the laws down the line, to where it will be impossible, especially if its Ag land.

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Walt Davies

06-05-2007 16:33:01

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Re: Buying more land in reply to Dave from MN, 06-05-2007 14:44:25

Well don't move out here then because that would be a down payment.

5 acres recently sold for $250,000 you are setting on close to one million for 20 acres that is or can be devided. The deal is they have us all tied up and we either can't devide or can't build on our own land, makes one just sick to think about it.
Walt

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Dave in GA

06-05-2007 15:51:12

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Re: Buying more land in reply to Dave from MN, 06-05-2007 14:44:25

I'd say buy it. Land is usually a good investment. I'm looking for 5-10 acres of good valley pasture land in the north GA mountains and 35k to 40k PER ACRE is the cheapest I've found. Five years ago, it was priced at half that amount.

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Midwest redneck

06-05-2007 15:43:23

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Re: Buying more land in reply to Dave from MN, 06-05-2007 14:44:25

Could you buy the 20 acres and sell off 1/2 of it to recoup the cash spent. And then maybe you could sell that 10 acres for what the whole 20 was bought for. (just a thought)

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mjbrown

06-05-2007 15:37:09

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Re: Buying more land in reply to Dave from MN, 06-05-2007 14:44:25

Don't be afraid of a loan on land. If things go bad economicly you can always get out from under it especially in your circumstances.

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JTinNJ

06-05-2007 15:24:47

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Re: Buying more land in reply to Dave from MN, 06-05-2007 14:44:25

If you can swing it buy it. Like you said land is not getting cheaper. Here in Southern New Jersey land right across the road from me sold for $100,000 for 6 acres.That's $16,667 per acre.And the owner had no trouble selling 5 lots at 6 acers each.

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randy

06-05-2007 15:02:45

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Re: Buying more land in reply to Dave from MN, 06-05-2007 14:44:25

HOW MUCH AN ACRE????? ??!!!!! !!WOW I thought 1200-2200 an acre around here was alot (northern michigan)

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Don-Wi

06-06-2007 01:20:43

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Re: Buying more land in reply to randy, 06-05-2007 15:02:45

that's nothing. We've had developers offer us $35,000/acre for farm land that they would put in sewer/water. We told them to get lost, we'll come to them when we're ready to sell.

Donovan from Wisconsin

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Coloken

06-05-2007 14:59:59

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Re: Buying more land in reply to Dave from MN, 06-05-2007 14:44:25

In all my 78 years, the answer has all way been "buy it". Course that means at a reasonable price and that it does not get you in trouble money wise. Keep them separate, Would be my thought. Here it is very hard to cut off parcels.

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