Land prices?

[terriv]

Land prices? Where do you live?

Mississippi, 25 miles outside Jackson
My area ranges from $4500 an acre (poor school district) to $6,000-$10,000 an acre (better school district). This is for land zoned agricultural or residential.

Higher for subdivided covenanted lots of course. In that case a 3-4 acre lot would go for around $40,000.

A developer might buy a huge tract for as little as $3000 an acre but not much out there in large tracts left to buy.

Commercial varies drastically or course.

What about you?

They aren't making land anymore.

[Bruce in NE]

In western & north central Nebraska large ranches (over 1000 acres) are going for around $300-350 an acre. Small acreages (under 100) which are harder to find can go for $1000+ an acre, and small plots, 20 acres or so, $2000+ an acre, depending on location.

Ted Turner just bought another ranch in Cherry County of about 10,000 acres and I believe they said he paid about $321-acre for it.

[agmantoo]

Across the road from me is a small 9 + acre tract that is zoned residental/agriculture and it just sold for $14,300 per acre. The county has the tax value, without farm use deferral, appraised at $8000 per acre. Without the deferral I would be hard pressed to continue to own the farm on this side of the road.

[Xandras_Zoo]

We live in the city, and we're zoned for townhouses. Our little ol' acre is going for about 1.8 million.

[Wayne02]

Just down the road from me, nine acres, corner lot, one old house, the rest undeveloped, on a slight hill. Western Washington, between Seattle and Everett.

2.1 million - sold to a developer who is cramming 60 houses on it.

Wayne

[Jena]

I was just told I could probably get $3000/acre for my farm. I'd consider selling at that price. Already got the subdivision next door...the subdivision road dead ends at my field. All ya' gotta do is extend that road and start selling! Hmmm...maybe I ought to do that.

Crop ground depends on the soils/yields. $2000/acre and up.

Homesites are usually about $4000-5000/acre for like 5-10 acre sites.

Our prices here have increased as farmers who have been pushed out of more urban areas have bought up farm ground in order to do like-kind exchanges. They also have more money to spend. There are also more investors buying farm ground for the tax benefits and returns.

Jena

[agmantoo]

1031 are my favorite numbers

[JoyKelley]

I live an hour from the beach on a dirt road,rural area, no water, no sewer, and the 7 acres of land across the dirt road from me just sold this month for 100,000,00 an acre. I hear my taxes going up

[terriv]

Very interesting. Thanks for your replies.

I always wonder why someone who owns a $2 million dollar 1/2 acre town house ...doesn't sell it and move to say ...Kilmichael Mississippi, nice quiet, quaint little rual town where they could build a mansion on 40 acres with a lake and still be considered "filthy rich" for the rest of their days. Hum. I'd do that.

[Orville]

If the govm't raises your taxes because they think your land is worth so much, when you get your tax bill just send in the corresponding amount of dirt from your land.

[Lt. Wombat]

Black Hills of South Dakota, with good water (hard to find) $21k per acre (on the high end)

Taxes around $80 per acre with no improvements (on the high end).

[mtman]

when we bought our 80 acres in ar.it was 750.00 acre now its up to 2000.00+ an acre

[kppop]

Land is cheap here in SW Mi..we just bought 4 acres of land for 36k. It's on a dead end dirt road and wooded. It's a nice piece of land and we were lucky to get it.

Another couple had a bid in on it but told the owner they'd have to come up with financing and we offered cash so he took our bid first.

About 2 months before we saw it there was family that was buying the property and had all the septic and water tests done and the day of closing they backed out..don't know why, don't care why , but all of those tests now don't have to done by us

kppop<---waiting for a break in the snow to clear some trees.

[Cabin Fever]

Land near me, on the Whitefish Chain of Lakes, is sold at $5,000 per foot......that is, shoreline foot. The county requires lake lots to be at least 100 feet wide, consequently the price of the lot would be $500,000 for something that is only 100' wide x maybe 300' deep.

[Cornhusker]

If I could get 2000 an acre, you could have everything I owned with it. :haha:

[Bob_W_in_NM]

Land prices amaze me. I paid 2500.00 per acre for five acres on high desert in 1984. I found this out by asking the guy "How much do you want for this 50 dollar per acre land?" Hasn't appreciated that much though. All things being equal (no improvements) it might bring 3000.00 per acre.

There's a quarter section (160 acres) across the road that was for sale for 180,000.00. Don't know what you could grow over there (has been in alfalfa and hegari) that's legal that you could recover the investment. (You have to pay to pump irrigation water too.) My guess is that it will be subdivided someday.

I don't see much land anywhere that's "cheap" anymore, especially in small parcels. If it is, it's usually really bad and/or really remotely located.

[Swampfoot]

Here in southeast Alabama land is selling for around $1,000/acre on up to $5-6,000/acre or more (if I had to pick an average I would say $2,000/acre). The low end would be larger parcels without public road frontage while the higher end would be smaller, would have road frontage and be closer to town. I feel like I got a good deal on my 80 acres at just over a thousand an acre. That is with a 1/2 mile deeded easement to the public road, a good gravel driveway, and water and electric already run to the middle of the property.

Things are changing in the deep south though. I have heard from several sources that farmers and ranchers are selling out to real estate developers in south Florida and southern California and moving to Georgia, Alabama, and Mississippi. There is a vietnamese owned poultry farm near here and I hear they are moving into other areas as well. I have also heard that after last year's hurricane season that a lot of folks are moving north farther away from the coast and into this area.

Like you say they aren't making any more.

[Cabin Fever]

Here is my theory:

The Baby Boombers are just now starting to retire. Many of these people have three things in common: (1) Large 401Ks that are now invested in "safe" (read, low interest) investments, (2) lots of equity in a city home and (3) a desire to get out of the rat race. So what we find is that these retiring Baby Boomers are selling their city homes and cashing in 401Ks and using this large pot of money to buy property in the country. Then they build their retirement mansion on the newly acquired property. These people are making the demand for property high and the demand is only expected to get higher as the years go on.
As you say, the supply is not getting any larger.

High demand + limited supply = high prices. My recommendation is to buy yours ASAP, even if it means going into debt. The value of the property you buy will likely always be greater than whatever amount you owe on it.

[Razorback21]

My wife and I's property is in the oil patch (no, we don't have any mineral rights! lol.) We bought the first 20 acres for $550 an acre in 1995 and we bought an additional 50 acres in 1999 for $600 an acre. At the time we bought both of these parcels, I thought it was outrageous! I grew up in the Ozarks and my family's farm was worth probably $325 an acre. Then I find out just to the north of us (We live in Southern Illinois), land is selling for $3500 an acre! I don't know how a person can be in any type of agriculture business at those prices. While the prices paid for our property sounds like a great deal, keep in mind we have to "share" the land with the Oil Company, who have access to their wells. While that is somewhat of a negative, there are positives however - They maintain gravel roads on our property, they check their wells twice a day, which wards off potential trespassers and they installed, free of charge, cattle guards at each spot where a gate was.

Razorback21

[Hoop]

Land prices in this area continue to escalate.

A very desirable area, low crime, excellent schools, hundreds of clean lakes, 10's of 1000's of acres of National Forest nearby.

A forty acre parcel for sale is almost unheard of. When they do come on the market, they bring anywhere from $120,000 - 175,000. Most likely, 1/2 of the 40 acres will be swampland.

Farmland is unheard of in the area. Dairy farmers were the last to pull up stakes. Now, the only "farmland" belongs to wealthy landowners that have a few horses.

Smaller parcel prices are going through the roof. I purchased my 3 1/2 acres in 1998 for $10,000 (high ground, utilities at property line, conventional septic, well water generally comes in at 60 - 100 feet, mature trees on property). A similar property located 300' down the road from me sold this last year for $42,000.
$10,000 - $15,000 per acre is the going rate on small residential parcels.

Lake property escalating like crazy as well. Small lakes (under 20 acres) are seeing 100' lakefront lots going for $50,000 - $75,000.

My mother is selling her house later this year. Its located on an 80 acre lake. She has approx 800 feet of lake frontage on 8 acres. We figure that the house (4 bedroom farmhouse, built in 1922, extensively remodeled in 1985) would bring perhaps $200,000 - $250,000.
The crazy thing is that if the house was torn down and vacant lots were sold, far more money could be realized on the sale!