How much is that 'sorry' mountain land going for now?

Rockin'B · #21 10/27/06, 08:35 PM

Quote:

Originally Posted by Wayne02

1. They take responsibility for their future.
2. They get an education.
3. They secure a profession or trade.
4. They get a good solid job in said profession or trade.

At least that's what is happening around here. We have the same type of situation you listed above. High density developments ( 6' between houses, no yard etc) with houses starting at 450K for the most basic one, and they are sold very quickly. While the market has slowed slightly in my immediate area, it seems to have "slowed" from outrageously insane to just insane.

There is no mystery as to why people are buying these homes... they have good jobs. This area seems to be constantly advertising for bio-tech jobs, manufacturing jobs, health care, software, the trades etc.

Yes, some of the buyers are dual income, but not as much as people seem to assume. There is also the lack of people having children these days. Notice how few children are standing at the bus stop in the development? You may have a 12 house development and there will be 3 children standing at the school bus stop each morning.

Are there some people who are over extended, and will be in trouble if/when the economy cools off more? Of course there are, there always have been, and there always will be. But it will be very few people compared to the overall home ownership population. These people have made some bad decisions, most will weather the storm and realign finance's, and a few will actually loose their home. But those that loose their home will be a relative handful in the grand scheme of things.

Reading this board one sometimes gets the feeling that the evil housing market crash is going to rain doom and gloom down on the majority of the populous. That's just not so. The housing market goes up, the housing market levels out, the housing market goes down. Some people make poor decisions, most make halfway decent decisions. And life continues on. Heck, I saw a stat the other day that said 1/3 of Americans own their homes outright, they have no mortgage at all... so much for "everyone will be in financial doom" when the markets fluctuated.

Great post. I agree.

I'm 53 and have "owned" a home since the late 70's. Rolling equity and buying places that have potential and required some form of upgrade and hard work have paid off nicely. It takes a lot ofwork, but fortunately, I like it.
We've now bought a nice home, barn and ten acres that is wooded and in a very nice area. The previous owners had to be the laziest people on earth. Suffice it to say, we are on a 5 year plan for a total remodel/upgrade of the home. The layout of this house is such that with an infusion of cash and a lot of sweat, it should be very attractive.
We've held back some cash from the sale of the previous home and have still been able to buy it on a modest 15 year mortgage.

It's not just getting an education and a job in that field. The missing ingredient for too many people is the desire to work hard on building and upgrading the place they are in. I see plenty of places sell for VERY reasonable money simply due to neglect and laziness on the owners part.

Northern Illinois is not a cheap place to buy acreages, but relative value can be found if one is willing to hump a little bit. No one could really see the potential in this place, too many people want to buy a turn key nicey nicey place, but I'll bet if I was of the mind to, I could flip this place in 3 years for nearly double the money.....

MELOC · #22 10/27/06, 09:09 PM

i just never realized there were so many people homesteading on 3/4 of an acre in a dense development of $400,000+ homes...my bad.

Beeman · #23 10/27/06, 09:28 PM

Quote:

Originally Posted by hillsidedigger

Storms are often most intense right before they fizzle.

I think this is the case now with the real estate market in the remote parts of the Southern Appalachians.

Last Saturday, while working outdoors here on the place, I saw at least 200 helicopters flights (I think there were 4 helicopters, 2 coming and 2 going, all day, with a rapid turnaround) right overhead to shuttle buyers out to a new low hill, not mountains at all subdivision. It was a clear Saturday during leaf season, a lot of buyers showed up and the choppers flew the 10 miles from the sales office at the Interstate out to circle over the development and back, and right over me working outside. (They had to fly them in because, the roads are only promised to be built).

Acre lots for $300k. I wonder how many bought without setting foot on the ground. I also wonder, if, 3 years from now, they would be able to get $5,000 (about the actual current raw land value) for their $300k investment.

The night is darkest, right before the dawn, and I am hoping the Sun comes up soon and reveals the folly of spending such sums for worthless land (not truly worthless, if in fairly large tracts, unless you are surrounded by the likes of the sort of people who buy such places).

Funny, a couple of years ago, a wild-eyed developer told me the county right up the way, about 18,000 now, would have a population of a million in 20 years with Western North Carolina having 20 million people. He thought it was 'great'. If that even starts to come true, I am moving.

If your serious you better start packing your stuff cause it ain't stopping. I left almost 15 years ago as I saw what was coming. Unfortunately once again I missed out on making the big money with my real estate because I left too soon. All you have to do is visit Florida or Atlanta and you'll be visiting your soon to be neighbors.

spam4einstein · #24 10/27/06, 09:29 PM

Quote:

Originally Posted by hillsidedigger

Storms are often most intense right before they fizzle.

I think this is the case now with the real estate market in the remote parts of the Southern Appalachians.

Last Saturday, while working outdoors here on the place, I saw at least 200 helicopters flights (I think there were 4 helicopters, 2 coming and 2 going, all day, with a rapid turnaround) right overhead to shuttle buyers out to a new low hill, not mountains at all subdivision. It was a clear Saturday during leaf season, a lot of buyers showed up and the choppers flew the 10 miles from the sales office at the Interstate out to circle over the development and back, and right over me working outside. (They had to fly them in because, the roads are only promised to be built).

Acre lots for $300k. I wonder how many bought without setting foot on the ground. I also wonder, if, 3 years from now, they would be able to get $5,000 (about the actual current raw land value) for their $300k investment.

The night is darkest, right before the dawn, and I am hoping the Sun comes up soon and reveals the folly of spending such sums for worthless land (not truly worthless, if in fairly large tracts, unless you are surrounded by the likes of the sort of people who buy such places).

Funny, a couple of years ago, a wild-eyed developer told me the county right up the way, about 18,000 now, would have a population of a million in 20 years with Western North Carolina having 20 million people. He thought it was 'great'. If that even starts to come true, I am moving.

Interesting!
Here in far north GA in the mountains land is selling for about 25-35k an acre. In subdivisions here its starts at about 35k an acre up to 80k and up to 150k with the best views. Folks seem to pay about 30% more for subdivision land....I dont know why? But I dont see any $5k acre land at all, let alone being subdivided and sold for 300k. If so Ive got about 50k lying around to buy me 10 acres and turn it into $3,000,000!

I defiantely dont see it droping here at all. Its mostly wealthy early 60's baby boomers coming here and they are just the very first wave of them. With all the gov. land, there is a limited supply and 50k an acre is a joke for the average buyer coming here who are used to paying 100k and up for a acre or "lot".

GrannyCarol · #25 10/27/06, 11:00 PM

Quote:

Originally Posted by kenuchelover

....and where the insurance companies pass the cost onto (everybody living in safer areas, perchance?)....

I can tell you that... I live in a small town in decidely rural Eastern Washington. This is an area with an average annual rainful of about 12" of precip. Yes, folks, it is semi desert! It is farmed as dry land wheat - they crop it every other year to let the soils build a little moisture.

Admittedly this town is in a lower spot, but there is NO running stream or river in town, just a well maintained drainage canal that runs for a couple of days every spring. FEMA says we are a "flood zone" with a 1 in 100 year chance of flooding.

When we moved here, we could get private flood insurance (necessary for the mortgage company, because it is designated "flood zone" by the gov't) for about $300 a year. Last year we paid over $1000 a year to FEMA! That is the only flood insurance we can get to satisfy our mortgage now - a few years back all the private insurers just disappeared. This year our flood insurance is $1500! Also, one of my friends, up on the hill, said that they too are required to have flood insurance, it is also rated a "flood zone". Folks, if THAT floods, there won't be anyone here to pay it off! Also, it says that flood insurance is priced on how likely a place is to flood - I'd sure hate to live where a flood is possible!

The way I look at it, and I am NOT happy about this, is that it is a backdoor way to raise our taxes to pay for floods in zones where you can't get insurance, because they know its going to flood.

~ Carol

MrPG · #26 10/28/06, 12:38 AM

If you want to stop it, or at least slow it down, require that any new, single home construction be done on lots of say, 2 acres minimum size.

This will keep down the number of homes that can be built substantially. And if someone is going to cough up the huge dollars for a 2 acre homesite, plus new construction, they are certainly going to leave a lot of trees around and also, will want things to remain quiet.

oz in SC · #27 10/28/06, 09:44 AM

The solution to these developments is for people who own the land to NOT sell it....if no-one sold the land it couldn't be developed.

Or of course if it is for sael you could buy it and keep it 'pristine'....

Quinton · #28 10/30/06, 05:59 PM

Quote:

Originally Posted by oz in SC

The solution to these developments is for people who own the land to NOT sell it....if no-one sold the land it couldn't be developed.

Or of course if it is for sael you could buy it and keep it 'pristine'....

Just bought a place "down the mountains" here in NC. 13 acres for 109,000.

I keep praying the locals do NOT sell out all the "high places" and keep them in the family. But they won't when someone shows up at their doorstop, unafraid of the 12 guages, and plops 2 million dollars for 100 acres

To stop is to buy it yourself!! Because money talks and all other things walk!

oz in SC · #29 10/30/06, 06:07 PM

Quote:

Originally Posted by Quinton

Just bought a place "down the mountains" here in NC. 13 acres for 109,000.

I keep praying the locals do NOT sell out all the "high places" and keep them in the family. But they won't when someone shows up at their doorstop, unafraid of the 12 guages, and plops 2 million dollars for 100 acres

To stop is to buy it yourself!! Because money talks and all other things walk!

We bought 17 acres in WNC for $45,000 less than three years ago....I hope our land has appreciated that much.

Where in NC did you buy?

hillsidedigger · #30 10/30/06, 06:21 PM

I recently heard of $6 million paid for a 300 acre (hollar and foothills) inholding within an 8,000 acre development in Wilkes County.

What about the owners of the not quite 1,000 acres at Chimney Rock who are asking the state of North Carolina (or anyone else who has it) $55 million when the adjoining 1600 acre 'Edge of the World (where the final scenes of the 1991 'Last of the Mohicans' was filmed)' tract went to the state just last year for only $16 million? $10,000 per acre to over $55,000 per acre appreciation by comparables just in one year, for large tracts.

Darn it, the state or the feds should have bought all that land when it could have been had for nothin'.

Terrco · #31 10/30/06, 06:23 PM

GEE WHIZZZ

Why do they have to fly a helicopter? I'll get them a Lear Jet for buying my $300,000 per 1/3 acre lots. A little math:
$300K
X 15 1/3 acre lots
$4,500,000.00 million
- 25,000.00 Lear jet rental
Oh yeah!

hillsidedigger · #32 10/30/06, 06:36 PM

Helicopters can take off and land from a small field across the street from the sales office. Sounds mighty safe to me (not really).

Westwood · #33 10/30/06, 08:14 PM

Sad, really sad. At one time this board was inhabited by homesteaders. Now it seems it's infested with profiteers.

oz in SC · #34 10/30/06, 08:19 PM

Do homesteaders not believe in capitalism?

MELOC · #35 10/30/06, 08:39 PM

ok honey, i am going out to the back 1/4 to check on the wheat plant.

Quinton · #36 11/02/06, 05:43 PM

Quote:

Originally Posted by oz in SC

We bought 17 acres in WNC for $45,000 less than three years ago....I hope our land has appreciated that much.

Where in NC did you buy?

In Wilkes County, where the 6 million place is being built up with $500,000 + homes about 20 minutes from my land. (oops the banks land

Buy it fast if you want to save it!