Land Prices Shock!!!

Discussion in 'Homesteading Questions' started by texican, Jun 16, 2006.

  1. texican

    texican Well-Known Member

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    I mentioned on HT last year about buying some of my sisters land that adjoins mine... My other sister has decided to sell her 27 acres. I told her I could only give her 1K, as it's not really even worth that. She wanted 2K. No hard feelings. She wanted to sell so they could build another home, and live in their current one in the meantime, then sell that one.

    She had a realtor come out last week, and the realtor decided to list it at 8500$/acre!!!! The agent said since it was adjoining land that was going for 50K, it's a steal.

    And this is small diameter pine plantation, 75% hills....

    Makes me wonder what mine would bring, if I sold it... my place adjoins the millionaires, plus I have a private lake, old growth forest, and a meadow long enough for small planes to land on... Was told several years after my lake filled in that I could get 70K/acre if I subdivided.... But seeing as I don't particularly like neighbors of any ilk...

    Not that I'd sell...

    If I sold, where would I go?

    If land prices are as outrageous as I've read about!!!

    If you could get what you wanted for your place, where would you Move To???
     
  2. frazzlehead

    frazzlehead AppleJackCreek Supporter

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    Land prices here are going through the roof. It's gone crazy in the past year or two - if I hadn't sold my city house when I did, I'd not have been able to afford the land + house package I have now. Some of my coworkers are getting married and buying/building - one of them showed me the pictures of the house he and his fiance just bought: an old house, will need a new roof, new electrical wiring, and a bunch of insulation added ... it's in an older area near downtown in the city ... on a tiny lot ... and it will cost them about the same as what I paid for my 6 acres and house package and well and solar power system and septic tank and field! It's just amazing.

    I can't imagine selling, though - I just got here, my house isn't even done, but this is where I want to stay for always. I hope I get lucky enough to do it!
     

  3. jnap31

    jnap31 garden guy

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    Someplace where their are not as many droughts perhaps?I can think of lots of places with cheaper land to go to we have threads all the time on the subject though of course the cheaper places are getting harder to find.
     
  4. donsgal

    donsgal Nohoa Homestead

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    The realtor has only their commission in mind. They would sell the land for $15,000 an acre if they thought they could get people to fall for it. It is the reason that land prices have risen so dramatically - (that and people's greed).

    Please encourage your sister to seel the property FSBO (For Sale By Owner) to help keep land prices from skyrocketing even more insanely. It's not that hard to do, believe me.

    donsgal
    realtor, believe it or not.
     
  5. Tango

    Tango Well-Known Member

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    I sold at $35K for 1.25 acre parecels in south central Florida. It wasn't worth that but that is what the market price was. Didn't want to leave but the "neighborhood" started to fill up and it was a disaster on weekends with all the recreational use. I moved to TN where I purchased 10x what I had in Florida for cash with my sale proceeds. My biggest hurt was seeing the beautiful Kissimmee Prairie fauna driven to extinction by construction, callousness, and poaching :(
     
  6. NCGirl

    NCGirl Well-Known Member

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    I live somewhat "in the Country" still though in the last year there have been over 400 homesites developed within a couple of miles from me. I could get somewhere in the neigborhood of half a million right now.... But, No I am staying put for now. But when the outer-loop comes thru here in about 10 years it will at least double the value of the land. And yes, sad to say I will be selling. I know already that the 2 neighbors connecting me will be selling out to developers and I will be completely surrounded by those dag-gone subdivisions then. :Bawling: I will move somewhere much more remote where land is cheaper and neighbors are few.
     
  7. Bruce in NE

    Bruce in NE Well-Known Member

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    I just sold 11.5 acres for $50K, but it had a quarter mile of river frontage.

    If I sold out here I would move to North Dakota. You can still buy land for around $500/acre there. Global warming will moderate the winters there, I believe.
     
  8. FrankTheTank

    FrankTheTank Well-Known Member

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    Local paper has 25acres for 48K right now. Looks like decent land on Terraserver and not that far from cities (30min-45min).

    If the fed keeps raising rates and foreign buyers don't show up to buy are debt, then mortgage rates will have to rise. This should apply pressure on prices downward.

    60acres for 18K like we paid in early 90's??? Not likely!
     
  9. chris30523

    chris30523 Well-Known Member

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    In our corner of N.E. GA. land prices go for 20K per acre and up.There is growth all around.People have not seemed to mind the high prices.They just keep buying and building these huge houses.I paid 12k 3 years ago.I can't believe the growth in just a few years...My 30 acres is just outside the city limits and in the last year there have been 3 huge houses built on (as close as they could get) the property line.I don't know where we would go.My husband was born and raised here,my kids are here...
     
  10. Lizza

    Lizza Well-Known Member Supporter

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    We are thinking about selling and taking the cash to buy something outright in a less populated part of Oregon. That is IF we can get a decent price for our place here. We won't sell unless we can buy a lot more land for cash.
     
  11. whiterock

    whiterock Well-Known Member Supporter

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    small parcels across the road for me went for $25,000/acre 10 years ago.
    lots bring that much close by. when the city gets around to annexing my place someone is going to pay dearly for it as I won't be able to afford the taxes
     
  12. iocane

    iocane Active Member

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    Land prices are being driven up by speculation. Even big investment companies are going around buying up small individual properties just as a investment. Plus one of the goals of those in land planning is to raise property values, so their is a larger tax base. I took a landplanning class, that is what the training was. Anyway it will just keep going up like a pyramid scheme till it can't go up no more. Same thing happenned in Japan and caused all sorts of trouble. A lot of loans couldn't be payed back to banks there. So thats why all the talk in the news about housing prices. All the money people are trying to figure out if they should keep buying land, or get out. The end to the speculative pricing could be next month. Could be decades from now. Real estate speculation works over much longer timespans then for example stock speculation.
     
  13. snoozy

    snoozy Well-Known Member Supporter

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    On my road, 3-5 acres lots are going for $300K. I bought my 5 acres 8 years ago for $62.5K -- and that was the high end of fair at the time. So prices are 5x higher than they were. :eek:
     
  14. mightybooboo

    mightybooboo Well-Known Member

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    No inflation...move along....nothing to see here......

    BooBoo
     
  15. moonwolf

    moonwolf Well-Known Member

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    texican,
    I'm not really surprised for the land demand since the baby boomer generation that is coming into retirement with built up 'spending power' will consume land for recreation or 'lifestyle' value as they would purchase vacations, ship cruises or anything else that will dispose their earned income that they 'can't take with them' when they die. I bet anything that is the demographic driving the prices up. Simple fact. Demand vs. supply. Population dynamics (large group wanting the same things). You can't really move anywhere that property values are not going up, or going to go up eventurally. :shrug:
     
  16. texican

    texican Well-Known Member

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    Moonwolf,
    I just get the 'fever' every now and again, it always passes. It took a death in the family for me to get over a lifelong case of 'mountain sickness'! All I have to do to get over the current 'fever' is to go up to my water hole, sit on the meditation boulder, and after awhile, the madness passes... knowing it'd be hard to find something better...
     
  17. Oilpatch197

    Oilpatch197 Well-Known Member

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    :flame: I can't wait until the Land prices fall, I'm offering $2k/acre, TOPS. :flame:
     
  18. Spinner

    Spinner Well-Known Member

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    It's going up everywhere. I didn't think it would hit my area but it did. The place down the road from me sold 3 years ago for 28k is now on the market for 128k. Unbelievable!

    If I could sell out here, I think I'd probably go overseas, maybe Australia or New Zealand. I have friends there who love the life, but they say prices over there are skyrocketing too.

    I might as well stay where I am.
     
  19. Alice In TX/MO

    Alice In TX/MO More dharma, less drama. Supporter

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    Texican,
    My question is whether she will get that price. She can ask whatever she wants, but what is land in that area going for in the real world market?

    I've bought some land in the Ozarks recently for the $1000 an acre range. There's some logged over land going for $650 an acre near me, but it's not pretty land.

    Land near my place in south Texas (farther down Highway 59 than Carthage) goes for about $2000 an acre.

    Rose
     
  20. susieM

    susieM Well-Known Member

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    I'd go back home, to Hawaii.