Land Locked Woods Value

toppop52 · May 14, 2013

Around here $14,000 per acre if it's remote and not good land, would be about right. I paid $60k per acre for some decent property and still came in under market due to the previous owner's confusion on county abutments.

Ken45101 · May 14, 2013

If the OP just wants it for recreational use, another possibility if the owner doesn't want to sell, would be to offer to lease it for your use. $1000/year would be cheaper for the OP and would be income the owner otherwise wouldn't have. Just a thought.

strum456 · May 14, 2013

toppop52 said:
Around here $14,000 per acre if it's remote and not good land, would be about right. I paid $60k per acre for some decent property and still came in under market due to the previous owner's confusion on county abutments.

A nice parcel of land in this area that would make a good home site brings around $5000 per acre. The larger the parcel, the less per acre they usually bring. In a fancy development, I'm sure it would be more. We are no where close to anything like that. It is not uncommon for land to go for under 1000 / acre around here.

I do know of one example where 10 acres sold for around 7000 / acre. It was a 10 acre field; a perfect home site with a fantastic view. The only property that I know of that might be comparable to the one I am looking at went for taxes (about $2600). Yes, I have all the zeros on that figure. This was a land locked 100 acre parcel that was logged in the same fashion as this one and it did not come with mineral rights.

The values range so wildly, I don't even know where to start.

toppop52 · May 14, 2013

strum456 said:
A nice parcel of land in this area that would make a good home site brings around $5000 per acre. The larger the parcel, the less per acre they usually bring. In a fancy development, I'm sure it would be more. We are no where close to anything like that. It is not uncommon for land to go for under 1000 / acre around here.

I do know of one example where 10 acres sold for around 7000 / acre. It was a 10 acre field; a perfect home site with a fantastic view. The only property that I know of that might be comparable to the one I am looking at went for taxes (about $2600). Yes, I have all the zeros on that figure. This was a land locked 100 acre parcel that was logged in the same fashion as this one and it did not come with mineral rights.

The values range so wildly, I don't even know where to start.

Mine is near the airport and good access to to roads and I have a creek in back, I wasn't trying to compare directly. Still around here there is not much $1000/acre property nowadays.

murphy1244 · May 14, 2013

Did he offer it up for sale or you thinking to make a offer out of the blue?

strum456 · May 14, 2013

The property is not currently on the market. It was recently inherited by the sister of the previous owner. The owners do not live locally and do not use the land.

Western · May 14, 2013

I think I would approach the owner and ask if they have a notion to sell and for what asking price. I dont think I would tell them You are the adjoining landowner until you have a solid $$ number, the price may get much higher if they know you have added incentive.

dave1949 · May 14, 2013

strum456 said:
The property is not currently on the market. It was recently inherited by the sister of the previous owner. The owners do not live locally and do not use the land.

I wonder if there is a way to find out what that parcel was valued at in the estate for probate purposes? From the sister's point of view, that may be what it is worth. I have no idea if probate records are public.

Carl_NH · May 14, 2013

Strum,

If they aren't from the area they might have a different view on the value and may want $50K or hopes of a gas lease eventually. Also they pay tax on the land, and probably got $$ when it was stripped of coal, so someone made some $ at some point.

I would look at this several ways. 1) What is your place worth with an additional 100Ac over what you have now. 2) The trees eventually will be timbered again - may 25-30 years, could be $30-50K there - just depends on your long term to leave that to family/kids. 3) is this property totally landlocked by you alone or are there other potential abutters that could buy it? You said it borders your farm so there may be more than 1-2 interested parties.

At the end of the day more land is always a good thing as a realtor once told me, so I see no down sides to making them a offer that you can live with (I would think $250/ac is a bargain today), but they may want to shop it around and drive up the price too.

Good luck and I would just call them up and ask if they are interested in selling and explain the two valuations you have and see where it goes.