Real estate General topic

[paulsharvey]

Very nearly started a Rural politics development-infrastructure thread, but thought better of it. Had a County Commission candidate stop by today, and got to talking with him about some of this. Probably better to not

 

[paulsharvey]

So, got an update. The last property we toured, they contacted our agent and asked if we were still interested. 6.7% drop off asking price, and they will pay for the survey.

Wife really likes this one, I like it well enough, and logically, it checks our boxes. I know some people get excited by the process of buying a house/property. I wouldn't call myself excited, more just ready to get it done.

I know there is a lot of mixed talk about a real estate crash, or maybe not, with high inflation. I dont really know which direction it's going, and it could be a good one bad move, but you can't just sit on the fence forever.

It's going to be uncomfortable, till we sell our current home, but after that, it will be less scary.

 

[ultrarunner]

So, got an update. The last property we toured, they contacted our agent and asked if we were still interested. 6.7% drop off asking price, and they will pay for the survey.

Wife really likes this one, I like it well enough, and logically, it checks our boxes. I know some people get excited by the process of buying a house/property. I wouldn't call myself excited, more just ready to get it done.

I know there is a lot of mixed talk about a real estate crash, or maybe not, with high inflation. I dont really know which direction it's going, and it could be a good one bad move, but you can't just sit on the fence forever.

It's going to be uncomfortable, till we sell our current home, but after that, it will be less scary.

It only has to make sense for you and if values drop some it shouldn’t be a concern unless you need to sell.

Sounds like you still have outs such as approval of the survey.

 

[plowhog]

I know there is a lot of mixed talk about a real estate crash, or maybe not, with high inflation.

I've bought real estate and paid high, paid low, bought in rising markets and falling ones.

One property I bought sold for $3,000 less than what I paid. It was the odd duck in the bunch and if I had held it the property would be worth 3x or 4x now compared to what I paid.

All the others were substantially above what I paid. It's a stable long term investment.

 

[ericm979]

If you accept their counter I hope everything goes smoothly and the property's better than you expected.

 

[paulsharvey]

Working on getting everything situated, but it's crazy how much has to get done within 3 days, and 7 days; and then the 30 day close.

There could be a hiccup; mortage company questions; "is there any cracking or settling?"
The back porch, which is a pole supported roof, with a poured concrete floor Does have cracking. Now, it's not part of the home foundation, but I figure it's better to answer completely honestly.

 

[paulsharvey]

On a related topic; we are thinking about getting 2 weened, banded steers, not immediately.

Also, did a drive by with 2 out of 3 of the kids (we didn't think it was a good idea to take them to a showing), and discussed plans. The big one for me and also son, shop space. I told him, I don't want to do another rigged up, half butt shop, But at the same time, money is gonna be tight for a while. I'm considering a temp or semi perm carport type structure; until we have time and money to make a proper building a priority.

 

[paulsharvey]

On the Tractor theme; I very well might end up (fairly soon), getting a 5 ft bushhog or possibly a 6 ft, and turning up the fuel on the Kioti CK2610. The reports/videos/ect I've seen, suggest you can get a full 35hp when turned up, engine HP. So, that's realistically, 24-26hp at PTO.

I'm going to skip the grapple and 3rd function, but may pick up a set of proper forks. There is going to be a lot of work that needs done.

Also, existing home; it's going to take a lot of work to get ready to list. Outside, several dead trees, about 60 cy of fill need spread, and literal tons of scrap metal.

 

[paulsharvey]

Looks like a CK3510 has 29.7pto HP with a HST, which is higher than I expected; that should run a 72" bushhog.

 

[Jstpssng]

So, I drew a picture, cause I'm not good with words. Parent parcel was divided into A, B, C, D, and E. All parcels, plus the large forestry track behind have access across Parcel-D. Parcel-A has the home, and Parcel-B was included in original sale ad. Parcel-C is owned by an absentee owner in Philly. Parcel D and E are owned by same person, who lives on E, and runs a small grape and cattle operation.

So if I could get A+B, there would still be two easments, one going to the large forestry tract, and one to the small cattle operation. The cattle operation has better access across is own Parcel, but easement remains, so, it's unused, but legally still there. Parcel B has access across A, as well as the large forestry track. The ones along the property lines aren't ideal; but frankly, not a huge concern. The one right down the Center of Parcel A, going to B, however would be a major concern.

I think I messed sketch up, forestry track only has access along the eastern propety line. Only B has the one right down center of A.View attachment 879213

Is this the property which you decided on?

 

[wawajake]

Up here in Canada ( Ontario) it is becoming common practice for real estate agents to list the houses lower than expected , to develop a bidding war that brings sell price many many thousands over the listed price.....and they hold the opening of bids and do all at once sometimes.......I find the practices sleazy and makes it very difficult to shop for house, when you have to guess how much over the bids might go. Sort of like shopping for a car but you have to ignore the window sticker price.....it's just not right. Price the house at proffesional assessed value and open offers when they are given. Counter bid and come to a ultimate agreement on price and inclusions. Seems it was fair for 100 years why not now.

 

[paulsharvey]

Is this the property which you decided on?

No. We are under contact on the narrow piece with a small lake/pond at the southern end.

 

[paulsharvey]

Up here in Canada ( Ontario) it is becoming common practice for real estate agents to list the houses lower than expected , to develop a bidding war that brings sell price many many thousands over the listed price.....and they hold the opening of bids and do all at once sometimes.......I find the practices sleazy and makes it very difficult to shop for house, when you have to guess how much over the bids might go. Sort of like shopping for a car but you have to ignore the window sticker price.....it's just not right. Price the house at proffesional assessed value and open offers when they are given. Counter bid and come to a ultimate agreement on price and inclusions. Seems it was fair for 100 years why not now.

So, the only way I understand the over asking price stuff is if you want something that isn't included. Had a coworker/friend, in a more desirable area, when he sold his house, they buyer offered like $20k over (it was like $799k or so), but they wanted him to leave the outdoor furniture, a dinning room table, and of all things, some potted plants.

I just don't get the concept of offering More than asking, for anything normal. Sure, I can see, I'll offer $10k over, but it must close in 30 days or something, or we will go +25k, but i want the tractor or whatever. Are there really people opening full price offers, and saying "hmm, maybe we should wait and see what else comes in".

 

[paulsharvey]

Is this the property which you decided on?

This one

 

[paulsharvey]

So, I was watching something on YouTube, one of these rural land/homestead folks (BTW, I told wife, I kinda hate a lot of the 'Homestead' channels and talk, but I watch some for ideas) that the average 'homestead/hobby farm/lifestyle property' sells on average every 5 years. He explained, year 1 and 2, honey moon period, year 3-dang this is a lot like work, and costs a lot; year 4-they consider moving to smaller/more 'domesticated' neighborhood, year-5: they take a loss and leave cause they can't take it anymore.

I grew up on acreage, and all; but a lot of people romanticize it, and don't understand the negatives that go with it.

 

[ericm979]

Over asking is a thing if it's a desireable house in a hot market. Of course it depends on how the property is priced. The last house we sold, the realtor deliberately priced it a bit low to make sure people saw it, then told prospective buyers we were accepting offers on day X and there would be multiple bidders. We got about 15 offers. We ended up accepting the highest offer which was well over asking and a good amount more than we thought we'd get in the best case. It wasn't an expensive fancy house, just a decent house in a decent suburban neighborhood in the SF bay area.

But I don't see this happening for rural property often, if ever. The buyer pool is a lot smaller and the properties are much more varied, so there are way fewer buyers for a given property.

 

[Jstpssng]

Wh

This oneView attachment 881267

What is it, about 14 acres? This looks a bit more desirable than the tract I mentioned above, and a lot fewer issues. Is the abutting water body of pretty good size?

 

[paulsharvey]

Wh

What is it, about 14 acres? This looks a bit more desirable than the tract I mentioned above, and a lot fewer issues. Is the abutting water body of pretty good size?

It's like 12.5 acres to 13.5, depending on if you count the road on the west, that this property owns to the centerline, as well as the submerged lands. The water body is small, about 5.5 acres total, bur kinda split, looks like a peanut, with a longer, narrower southern section of 3 acres and a northern, roundish 2.5 acres with a narrow section connecting the two, which has been on/off dry during major droughts over last 10-15 years, but appear to be underwater 85% of the time.

There are 2 utility easements, one running the length of the eastern property line, and one running from the road across the property, east to west, towards the southern end of the property.

The shape is not 100% perfect, and I dont really like the fact it's almost two properties, connected by a narrow piece od woods in the middle; but I think it will fit our needs, and most of our wants.

This whole process has been a bit of a tight rope walk, between my demands, wife's demands, school zoning, and budget.

 

[ultrarunner]

Do neighbors have any rights to access the property?

Can you utilize the lake in anyway... water source, canoe, etc.?

Looks like it could be very scenic... but many abutting properties.

 

[paulsharvey]

Do neighbors have any rights to access the property?

Can you utilize the lake in anyway... water source, canoe, etc.?

Looks like it could be very scenic... but many abutting properties.

No access across this property. The water, I would have to do digging on FLa rules about either pumping or animals watering directly from an open water source. Other than that, yes, free use.

Well; when I say no acess... the roadway on the western edge is an easement, each property gives up 33ft to create the road. IMO, I view that as not part of the property.