Rural Land Prices -- Post 9/11

[rancar]

This is a follow-up to the thread on Where To Live -- Suggestions Please. I'm amazed at the prices that were quoted. I live in Cambridge, New York (35 mi NE of Albany, state capital) and have noticed land prices creeping higher especially post-9/11. Rural acreage here was generally $500-4,000/acre depending upon size of parcel. Anecdotal evidence post 9/11 seems to indicate these prices steadily rising.

Does anyone else see this happening? If so, where do you live and what/where do you see happening re: similar price increases?

 

[cowboydoc]

If anything our land prices are going down right now. Nothing is selling. With farm prices way down and no end in sight and the economy going down real estate sales here have halted and prices are going down to get stuff sold.

 

[BXmark]

A farmer's son here in S.W. Ohio just paid $128,000 for 12 acres so he could have a small patch to start farming himself. 114 acres down the road with a delapidated house and outbuildings is listed for 1.2 million. No cheap land aro und here.

 

[cedarranch]

Prices are about the same around here - AL
But what those prices are depends on the area.
I see anywhere from 1500 to 15000 per acre. In my area it is hard to afford just land. You have to find one with a house.
example.
40 acres in rural area $135k to $200k
financing for 10 yrs max with 20%dn @9.5%
40 acres with house, barn, fenced pasture $179,900
financing for 30 years with 5%dn @7%

 

[BB_TX]

Around here (n tex) land that is still rural but in the path of anticipated urban growth goes for over $10k/ac. Land 30-40 miles away and out of that path may be under $1k/ac. Or, you can go to far west tx and find land under $500/ac, but not much but wide open spaces out there.

 

[smilingreen]

We just purchased 18 acres for $2600.00/acre in middle TN. We bought the acerage at auction in the end of Oct. Otherwise, land is going between $3000 and $5000 an acre. Too expensive for my blood.

 

[woodmills1]

i think i got pretty lucky but in 1993 i bought 60 acres here in southern NH for $72,000 but it was land locked. in 1999 i bought 21 acres in front of it with a 50' wide 300' driveway strip to a street for $62,000. last summer my wife and i bought the 4 acres next to the driveway with 240' of road frontage and an older huge house for $217,000. the total assessed value, with the land at 50% valuation, is $685,000. so we are cash broke but land rich.

 

[PaulinSD]

Three months ago, my wife and I bought 10 acres for $47,500, which out here is considered a steal. We have changed our plans to build, and are in the process of purchasing a large home on 7 acres with a 60x60 Morton building. We will list the 10 acres for sale shortly, after we close on the 7 acre home, and price it at $69,500, which is average price per acre. Realtor claims he can have it sold in 3 months. The property is 7 miles from town.

In town residential lots/homes is not slowing down. The mild winter has allowed continued building. it's unreal to see the amount of houses being built, and price range is no problem. Starter homes (3br/1ba) are $125,000 and up to the largest home built last year, a 9000 sf home that sold for $950,000. We see nothing slowing down, and this year will be close to a record year in home construction.

Paul

 

[JJT]

I'm about 3 hours north west of New York City and there has been a recent influx of city folks, (moving out of NYC after 9/11). They are paying ungodly prices, without a second thought, (ungodly for the locals, bargains for the newcomers). There is a ripple effect - local assessments will be skewed due to a few high priced/over priced home sales. It only takes a few of these sales to totally derail property assessments. I'm guessing less than 20 houses a year are sold in my town, if 3 - 4 of these are over priced sales to deep pocketed city folks, future assessments go up because they are based on sales experience.

 

[GlueGuy]

The prices in CA are all over the map. The closer you get to a desirable area, the higher it gets. Conversely, you can still find rural property in many areas for $1K or $2K per acre. In Silicon Valley, I'm told that raw land (which is very rare these days), can be $1.2 million per acre for residential, much higher for commercial. Last year one 11 acre property sold in Woodside for $51 million.

Prices did get soft around here for 6 or 8 months. Prices lately have firmed up quite a bit. I don't see the wild value increases that were happening a year or two ago, but they are not going down any more. More telling, really high priced properties (over a $1 million), have started selling again. Last week's real estate listing had several going for $2 million to $5 million.

Way outa my price range.