Should I try to buy this farm by Barlows

[Diggin It]

OK, first off there are no Interstate Highways anywhere close. See the second picture, not enlarged. I-75 is the closest, running through London 30 miles to the east of Somerset. I-65 is to the west quite a ways. The two divided highways shown in the enlarged picture (top and left) are state roads and not limited access though they have some cloverleaf intersections.

Without looking at the listing, my guess is that the plot in question is the red box or similar. Barlows is in the orange box. As far as being parcelled out and providing access, I'll venture to that the two green areas and a pretty good indication of what is planned. Though it may also be a commercial park of some sort for small industry.

Many times these auctions are rigged to some degree. The fact that it was already parcelled out tells me some developer needs to buy it at auction to make it legal for some reason. Maybe a bank arranged the process.

 

[ruffdog]

"Without looking at the listing, my guess is that the plot in question is the red box or similar."

A person should look at the auction ad so they know which property is being sold.

 

[old and tired]

map was in a link: (not sure a PDF will work on TBN...)

View attachment document.pdf

 

[Diggin It]

Yeah, so I got roughly the right area. Included the plowed fields shown though since the OP said 'next to Barlows' and I don't know if they own those fields or not.

 

[Steppenwolfe]

Interesting ad for the auction, the land being all broke up into small parcels would lead me to believe that it will be going for commercial use or speculation.
Certainly not for ag use.

And now for a complaint, I never used to see this at auctions now it seems to be becoming more prevalent, a buyers premium in this case 10%.
When did this become so common and in this case so exorbitant?
So far I have been able to avoid any auction that charges this fee.

The farm property we just bought this January paid the realtors 10% as well. I didn't know this till closing and was shocked. My realtor, whom I called to show us the property, made 5% for a few hours work. I did all the leg work, made all the calls, but I'm not an agent, so she got low 5 figures ... ???? And the other agent who listed the property got low 5 figures; oh, it was on the market about 10 days when I came along.

 

[two_bit_score]

Did you buy it?

 

[JWR]

OK, first off there are no Interstate Highways anywhere close. See the second picture, not enlarged. I-75 is the closest, running through London 30 miles to the east of Somerset. I-65 is to the west quite a ways. The two divided highways shown in the enlarged picture (top and left) are state roads and not limited access though they have some cloverleaf intersections.

Without looking at the listing, my guess is that the plot in question is the red box or similar. Barlows is in the orange box. As far as being parcelled out and providing access, I'll venture to that the two green areas and a pretty good indication of what is planned. Though it may also be a commercial park of some sort for small industry.

Many times these auctions are rigged to some degree. The fact that it was already parcelled out tells me some developer needs to buy it at auction to make it legal for some reason. Maybe a bank arranged the process.

OK, Second Off, I was referring to a 4-lane divided highway as "Interstate" which struck me as adequate precision. It is 1 mile as the crow could fly from TWO four-lane divided highways. That kind of access is good for the value of property. Looking at the listing and posted photos shows the specific property outlined. The individual parcels that make up the 141 or so acre total provides any potential new owner an advantage, as I said, -- namely they do not have to beg the county to subdivide in case they choose to sell off some of those existing smaller parcels. The fact that it was 'already parceled out' tells me that it has been that way for eons, long prior to someone trying to sell that larger total. In fact, I'm guessing some investment dude got options to buy all those parcels,owns few or none of them, and then marketed the overall total on the idea of it being worth bigger bucks. If it sells he exercises his options. If not, he is out very little. But my speculation (or yours) is kind of moot. I want to hear what really happened...

 

[two_bit_score]

This farm is next door to Barlows which could cut down on delivery time and testing of equipment and quick visits to discuss trading and even learning about new Kubota/Landpride Equipment and even great used trade in and using no gas in my truck/car. Just hop the fence or cut a hole in fence and drive my RTV over. SHOULD I TRY TO BUY SOME OF THE FARM NEXT DOOR? Would it induce me to trade more often? Would this purchase rally save me money or cost me more money? It's this morning so need to know quick.........House, Barns & 141 Acres at Absolute Auction

.


Did you buy it?

 

[Diggin It]

Did you buy it?

Did you buy it?

Didn't attend the Auction but interested to find out if Steve Barlow or Mac Metal, across the Hwy, bought it.

.......

 

[JOHNTHOMAS]

:laughing::laughing::laughing: So far all of you have missed "The point".
I see as a former Real Estate Broker and Real Estate Educator for the University of Kentucky and Real Estate investor myself that some of you have some knowledge of Real Estate but lots of not so true info and opinions concerning Pulaski County Kentucky Real Estate Laws and Regulations and "Operating practices" which is OK and normal. I owned a Rental property with 21 residential rental units about 2 miles west of this property on this Hwy and sold it about 3 years ago when I "Retired" again. I currently own around 30 acres about 8 miles east of this property just off this same Hwy which has 5 across the road building lots and then my home site including a previous tower location. None of my home site is for sale and may or may not sell the across the street lots but probably not to maintain my distance from neighbors.
For one person that asked about age I'm knocking hard on 73 and have been involved in Real Estate in this area for over 40 years and did a few Subdivisions at different levels of ownership and Broker for others and still do some Real Estate Consulting but out of the personal ownership/large debt obligations aspect now, well, probably if one can ever get out of the Real Estate business.
My 29 purchases and trades with Barlows over the last 16 years was the key issue which most of you that replied didn't know or didn't remember my addiction issue with Orange. :cool2: