So..what's an acre go for in your area?

[KaiB]

Its interesting that, so far, only one comment reflects the fact that no ag application could service the cost of the land.

We are selling our 160 acres, at the price its listed it will only be attractive to non-farmers. When we purchased, the cost was marginal at a support level.

In the little corner of IA where we will migrate, ag land has become dear due to speculation of $4 corn.

 

[Harvster]

Its hard to say but not too far away (on the same island) and somewhere in the hamptons someone bought a 40 acre estate for $103 million. now Thats a lot of sheckles I think it was the highest ever paid for a residence in the country....

It wasn't a residence. It was just the land. Double .

 

[QueBota]

One acre lots are rare around here, planning codes prohibit new construction on lots of less than 20 acres, although there are quite a few parcels that were divided before the restrictions and others grandfathered in due to family subdivision or some agricultural excemptions.

Most common building lot available these days is approx. 3 acres for around 400 to 600K depending on location and topography. This area is about 30 miles east of DC and about 20 miles south of Annapolis, MD. I couldn't afford to buy my place today. My yearly tax bill is higher than the mortgage for the year on my first house.

Dave

 

[ducati996]

It wasn't a residence. It was just the land. Double .

103 Million Dollar Home Sale in East Hampton Sets Record For Residential Real Estate
May 25th, 2007 ·

Rumors are circulating out of East Hampton, New York that a property on the exclusive Further Lane has sold for $103 million dollars. The home and property were bought by Ron Baron, founder of Baron Capital Management. If the story is true (later confirmed to be) the 103 million dollar price tag is a record for a residential sale in the United States.

 

[TexasSD]

Our appraisal two years ago was 9800/acre for 20 acres in Parker County. That was before most of the gas wells went in. I'm betting that wouldn't touch an acre around here now.

 

[txdon]

$3,500 -$4,000 but I'm not telling where.

 

[randy41]

103 Million Dollar Home Sale in East Hampton Sets Record For Residential Real Estate
May 25th, 2007 ·

Rumors are circulating out of East Hampton, New York that a property on the exclusive Further Lane has sold for $103 million dollars. The home and property were bought by Ron Baron, founder of Baron Capital Management. If the story is true (later confirmed to be) the 103 million dollar price tag is a record for a residential sale in the United States.

ha! now he can deal with the traffic on the LIE

 

[Dargo]

In the southern part of Indiana and north western part of Kentucky a person used to be able to buy large parcels of old coal mine property for around $600 to $800 an acre. That was a few years ago. Now they have found that quite a few people like rolling topography and wildlife in secluded areas. Now I'm seeing half a million dollar houses springing up on large old coal mine property. One of my best friends has a 6000 sq. ft. house and his front yard is shale! Well, not exactly, but I can clearly see it has been mined. As long as there is easy road access and electricity available it appears that even that type of property now starts at $2000 to $2500 an acre.

When I mentioned my shock about that to a few people they pointed out that most of the city where I live has been either strip or underground mined. The same people who claim that they'd never buy "junk" strip mine land have their house sitting right on top of old underground mines and are seeing giant sink holes appear around them. Based on that, I think (if given the choice) I'd probably prefer the rolling strip mine areas to an area that looks fine but may develop instant lakes at any given time.

Since I own the mineral rights to the property where my house sits and the family I bought it from never sold any mineral rights, I assume my property has never been mined. The family I bought the land from was in their 90's 20 years ago when I bought it from them. What's more interesting is that that family had inherited the land from their grandparents who had acquired the land from the U.S. Government. Hey, my property was a one owner when I bought it. Anyway, I was able to look up the areas where I live and see where underground mining has taken place. According to the maps, the closest underground mine stopped about 1/2 a mile away from me; but includes the entire downtown area of the town. Even more surprising is that most of the area under the Ohio river has also been mined in this area!

This thread had me thinking about looking for more land for investment purposes. However, it seems that there is not any "cheap" land anywhere close to me any longer. Even bottom land that floods from the Ohio every winter goes for over $3000 an acre and it's only good for farming. To put a house there you'd have to put it on 25' stilts and have a good boat! I'm glad I bought the land I own when I did. It looks like what I have is what I'll keep. If I sell of a hundred acres or so for what I'd consider a tidy profit it could end up being a huge mistake.

 

[HappyCPE]

Randy, you got money like that, you got your own helicopter....

In my 'hood buildable lots, if you can find one, are $300,000 and up. If you're lucky you can pay $250k for a smaller grandfathered lot of 2 acres or so, but most of the properties are 4-7 acres. DEP regulations, septic systems, high affordable housing assesments, rollback taxes, the Highlands Act and zoning have pretty much killed off new home construction in NJ. The COAH affordable housing assesment in my town is around $64,000 so if I wanted to build another home on my property then I would have to pay that hidden tax.

If you already have a farm, and are enrolling in a preservation program [funding is mostly all spent for that in NJ] then they will pay you $10,000 to $12,500 per acre. Similarly, if you are buying a protected property the price is the same. Someone won a municipal auction for 40 acres in Franklin Township for the low $400's recently. Nice land too.... wish I had the money.

Can someone tell me why land in central NY state is so inexpensive? Like $1000-2000 an acre, $500 around Fort Drum?

 

[schmism]

my 4.8 acers including the front 3acer hay feild (could be tillable for something small)
with 32x60 pole barn and utilies (city water etc) cost me $53,000

the bank apraised it land only.... we figured 8-10K per acer.

Down the road a guy is selling 7.5 acers of corn feild and some woods (no utilies) for $45,000

word has it productive tillable ground in my neck of the woods is 5K (ish) per acer.

My wife does engineering for subdivision development. an avg 2 acer subdivision lot (septic system lot) goes for about 60-100K lot only.