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Real Estate Value?

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Spook

08-11-2007 08:07:48




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I have been looking for property here in Michigan. I am told by real estate people that values are lower now than in 2000. How are things going in your area? Do you see values going further down? What do you think this means long term?




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730virgil

08-12-2007 15:25:45




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 Re: Real Estate Value? in reply to Spook, 08-11-2007 08:07:48  
country property seems to be selling well depending on price and if seller is willing to deal. lots of the sellers don"t have to sell and won"t move much on what they want. we have lots of people are still moving out here from chicago area. if they are farmers they have been pushed out by urbanization or have high dollar jobs and want a weekend getaway. we are in stephenson co. il



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rrlund

08-12-2007 09:22:17




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 Re: Real Estate Value? in reply to Spook, 08-11-2007 08:07:48  
I'm going to get in trouble for saying this. I'm chairman of a township board of review here in the county with about the highest unemployment rate in Michigan. For all intent and purposes,the development value of this land is GONE. It's worth what it's worth to farm or log. We lowered farm land assesments by $100 per acre last year,expect we'll have to do that again or more so this year.Speaking for myself,I stopped buying farm land when the price went over $1000 per acre years ago. You just can't pay for it farming it if you have to pay anymore than that. So as long as it stays higher than that, I personally haven't lost anything. I don't know where the bottom is,but I don't think we are anywhere near it yet. I was just thinking this morning about all of the farmsteads that used to exist,that have center pivots running over them now where the buildings used to be. We can do it with plenty more buildings and convert this state back to farm land.I heard it said once about California,it doesn't take that many people to load the ships,cut the trees and farm the central valley,the rest of those people have no business being there. That's Michigan to a T. Manufacturing started here because of the rivers for power and transportation,but take a look at the map. We are sorrounded by water,everything has to come in or out from the south,the rail roads are nearly gone,we're backed up against Canada,not an ideal location to locate a new business. So how low will land values go? Lower than they are now,no doubt about it.

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Ray

08-12-2007 12:16:36




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 Re: Real Estate Value? in reply to rrlund, 08-12-2007 09:22:17  
I still see farm ground selling in ohio for
$4000 to $6000 per acre and guys fighting over it.



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rrlund

08-12-2007 12:30:03




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 Re: Real Estate Value? in reply to Ray, 08-12-2007 12:16:36  
We're down to $2200 assesed around here,actual cash if you needed to make a quick sale,more like $1700.BUT,to be truthful,some of it is such poor ground it won't cash flow at $400. There is some ground next to one of my 60s that a guy bought on a land contract 20 years or so ago on a land contract for $400 an acre and he lost it. It's not like there is more profit in farming now than there was then. You really have to be particular about what you buy here. As I said,there is no development value in it,so unless you have some irrational fantasy that things are going to improve in Michigan,it's not a good investment.

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J.C. IN AZ.

08-12-2007 08:34:54




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 Re: Real Estate Value? in reply to Spook, 08-11-2007 08:07:48  
Here near Phoenix Az. big Developments still show building activity but slower than the last 3 years while individual contractors building for Home owners are very busy. A lot of factors entering into the slow down in Housing Construction right now and the #1 Factor seems to be Financing. Too many Speculators coming on the "No Money Down" wagon in the last 3 years and now are being foreclosed on has caused a glut of used Housing so New Housing is taking a hit. Also the Lenders are tightening up qualification so a lot of potential buyers are left out due to not having 20% of $350,000.00 for a down payment. The quoted figure seems to me to be a Benchmark for average Houseing as it is being built here now. Not many Slump Block or Adobe Block Houses are being built. I know of one Adobe block this past year. 12" Stem Wall Footers,4" Floating Pad. Plastic Sanitation in the under slab fill,"Green Wood" SPF Framing w/ roof Trusses,Maybe OSB Sidewall Sheeting and maybe not, One builder covers the Sidewals with 1/2" OSB Corner Bracing and 1"Foam for the rest of the Wall,Aluminum Slder Windows and $100.00 Ext. doors and they are ready for the Stucco Guys and most Paint is color added to the Ssssstucco or air less spray applied,Concrete Roof Tiles, Heat Punp/Ac and Plastic Water lines in the Attic.Interiors are Standard issue only the Wall Paint and Floor Covering can differentiate Houses, all this on a 95'X105" Lot[Maybe] Standard Utility hookup, Septic and Community Well is the norm,Oh, and a block Wall so you and your Neighbor can shout at each other instead of getting Physical, All this is in the area of $350,000.00 per unit. Builders are mostly Illegals and buyers seem to be mostly from Great Lakes States. West Coast People seem to be able to afford the 1 Million Dollar places.

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Gary in Mozarks

08-12-2007 07:08:51




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 Re: Real Estate Value? in reply to Spook, 08-11-2007 08:07:48  
with the closing of so many auto plants and the general bad economy in Michigan, Plus the fact that people are leaving in droves makes for lower property values, at least in the short term. I see a general movement south as a result



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havvey

08-11-2007 17:21:17




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 Re: Real Estate Value? in reply to Spook, 08-11-2007 08:07:48  
Here sales have stopped its got to be good and priced right. #2 Financing has tightened up. I have seen many of these slumps and highs in my life in more than real estate. My thoughts are it will turn around when?? Fads may change and what was hot may not be. Around here its remote camps they were hot in the 70's and 80's.



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noncompos

08-11-2007 09:42:02




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 Re: Real Estate Value? in reply to Spook, 08-11-2007 08:07:48  
Whether values are going down here in Portland, OR, depends on who you ask; if their place sold, values are holding up--if the place has been on the market for several months, they're not so sure.
And those are good questions, and a valid concern. Unfortunately, 99% of the people in real estate, construction, financing, landscaping. retailing furnishings, etc, etc, etc are all asking the same questions, and while lots of people have answers, no one knows who's answer is right. We'll just have to ride it out to see who guessed right (they'll call it skill, wisdom and experience, but it's still a guess).

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wayne2

08-11-2007 09:16:29




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 Re: Real Estate Value? in reply to Spook, 08-11-2007 08:07:48  
Here UPPER REACHES of Columbia River(stones throw) people can sit on 3k a acre but if you snoop around price drops w/timber!!!!



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wayne2

08-12-2007 07:01:20




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 Re: Real Estate Value? in reply to wayne2, 08-11-2007 09:16:29  
and thats for 20 acres!!! Realestaters!!



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