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Implement Alley Discussion Forum

OT: Land sale

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Lance R.

08-09-2006 12:22:37

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Well, It's hard to get 8 sibblings to agree on what to do with the family farm. Six voted to sell and my brother and I decided to keep our portion. It's been in the family since 1881. 210.83 acres of very good Humboldt county, Iowa land was auctioned off for $3,925 per acre yesterday. How can anyone justify that purchase when it is bare farmland and not anywhere close to development? An active farmer bought it. He farms about 2,500 acres. He must be using some kind of new math.

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MN Bob

08-10-2006 11:50:18

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Re: OT: Land sale in reply to Lance R., 08-09-2006 12:22:37

Just keeping MN in perspective, North, South and Red River Valley. Here in North Central, 240 Acre farm with home, barn and outbuildings. 40 acres are timber. $379,000.00. I bought mine at $500. acre, outsiders have been buying up land and pushing up to 2500. and often just recreational/hunting land. Tax writeoff I think. Bob

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730virgil

08-10-2006 16:31:44

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Re: OT: Land sale in reply to MN Bob, 08-10-2006 11:50:18

i read article that in montana outside buers are buying up farm land then putting in crp for same or more money than local farmers pay for rent.
this is pushing up price on land for sale . local people and getting the big shaft 2 ways can't buy it or rent it .

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Tim(nj)

08-10-2006 11:34:49

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Re: OT: Land sale in reply to Lance R., 08-09-2006 12:22:37

This farm is preserved from development, sold off the rights to the state preservation trust a few years ago for $350,000. 52 acres plus house and several buildings, and we could sell it tomorrow for $700,000 if we wanted to, even though it can"t be built on. Would end up as a horse farm or high-end pick-your-own vegetable or orchard catering to McMansion neighbors. Typical house on a 3 acre lot sells for $750,000+ in these parts . . . . I"d move but I don"t want to play the midwest row-crop game with big equipment, employees, landlords demanding high cash rent etc.

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Formerly PaMike

08-10-2006 09:32:49

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Re: OT: Land sale in reply to Lance R., 08-09-2006 12:22:37

Saw a farm listed yesterday. Berks county Pa. 102 acres. Not real modern farm buildings. 18K an acre, or 1.8 million. Thats just over 10K a month for 30 years with 90k down. Assuming 6% interest...

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Thack

08-09-2006 23:39:47

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Re: OT: Land sale in reply to Lance R., 08-09-2006 12:22:37

The buyer is probably from Central Indiana. The farmers here can sell 500 acres to a developer and go out to Iowa and buy 4000. A friend is doing just that.

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edchainsaw

08-09-2006 20:11:40

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Re: OT: Land sale in reply to Lance R., 08-09-2006 12:22:37

right close to my grampa's old place 2 parcels are for sale... 60a.. strip pits w/18a tillable (total) they want $4,000/a not a dime less

and the other totally wooded and declared a wetland by DNR so its worthless unless you wanted to put up houses on it.. cousin tried to clear some of it a few years ago and was fined (even with a permit) but I iknow of a big houseing development that was put on a wetland NOT A PROBLEM clear cut that anytime you want..

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Jerry (AL)

08-09-2006 14:04:01

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Re: OT: Land sale in reply to Lance R., 08-09-2006 12:22:37

I have an interest in a small farm that belonged to my parents. I have two siblings still alive and no one can agree on anything. It's not uncommon. The property is 120 miles away and I will never live there so I had just as soon sell. It's been in the family since 1950.

I just bought 53 fenced and cross fenced acres here in pasture with a well, septic, a 5000 foot steel barn, and a 1200 foot insulated shop building for $54,000. I feel pretty good in that the appraisal was $137,000. The land joins 68 acres I already had. You can get some good bargains out there if you are patient ,just look and negotiate well.

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skip

08-09-2006 13:59:20

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Re: OT: Land sale in reply to Lance R., 08-09-2006 12:22:37

I would buy them out if you can , also check and see if you can get some tax brake being a family owned farm for over 100 years. Lots of luck.

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Logan in SE Tex.

08-09-2006 13:53:13

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Re: OT: Land sale in reply to Lance R., 08-09-2006 12:22:37

yeah and that Sheehan woman just spent $10,000+ for 5 acres of prime central Texas land. Now that seems high to me, for that part of the country....I think they might have seen her coming, even if she did send in a ringer to buy it.....LOL.

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Chick

08-09-2006 14:47:58

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Re: OT: Land sale in reply to Logan in SE Tex., 08-09-2006 13:53:13

Where was the land that the Shehann woman bought? I know that some of that central texas land is sky high. A lot higher than the land here in SE Texas.

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Dave from MN

08-09-2006 12:56:04

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Re: OT: Land sale in reply to Lance R., 08-09-2006 12:22:37

Thats cheap! If i could buy land here for that I would jump on it. 80 acres across the road (farm land) went for $9000/acre and an 80 north of here 1/2 mile ( 30 grassland 50 tillable) went for 1.2 Million about a month ago.

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Chick

08-09-2006 12:58:49

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Re: OT: Land sale in reply to Dave from MN, 08-09-2006 12:56:04

$9000 an acre? At the $3250 an acre, that is just too much for farm land! If that land is in an area that is ripe for developement, that would explain it.

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Dave from MN

08-09-2006 14:25:24

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Re: OT: Land sale in reply to Chick, 08-09-2006 12:58:49

Both parcels were purchased by local Millionaire. Then ya know some folks seem to know what land is in the county boards "long term zoning" plans. Probably some inside information going on that will make them double the money in a few years. Then a again they made have purchased it to PREVENT it from becoming another development. I'll feel better about it if I see a pivot waterer going up on it.

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Matt from CT

08-09-2006 12:54:00

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Re: OT: Land sale in reply to Lance R., 08-09-2006 12:22:37

1) He's operating on thin margins...needs more gross to get a big enough net.

2) He's selling some land nearer developing areas, and has to stash the money somewhere he won't get hit by "capital gains" taxes on it.

3) Farmers in my area could only dream of buying land that cheap. I've seen 120 +/- acres go for just about seven figures. At that point it's pretty much the silage covers the mortgage and tax payments. The profits will be in the appreciation when they retire and sell the farm for development.

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MichaelNEIowa

08-09-2006 12:45:38

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Re: OT: Land sale in reply to Lance R., 08-09-2006 12:22:37

You should try to buy them out. They aren"t making any more land and a farm that has been in your family since 1881 is priceless, in my opinion. Does your farm have a "home place" with a farmhouse and barn build by your ancestors? Keep it in the family.

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Lance R.

08-09-2006 16:05:56

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Re: OT: Land sale in reply to MichaelNEIowa, 08-09-2006 12:45:38

I bought the very nice 5.5 acre acreage and kept an additional 14.5 acres of attached land plus $35,000 to settle my interest. Atleast there is enough to enjoy in my spare time. I was in no position to buy them out or I would have and there would not have been a sale. I'm going to have to reroof the barn and the house next year and then it will really be nice.

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