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Tractor Talk Discussion Forum

buying land

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randy47

08-20-2007 12:56:34




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I have the chance to buy 15 acres behind my house for 25000-- cleared farm land a small old orchard on the east side of about 8 to 10 trees the rest like I said is clear. With the job market the way it is in Michigan do you think if I held out the price will drop or is this an fair deal? Thanks for the input




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Dave from MN

08-21-2007 04:44:58




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 Re: buying land in reply to randy47, 08-20-2007 12:56:34  
buy it, but it , buy it. If its builable if will make you more money in the long run than money in the bank. Cant touch land here for less than $7000 an acre.



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davpal

08-20-2007 23:10:17




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 Re: buying land in reply to randy47, 08-20-2007 12:56:34  
That is a fair price for the land and if you have the money it would be a good purchase. One thing about Michigan is the economy might be soft right now but there has been a fortune earned in this state over the last hundred years in the auto industry and there are many people around you with money, I guarantee it.I live on a busy highway and see all the wealth this state has to offer on a daily basis drive by. There may be 5 million broke people in this state but that leaves about 5 million that have a lot of money and they like to spend it. Big three have brought millions of dollars of spendable dollars to Michigan for 70 plus years.

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rrlund

08-21-2007 07:01:08




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 Re: buying land in reply to davpal, 08-20-2007 23:10:17  
Everybody driving by on that highway these days,is headed south,out of this mosquito infested ice box.



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Bob Kerr

08-20-2007 20:25:13




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 Re: buying land in reply to randy47, 08-20-2007 12:56:34  
Unless it is some of that floating ground that is here and there way up north I would jump on it!



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Deamer1

08-20-2007 20:04:55




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 Re: buying land in reply to randy47, 08-20-2007 12:56:34  
My wife and I went to a land sale where the Century farm was being split into tracts of all sizes. We saw a young couple bid on two tracts. The first tract, they went up to $13,000 per acre for a 20 acre tract and quit. It went for more. The second tract was a 40 acre tract, they bid up to $13,800 per acre and stopped. They left the sale with no purchases. Ain"t that something....bid $13,800 per acre and couldn"t get it bought! Go figure that total! And the land had no improvements. Just happened to be in a area where some have it and others don"t. Location. Location. Location. Have a good week.

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MF294-4

08-20-2007 19:04:06




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 Re: buying land in reply to randy47, 08-20-2007 12:56:34  
Black Farm land in S. central Il has hit $7500 and acre. I am just south of the good dirt, going for around $3000. I can't figure out how to pay for it.



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paul

08-20-2007 18:34:13




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 Re: buying land in reply to randy47, 08-20-2007 12:56:34  
Not knowing the area you are in:

Did you leave a zero off the total price???? sounds like a gift price. And you think it will get cheaper?

Wow.

All depends on your location & how the land can be used, but that wouldn't stay on the market for a week around here, for just farm land, no speculation/ housing.

--->Paul



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gene bender

08-20-2007 18:26:00




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 Re: buying land in reply to randy47, 08-20-2007 12:56:34  
How do you expect us to know the reasonable price for land in your area. You better be asking the local banker for his advise then go to another and ask the ssme questions if by then you cant get a loan it must not be worth the asking price.



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GeorgeH

08-20-2007 16:41:30




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 Re: buying land in reply to randy47, 08-20-2007 12:56:34  
Down the road a bit (No of Dayton OH) is 12 and a fraction with nice house and outbuildings for 230,000. 8 acres is in hay on shares.



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Clint Youse MO

08-20-2007 16:17:10




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 Re: buying land in reply to randy47, 08-20-2007 12:56:34  
if you can afford it and want it than buy it wish my neighbors would sell some land probably have to wait til they die and the kids sell it but that is the game of life get it all in writing and finance long term and pay off early easier to make low payment and pay extra than to make a high payment .



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buickanddeere

08-20-2007 15:38:44




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 Re: buying land in reply to randy47, 08-20-2007 12:56:34  
Purchase and lock in your mortgage for long term.



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Steven f/AZ

08-20-2007 15:25:17




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 Re: buying land in reply to randy47, 08-20-2007 12:56:34  
Gee, I just paid around $279,000 per acre for my land... granted I only got around 6500 square feet, but still I would have loved to have several acres for that price! Darn this city life. :o(



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jdemaris

08-20-2007 14:57:49




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 Re: buying land in reply to randy47, 08-20-2007 12:56:34  
I don't know what part of Michigan you're in - so my comments may, or may not be relevant. I've bought and sold several parcels of land in the LP just below the bridge in the potato farming area of Posen. Also bought some land in the UP in Chippewa county. I've also bid on many that I did not get. Larger rural parcels are not going down in price - regardless of the hype you hear about a "buyers market." Many job losses in Michigan have resulted in early retirements and cash-buyouts - and that means there are people with money in their pockets, and time on their hands, looking for rural land in the their home state.
As to the rest of Michigan - I am clueless except for the city of Alpena and the outskirts. Usually, whenever easy credit stops being handed out in rediculous fashion, and some job losses occur, less desireable properties stop selling until the prices drop - but the nicer properties retain their values. In your case, guess you have to figure what the property is worth to you. As others have said - you don't often get to buy land adjacent to your's at a reasonable price. A few years ago,I had a chance to buy 120 acres that adjoins my farm - for $400 per acre. I sectioned of a parcel and bought 40 acres. Now, I'm kicking myself for not buying all of it. The old guy died, the kids took it over - and the rest of the land is now for sale at $2000 per acre- perhaps for some sort of housing development. I will also add - that 15 years ago - when land rarely sold for more than $700, and sometimes sold for $200 - I bought a one-acre parcel that adjoins my property for $5500 - which was a rediculously high price at that time. But, somebody was going to put a trailer on it - so the price was worth it to me.

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GeorgeH

08-20-2007 16:44:42




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 Re: buying land in reply to jdemaris, 08-20-2007 14:57:49  
Potato festival in Posen - potato cakes and all, fine time for all.



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jdemaris

08-20-2007 17:38:16




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 Re: buying land in reply to GeorgeH, 08-20-2007 16:44:42  
Yes indeed. We went to one and my wife bought a potato cookbook written by some Posen farm-wives.



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Ben Rauls

08-20-2007 14:56:49




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 Re: buying land in reply to randy47, 08-20-2007 12:56:34  
I just bought 15 acres for 45k and that was good, They were asking alot more, but i low balled them just a whim that they would take it, they did so now i have my own land.
Ben



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Midwest redneck

08-20-2007 14:28:49




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 Re: buying land in reply to randy47, 08-20-2007 12:56:34  
25K for 15 acres, I would buy that in minute. And I am in the high rent district of Oakland county. I bought my 2.5 acres for more then 25K 10 years ago. Even if you have to borrow money to buy it. (what part of Michigan are you in)?



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Tradititonal Farmer

08-20-2007 14:25:46




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 Re: buying land in reply to randy47, 08-20-2007 12:56:34  
You need to answer two questions.How bad do you want it? Can you afford it?



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BLinWMi

08-20-2007 14:20:27




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 Re: buying land in reply to randy47, 08-20-2007 12:56:34  
Not knowing where you are in the mitten, but for my area, it is a no brainer. Brother bought 15 acres 2 years ago for $65,000, in south east Muskegon county. It was a dumb buy but the wife wanted it. Not only was it way to expensive but he had to demolish a trash old farm house and tons of absolutly junk old farm equipment. There is about 70 acres coming up beside his 15 but there is no way he could afford it if the original owner thinks the ground still has that value.

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rrlund

08-20-2007 13:29:34




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 Re: buying land in reply to randy47, 08-20-2007 12:56:34  
You didn't say where you are here in Michigan. Makes a difference. Thats the going rate in Montcalm County right now. Not to say that it's a bargain or it won't loose value,but back in the early 80s I paid more than the going rate for the 80 next to the home place to just to get it. How despirate is the seller? He looking to move on to greener pastures? If he is,it won't cost a dime to offer less.

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John T

08-20-2007 13:22:35




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 Re: buying land in reply to randy47, 08-20-2007 12:56:34  
Land that joins yours is worth more to you then most others so ANYTIME you get a chance Id say go for it BEFORE some jerk who would make a bad neighbor does lol. Typically (in Indiana at least) you provide the funds and the Seller provides a Warranty Deed plus an Owners Policy of Title Insurance in the amount of the purchase price. Contracts regarding the sale of real estate need to be reduced to writing to be enforceable you know.

Go for it, best wishes

John T Country Lawyer in Indiana

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Billy NY

08-20-2007 20:17:06




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 Re: buying land in reply to John T, 08-20-2007 13:22:35  

"Land that joins yours is worth more to you then most others so ANYTIME you get a chance Id say go for it BEFORE some jerk who would make a bad neighbor does"


This is entirely true. I could never understand what makes people become annoying neighbors, but there are some that become super annoying, ones that test the bounds of rationality, respect, and or common sense. I've observed the changes around me over the years, and with new owners, development, or other occupancies of adjacent lands, it seems that what you were accustomed to by virtue of mutual respect, neighbors who were the kinds of people that mind their own business, work hard, take pride in what they have be it 2 blades of grass for a lawn, are often replaced with prying, tresspassing, stealing, harassing, complaining, and unemployed fools that leach off the system, which sometimes directly supports the nuisance kinds of problems they create for others to deal with.

I have one neighbor left, who has been here since '67 or so, keeps his place well manicured, has a beautiful shop which was built back then, some great cars he did in there, and is one of the most respectful, polite and friendly people I know, the rest of the the neighbors have passed on, so it has all changed, now there are several who are just a constant nuisance.

In my opinion, people were a lot better mannered in previous generations for the most part, jerks have been and always will be around, but things done changed that is for sure.

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buickanddeere

08-20-2007 18:20:17




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 If I only knew.............. in reply to John T, 08-20-2007 13:22:35  
72 year old adjoining neighbor just sold 150 acres to the Amish..... ..... Nice house shed & barn too. I would have bought at least 50 acres if I had known. He never ever put a for sale sign on the property. He and everybody else figured that everbody knew it was for sale. For the past four+ years no less. People were wondering why and asked AFTER the sale. Why I didn't make him an offer and keep the Amish out. Well I can't read minds. Seen the neighbor at church just about every Sunday too. He wouldn't even open his mouth other than say hello anytime I ever seen him. Then again what do you expect for a bachelor that lived with his elderly Mother. He never dated a women in his life either. When ever my wife spoke to him he was so incredibly quiet,shy and would blush a bright pink. Am I ticked off, well maybe..... ... What will top it off in a couple of months the Amish will likely offer the adjacent 50 acres for a "reasonable" price.

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mjbrown

08-20-2007 13:14:04




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 Re: buying land in reply to randy47, 08-20-2007 12:56:34  
Buy it! Land that adjoins yours doesn't become available but about once in a lifetime, especially at a resonable price. You won't regret it.



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triplerange

08-20-2007 13:10:00




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 Re: buying land in reply to randy47, 08-20-2007 12:56:34  
In my opinion, 1700 an acre is pretty fair to the buyer...specially when it's so close to you...in this day and age.



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glennster

08-20-2007 13:09:25




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 Re: buying land in reply to randy47, 08-20-2007 12:56:34  
i am not familiar with your land prices up there, but at 1600 an acre thats pretty cheap. real estate for the most part has gone stagnent, its a buyers market. it will recover when interest rates drop some. if the property is behind your house, and you can afford it, i'd buy it., its gonna basically be a car payment on a new car. if you cash rent the property, you will get a little income off it, keep it under ag zoning. if you dont buy it, you may get a subdivision there, wal mart , walgreens, menards ...who knows.

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MSD

08-20-2007 16:37:41




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 Re: buying land in reply to glennster, 08-20-2007 13:09:25  
Was to an acreage auctiopn last week. It was 6.45 clear acres with a housing eligiblity. It was on a tar road and had an established grove on the west side. It went for $90,500 for the 6.45 acres.



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Rexalot

08-21-2007 08:28:14




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 Re: buying land in reply to MSD, 08-20-2007 16:37:41  
20 acre field next to me went up for sale and before it could be "listed" I put in a bid. Asking price was 150K.

I offered 115K was denied. I waited a day an upped my offer, to 130k. Come to find out there was another interested party. They had offered about the same as I in their first bid and were turned down as well. I went as high as $140K even though I wasn"t sure how I would make that payment. It sold to the guy I was "bidding" against for $143k. The purchaser is the current tenant farmer...

My guess is in a few years it will be back on the market when he retires from farming. I doubt I"ll have the money then, but maybe I could work out a deal for the acreage that goes in behind my place.

If you can afford it, $25K is a small price to pay to add land to your current tract. It may take time, but it will only increase in value and it will add to your current "investment".

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