Case in point: Recent real estate explosion has driven property from $5k/acre 5 years ago to $10k for a baseline for what it's going for around here right now. It's a seller's market for urban and rural property.
20 acre property across the road went up for sale. Rectangular and on the side of a hill with the long side parallel to the slope. Too steep for tillage and been in weeds for many years, plus the back ⅓ was useless due to underbrush and thick scrub trees; basically useless. On it is a 1400 square ft Morgan building, concrete floor double door garage section with a 2 bedroom single bath apt built on the other half of the slab. Built in 1981.
Seller didn't want to fool with it. Realtor picked it up for $165k. Spent an estimated 40 k doing what he thought would sell the property. As soon as it was finished it went up for sale. It sold in a week for $250k. But that's not the catch. The realtor cut out 5 acres in the front and listed it as a separate sale for $69k. So the buyer spent $250k on 15 acres and the "Barndominium" with half of it sloping, weed infested and half of that was in dense brush and 2" diam. give or take trees.
The realtor will spend maybe $5k to sell the remaining 5 acres, nothing to do but time spent showing it. 165 + 40 + 5 = $220 invested. Sale price $250 + 69 = 319. In less than 6 months, he picks up a cool $100k.
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Today's Featured Article - The Tractor Parade: Story of a Case SC - by Bernie DeLon. On a early fall morning back in 1994, I opened the newspaper and happened to spy an article about a local antique tractor club having their annual show that weekend.
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