Posted by kyhayman on August 25, 2009 at 10:09:48 from (75.104.128.54):
In Reply to: value of farmland posted by jacksonduper on August 25, 2009 at 10:03:11:
I'd look at comparable real estate sales in your area. A good place to start is the county courthouse or whereever they keep deeds and tax rolls in your area. There is a lot of variation throughout the country, and a lot more even between jurisdictions for reasons such as zoning, employment, etc. With all that said, I've found farm auctions to be a quick easy way for me to gage the local land market.
As to price, for years here, smaller tracts were at a strong premium. Development was the driver. A building lot, depending on the area was from a quarter acre to 2 acres. You could bank on it being worth 25-30K retail for the lot. If you had 10 acres that would yield 5 lots it would bring about 240,000. The break came at about 500,000 total cost. After that it discounted to around 5000 and acre. With whats happened of late to the economy most of the smaller parcels have dropped by 50 pct or more. Larger tracts are holding steady in the low 4000's an acre.
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