How much does an acre of land go for in your area?

[Archer EV]

I bought 40 acres in S. Illinois in 1993 for $400/acre. I bought another half acre that adjoins my property at a tax auction for $900. Thirty acres are wooded and ten is tillable. We put a 2,100 square foot house on the property in 2005. I know land in my area that has sold recently for $3,000 - $4,000 an acre.

 

[teg]

Here in town... Last house on the block sold $250,000 for 1/3 acre and 3 years earlier 1/3 acre sold for $399,000. Both removed the 1100 sq.ft. house down and plopped down a 4-5000 sq.ft. house. Now out side of the city... that's another story.

Have not kept up with land value in the mountains...

 

[ultrarunner]

Yes... the 250K per acre is within the city limits of Oakland CA and zoning requires a minimum of 25,000 square feet for a buildable lot. No commercial or subdivisions allowed... area was set-up for horses... although 65 years later maybe only two owners actually have a horse.

$21,000 an acre is what I was offered by a Nature Conservancy Group with government backing for 10 acres near Olympia WA... Had a forester out a few years ago and he commented the large Cedars had value... problem is much of the property was now "Protected"

 

[Dargo]

I'm thinking if they have turned down $45K then I don't think your wife will get it for $30K, looks like your $50K is perhaps were the price should be. All depends on the land owner, do they need or want to sell?

The seller is older and doesn't really care. It's the last lot at the end of the subdivision, which I personally like better than being in the middle. The largest home is directly across the street from this lot and is probably in the high 800k range. I spoke with the lady (widowed) who lives next door and she told me that she and her husband paid $30k for their 5 acre lot right next to mine in 1979. She seems really nice and said that if she were older or had any children that she'd buy the lot just to have more property but with her an older widow, it would just be more that she couldn't take care of and pay taxes on.

Based on looking around at what seems like every lot within 6 or 8 miles from me that is 5 acres or larger, having a new paved road with all utilities, except sewer, really bumps the price up. On the side of town I live on it seems that there just aren't many lots that come up for sale. They just get passed on down from generation to generation.

Oh, since I was posting this the lady who lives next door just called me and told me that the one house for sale (only listed 3 weeks ago) in the subdivision just sold today for $310 when their asking price was $319,900. I think I may offer the owner $49k just to see if I can 'win' some. One realtor I know is thinking about buying it to build a spec house on and try to flip it since he thinks the lot price is really good for that location. And, no, he's not involved in selling the lot. It is for sale by owner and really only by word of mouth.

 

[tcreeley]

In '84 bought 19 acres for 250 an acre in central maine. Now rural land can be had for 1000 an acre. The market has really slipped this last year.

 

[karverind]

farm land-- just across the road 160 went for @6000.00 poor ground about 12 miles a guy bought 192 acres@7200.00 per acre heard a fertlizer bought a chunk 50 acres @ 10.0000 along side of a railroad line rent is also high about 400@acre (southern mn)

Outside Peoria, Farmer just bought 80 acres at 11k per acre. To farm it. But it is good black dirt, 100%

 

[LarryD]

This is a 5 acre adjacent to mine just on the market. I suspect the owner will take a little less but $23k an acre is probably not unreasonable. If I deduct the house and shop value for my place, I paid about $13k per acre back in '02. Now if you can peek between the trees and see water, the sky's the limit.:shocked:

 

[Kyle_in_Tex]

Dargo, it sounds to me like the owner doesn't need the money. What is he asking for it? I would tell you, if you'll regret that someone else bought it for his price, would you be mad at letting it get away?

 

[300UGUY]

Probably 3 to 5K. Mid Michigan. Land prices here never got that high, but they haven't dropped that much. Building lots, anywhere from 1/2 acre to 2 acres, were going at tax sales here this year for 1K or less. But some of them are burdened with sewer and water asessments that run a couple thou a year. The local townships sold bonds, built infrastructure, but when the economy crashed, the big developers simply walked away from developments, leaving buildings unfinished, and very few residents to pay for the new infrasturcture. Another example of privatised profit and socialised risk.

 

[trailbuilder]

Up here in Northern Michigan 40's sell for about $1,000 acre. If they have real good timber or River Frontage a bit more.

 

[WilliamBos]

A developer recently paid $427,777.78 an acre for some prime land on the edge of town.

 

[Fixemall]

My area is all over the place, I looked at 5 acres with a shop, apartment, new Morton building and a pond for 200k just yesterday. Five years ago I paid 128k for the 12 vacant acres where I intended to build.

 

[ronjhall]

Acreage in my area of MI goes for about $10,000 per acre with no improvements. It can skyrocket to over $250,000 + per acre for water front acreage.

 

[idaho2]

25.69 acres adjacent to my acreage (see attach photo) lowered from $85,000down to $77,500 with county road frontage.

The 25.69 acreage is top center to the left. Not a good view of the parcel but this provides a general idea of the surrounding land looking to the SE.

idaho2

 

[ultrarunner]

25.69 acres adjacent to my acreage (see attach photo) lowered from $85,000down to $77,500 with county road frontage.

The 25.69 acreage is top center to the left. Not a good view of the parcel but this provides a general idea of the surrounding land looking to the SE.

idaho2

I think I'm ready to move... how are the winters and can you burn wood for heat or is that illegal like it is where I am on the coldest days of winter?

What do you figure taxes would run a year?

 

[clemsonfor]

Do any of yall actually live in the country? How can anyone actually afford to live in those areas? In SC and GA the reason, besides wanting to live in the country that people actually live here is that it is affordable compared to city property. Those prices might be correct if i were to buy an acre in the cities here in SC. Say columbia or Greenville, not downtown but inside the city limits, but in no way come close to what property is around here. I thought there was no way i could afford property at $2K/acre and then have a decent house on it, i am right. But those prices how can anyone own anything?

A little math:

3 acres at $15K= $45K

Build a $140K really modest home no upgrades and around 2000sqft. Your at 185K. Dig a well, i dont know $10K?? Septic another $10k??? Were at $205k for a stick built throw it up quick home on 3 acres.

Using the first morgage calculator i found on yahoo:

Assuming 3% down
1.25% (was its default) property tax
.5% PMI
4.75% interest
30 year loan.

YOUR PAYMENT is $1250/month!

Yea this is not much higher than my esgrowed payment of $850/month but its still $400 more dollars a month. This just seems way high to live in a vynal (have no idea how to spell it??) sided contractor grade home on 3 acres and still have anything else in life. Im talking about the average person, not some of you who are doing very well in life it seems. Taking that average family salery of $60K/yr. Thats $1,150/month before taxes. Take out $500/month health ins. $200month power $500 month food $100 month cell, $150month cable inet cable. And assuming a withholding rate of 30% thats 3500/month takehome pay. Take your $1250 morgage out of that and your left with $2250 take the rest of those bills out and your left with $800/month. This is whats left to buy your gas pay a car payment any other deby payment you have pay car insurance any other life insurance etc, child care if you have one and both work. Maintian your property and home etc.

My point here is who is buying this land? Who can afford it? I donth think the economy will get better soon as there are tons of people that can make it like i have shown, tight but making it, now what happens as all these boom houses over the last 10 years start needing work done to them and these people cant afford to do it, or they do and default on paymets because of it.

Ane lastly this is only 3 acres and kind of the midle of the road crazy price that yall have trown out there. Use a city price at $50k?acre same math, use $30k/acre it will double the price for land i showed. I personally dont see how this can keep up, i guess there are enough people with hundreds of thousands of extra dollars to invest on just buying land but it almost seems the days of the average person buying their dream is gone after reading these figures.

All this said, i do own my own home which sits on .75 acres.

 

[clemsonfor]

I think I'm ready to move... how are the winters and can you burn wood for heat or is that illegal like it is where I am on the coldest days of winter?

What do you figure taxes would run a year?

You cant be serious? Thats just under $2 million for just the land. What are you just independantly wealthy?

 

[idaho2]

I think I'm ready to move... how are the winters and can you burn wood for heat or is that illegal like it is where I am on the coldest days of winter?

What do you figure taxes would run a year?

Ultrarunner,

$68.00 last year on my north 20. Had my south 40 reclacified to AG/Forestry after I purchasd it in 2010. I know that 40 should be about the same per acre as the 20 or fairly close. Snow - last year more rain than snow but see attached photo from last winter. Heating - you see fire wood stacked every where by homes when driving thru towns.

idaho2

 

[ultrarunner]

You cant be serious? Thats just under $2 million for just the land. What are you just independantly wealthy?

I may have misread... isn't the $77,500 for the entire 25.69 acre parcel?

The reason I ask about property taxes is that is my biggest expense and one way to be forced from your land if the taxes become unaffordable...

Right now, my taxes property tax is $9,000 ($750 per month) for a 1725 square foot home built in 1956/57 with the original Formica Counters and Linoleum Floors on 1 acre with a public 20' easement bisected the property...

When my job was on the chopping block because the company where I work was being sold... I looked to Washington State... the property taxes there went up 80% two years after I bought and are now over $13,000... almost doubled the assessed value for what I paid and this is for a home built in 1977 and land...

I fear property taxes the most because it is something that happen to property owners and not a lot an individual can do other than fighting it every year... not how I want to spend my time.

Not independently wealthy... still working for a boss like most everyone else and on call 24/7 should anything happen... I started paying in Social Security at age 12 and very good about saving... not cell phone, cable, Video Games, Flat Screens, etc... in this house... did buy a new car once and it is 11 years old now... daily drivers are my 85 and 91 Chevy Trucks...

 

[idaho2]

I may have misread... isn't the $77,500 for the entire 25.69 acre parcel?

The reason I ask about property taxes is that is my biggest expense and one way to be forced from your land if the taxes become unaffordable...

Right now, my taxes property tax is $9,000 ($750 per month) for a 1725 square foot home built in 1956/57 with the original Formica Counters and Linoleum Floors on 1 acre with a public 20' easement bisected the property...

When my job was on the chopping block because the company where I work was being sold... I looked to Washington State... the property taxes there went up 80% two years after I bought and are now over $13,000... almost doubled the assessed value for what I paid and this is for a home built in 1977 and land...

I fear property taxes the most because it is something that happen to property owners and not a lot an individual can do other than fighting it every year... not how I want to spend my time.

Not independently wealthy... still working for a boss like most everyone else and on call 24/7 should anything happen... I started paying in Social Security at age 12 and very good about saving... not cell phone, cable, Video Games, Flat Screens, etc... in this house... did buy a new car once and it is 11 years old now... daily drivers are my 85 and 91 Chevy Trucks...

No you did not mis read. I'm verifying the parcel price for the 25.69 from the web site. the realtors server is acting up. I'll post it as soon as I get in the site. Holly crap are you getting nailed. I can see why you want out.

idaho2