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

[jonyyuma]

Some of the best advise I ever heard was to look inside the potentional renters car when they are looking at the house. IF the car is trashed inside/out... DON'T rent to them.

mark

This sounds like a very good tip on renters. Down here you can get beat out of 6mos rent pretty easy...then there is the equal housing always sniffing..

 

[brin]

Some of the best advise I ever heard was to look inside the potentional renters car when they are looking at the house. IF the car is trashed inside/out... DON'T rent to them.

mark

That makes sense but trust me the reverse is not always true...I once rented a house to an older couple who drove new Caddy...he was a salesman for a steel building company and they had cats which they agreed in the lease to keep in the barn that went with the property they rented from me...When they move out I had to have all the carpet as well as the sub floor ripped out since they had allowed all of their cats ( a dozen or so ) to live in the house..the males had sprayed and after trying all methods to rid it of the smell failed ...we had to tear the floor out and start all over...About 2 months after they were long gone a man came to see me , he was looking for them, he was from GM Leasing..they were months behind on their lease payment for that nice Caddy...LOL...so be careful

Renting is risky business and trusting a broker to manage your rental properties sounds good but remember it is not their property...they earn their fee either way...you pay the expense of repairs and clean up....

 

[D33r3 6r33N]

We bought another 1.3 acre for $9000 right beside our house a couple years ago. Logan County, OH.

 

[Mousefield]

This is the scariest thread I've ever read. How do people make ends meet ?
I bought this 170 acre place for $500 an acre in 1999 and in my mind thats propably about what it is worth today. Plus the 1300 sq-ft house my wife and I built on it ourselves. I am glad we like it because we couldn't afford to go anywhere else from what I see here.

In our area this would be a MILLION dollar plus price tag just for the land.

 

[toddbailey]

Mine is in north Fairfield on the other side of 77 from Lancaster.

I am also in Lancaster County, near Heath Springs.:thumbsup:

 

[ultrarunner]

Some of the best advise I ever heard was to look inside the potentional renters car when they are looking at the house. IF the car is trashed inside/out... DON'T rent to them.

mark

Also important to meet everyone that will be on the lease...

 

[deere755]

117 acres sold last Saturday the 17th for $9100 an acre. Fairly good farm land. There is a 8 acre piece just north of my house and the asking price is $85000. It is being farmed now but it is not great farm land. Keep in mind though it is near a lake and people from Chicago are snatching land up around here all the time. I was also told that 40 acres just a couple miles west of me is for sale and they are asking $5500. I am gonna call about that one.

 

[brokenknee]

Just purchased forty acres with a "project" house. Realtor said land was $1,000 an acre for vacant/tillable and $1,500 for wooded. The forty I have is mostly wooded. I am new to the area so am relying on the advice of realtor, but the three that I interviewed before selecting agent all said the same thing.

 

[Sigarms]

My neighbor across the street has 49 acres up for sale for $398,000.

Nice farmland with a mix of trees and pastures on rolling hills.

 

[herd]

80 acres of crop land in middle Iowa recently sold for $14,000 an acre.

Little to no developement potential.

Cash rent for some bank owned farmland in middle IL is set at $700 an acre for next year.

I just don't see how a farmer can pay that kind of money to rent land and then makeany kind of profit at all. I just can't see it! In these parts, farm land rents for $20-$30 per acre and only a big farmer can make it farming at those ratess. How can $700 an acre in rent possibly pay off.

 

[foggy1111]

With the high crop prices currently.....the good ag land around here is renting between $200 and $350 an acre (and going up?) these days. Quality farm land is selling for $6000 to $8500 (and more) per acre in large tracts. No price is out of the question anymore.

An acre size lot on one of our more premium lake settings could cost $500,000.

One thing for sure.....dollars are not going up in value.

 

[deere755]

I just don't see how a farmer can pay that kind of money to rent land and then makeany kind of profit at all. I just can't see it! In these parts, farm land rents for $20-$30 per acre and only a big farmer can make it farming at those ratess. How can $700 an acre in rent possibly pay off.

I agree with you. I can't get it to pencil out. We have 3 big operators that moved into this area in the last few years. They come from several miles away with all new equipment. One of them had 10 combines going. Plus all the semis and tractors. I think if I had that kind of money I would just retire. I know for a fact that one of my friends bid $400 an acre and was out bid by one of these mega farmers. One of them farms 40,000 plus acres.

 

[Duffster]

I just don't see how a farmer can pay that kind of money to rent land and then makeany kind of profit at all. I just can't see it! In these parts, farm land rents for $20-$30 per acre and only a big farmer can make it farming at those ratess. How can $700 an acre in rent possibly pay off.

The top rents always seem to boggle the mind but obviously these guys know their numbers. We are talking extremely high end ground here. Probably hasn't seen below 200 bushels to the acre for years.

Figure corn was looking like it would be in the $7.50 range for next year and this ground would probably grow 250 bushels so that is almost $1900 an acre gross.

Now what I can't see is how the ground in your parts could be so poor that it is only worth $30 an acre. I think rent was that much here in the 50's.

 

[JamesHW]

We purchased our 89.5 acres in Saratoga County NY for $11.00 an acre and that included a house, barn and all contents (actually my Great Uncle brought the property in 1905).

I've been tracking what acreage goes for in the area and it looks like around $7,000 an acre is the going rate for wooded lots, not in a water district or zonned commercial, at least based on current asking prices.

 

[herd]

The top rents always seem to boggle the mind but obviously these guys know their numbers. We are talking extremely high end ground here. Probably hasn't seen below 200 bushels to the acre for years.

Figure corn was looking like it would be in the $7.50 range for next year and this ground would probably grow 250 bushels so that is almost $1900 an acre gross.

Now what I can't see is how the ground in your parts could be so poor that it is only worth $30 an acre. I think rent was that much here in the 50's.

The ground here is not poor at all, in fact, it's all black dirt with good sandy sub soil excellent for drainage. Irrigated corn can make upwards of 150-175 bushels/acre although ''no till'' yields a good bit less. Soys beans, corn, cotton, and peanuts are bountiful here, although very little corn has been planted in recent years due to the droughts that have been very bad in May and June, prime corn growing months.

I agree $20acre is dirt low (pun intended) but it is an old going back family to family thing but probably top dollar is $40/acre farming and $25/acre hunting rights. Up until recent years, maybe the last five, corn in these partsonly brought $2/bushel and I was told by my neighbor mega farmer friend that his breakeven was $1.80/bushel (this was in '04).

I guess it's all about quantity as you say, and at $7.50 I guess it could work out pretty decent profit if the volume is there.