Real estate General topic

[paulsharvey]

I might of missed it, but what is the asking price on that 12ish acres?

Check tax value and last sold with sold date on the property?

I generally look at the tax value and last sold price vs time since sold to determine if it's worth the money on my end.

I never sold a gun and made much money on what I paid for it, and what I've learned when selling a home and property (now that we're thinking about doing so) is to look at the inflation rate when bought vs selling along with how much over the appraised tax vlaue (sell price will ALWAYS be over tax value, question is how much more?).

We don't flip homes, and look at a home as an investment,.

It's mid $400s asking ("Bring all offers"), but looking a tax appraiser, seems like right around $400 even is probably right. I would say, this one is maybe a bit hard to put a finger on.

On the low end; I'm assigning roughly $7000/acre to $9000 as a value for unimproved land; but this could be as high as $12-15k/acre?


Around $100/lf for water frontage (on top of the above $7000); 237 lf is $23,700.

Replacement value of the home; something in the neighborhood of $185-215,000.

Well, septic, fencing, driveway, ect

But this one has multiple outbuilding, that might be $2-5k each, and an additional power hook up down by the pond, that does add additional value. There is also a nice, pretty large front porch, and a whole home length, ground level, 8 ft roof overhang back porch, with concrete floor.

There is allegedly a 1 acre fenced "yard" and an additional 1 acre fenced livestock area. I dont really see that on aerials, but they could be a few years old.

 

[paulsharvey]

I might of missed it, but what is the asking price on that 12ish acres?

Check tax value and last sold with sold date on the property?

I generally look at the tax value and last sold price vs time since sold to determine if it's worth the money on my end.

I never sold a gun and made much money on what I paid for it, and what I've learned when selling a home and property (now that we're thinking about doing so) is to look at the inflation rate when bought vs selling along with how much over the appraised tax vlaue (sell price will ALWAYS be over tax value, question is how much more?).

We don't flip homes, and look at a home as an investment,.

I kinda view a house not as a flip or long term investment either; I view a house as an expense, and a necessity. You can call it an investment if that makes you feel better about the payment, but it's not a stock or commodity that you can just sell easily/quickly/without replacing.

That might sound like I'm not assigning value to a home; which is incorrect. I do assign value to a degree, but more a factor of; you gotta live somewhere, and it might as well be what you want if your gonna spend 2/3 of your time there.

 

[Sigarms]

What is the current tax value on the land? I missed it per your last response.

Generally everything I looked at around my area, asking value is substantially higher than tax value.

I've never looked at a home/land as a investment possibility, but a littler higher up on the chain vs a used car where it's to be used by yourself.

That said, as I've gotten older, I'm kind of seeing why homes and land are investment opportunities. The only time I look at a used car or home is when I need one to fit my needs

 

[plowhog]

look at the inflation rate when bought vs selling along with how much over the appraised tax vlaue

I understand why you would do this. It might be the best data available. But it is also fraught with risk, just like looking at Zillow or Redfin.

We upended the entire market, at least according to Zillow and Redfin, when we purchased the "other" 50% equity in our ranch property from a family member. Zillow and Redfin could not or did not discover the sale was only for 50% equity-- so it appeared a regular sale had happened but at a much lower price. That threw off their reported numbers for lots of properties in the area. There are many examples of other ways the numbers can be thrown off.

Regarding tax cost, I've only had experience in the CA and NV markets. I've never used tax cost as a way to determine value-- too many variables.

A lot of buyers look at what other similar properties are being marketed for. But that only gives you asking prices, not sold prices.

A professional appraiser has access to all the prior "sold" comparable properties and ways to adjust for differences. And an appraiser would pick up that our property was for half equity. So, for about $300, you can get the best data possible by ordering an appraisal.

I do understand that we all do the best we can when looking at many properties-- and usually only do an appraisal when narrowed down to purchase time.

 

[tradosaurus]

I had to give 20K seller concession for drain fields. They almost got me on stucco, but with my construction background I was much wiser. I made the testing company come back out and re-test a wall they clim had failed (readings ~20%). I tested them with my own tester after they left. They were 12-14%.
I think the buyer and the stucco testing company colluded together to fail the stucco to get $30 grand out of me.
I put an end to that BS.

If this happened to me I probably wouldn't have budged much on the price. They could have pounded sand for the $20K for drain fields.

 

[paulsharvey]

I believe the current "fair market value" listed by the county is $405k, at "highest and best use".

 

[paulsharvey]

If this happened to me I probably wouldn't have budged much on the price. They could have pounded sand for the $20K for drain fields.

Mr Dude ended up with a check for an ammount he seems happy with; how we arrive at the end number is not important. We could have had Mr Dude throw $20k into the closing cost, or just plain reduce the sale price; doesn't matter how we get to the end number

 

[paulsharvey]

BTW; for many inspectors, they will search until they find something wrong, to be able to prove they did their job; not necessarily collusion or anything shady.

 

[tradosaurus]

My mom's an immigrant.
Came to the US in 1949.

I would guess you mom came legally.

 

[tradosaurus]

Mr Dude ended up with a check for an ammount he seems happy with; how we arrive at the end number is not important. We could have had Mr Dude throw $20k into the closing cost, or just plain reduce the sale price; doesn't matter how we get to the end number

Be curious if Hay Dude had other potential buyers interested in his property. This would have given him leverage.