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

[Patriotic Stabilist]

Down the road from us 2.2 acres is listed at $75000.

When we moved out here people laughed, I said this land will be worth money one day. I tried to get hubby to buy more, but nooooo. When he listens to me we make money.

We did ok, we bought a foreclosure, fixer upper out where we live. Has almost 2 acres, had a 2000 sq ft brick house we have added to it. Also building our second garage and have a rental mobile next door we had bought for mom.

We paid $25069 for it in 1992. I looked at the closing statement last night, the outfit holding it wanted rid of it so bad I got them to pay for $2519 of closing costs, our closing costs were $69, but we paid cash too.

The last value I looked at was right at $200k and the sq ft isn't even right says 1695.

The kids next door have 3 acres and it was an old junk woodframe house on piers, they gave $180k for it, gulp! They have done lots of work on that house and property.

 

[schmism]

central IL prices as of this year

parcels less than 5 acre - non tillable 2K-$3500

10-50 acre tillable ~$5K

above 50 skys the limit. had a friend sell ~100 acre at $7500/ea and his father dropped a hint at the local dinner that he might sell his other 250 acre and had guys standing in line to buy it at $10K per acre.

 

[ultrarunner]

Our taxes here in eastern Washington have continued to go up, we will be forced to sell to retire somewhere where the taxes are not as high... 20 years ago, only a few houses around this area, now there are a bunch and it caused our value to go way up... land was $1000 per acre around here 15 years ago, most of the land around us sold for $20,000 per acre in the last 5-7 years.

Unfortunately... I afraid it will only get worse. My long time neighbors told me they are thinking of selling... they built a very modest home when they married in the mid 1950's... taxes are driving a lot of folks away...

Even in this down property market... my WA taxes go up every year... house on 16.9 acres... most of which is no longer build-able since I bought is taxed at 13k...

 

[scoutcub]

Wow, very interesting and informative thread, thanks Dargo!
I've got some interests in the stock market, but the majority of my profile is real estate as well. As earlier stated, they don't make any more of it.
Some interesting observations I have noted reading thru the posts.
One poster from Vancouver Island, BC, land is very expensive but obviously very limited in the island. For some reason, all posters from Canada are citing very expensive land costs. Interesting how farmland in the middle of the states is holding great value. Some great deals in Maine and Idaho!

I have some land in Wa state, and Ohio. Just moved from a subdivision in MI last year where the 1/3 acre lots were selling for 100K. (yes I'm stuck with one)
I was very lucky on both my land purchases and got both under 3K per acre, but the timing was perfect.
As for the OP's scenario, for improved land like that in a nice sub it would be worth 10K I would think? Seems to me you are very keen on it, I think if it was sold to someone else you'd regret it? But....as soon as you make the second offer, the owners will know you are seriously interested. I think 50K would be a good deal....
good luck, keep us informed!

 

[scoutcub]

Unfortunately... I afraid it will only get worse. My long time neighbors told me they are thinking of selling... they built a very modest home when they married in the mid 1950's... taxes are driving a lot of folks away...

Even in this down property market... my WA taxes go up every year... house on 16.9 acres... most of which is no longer build-able since I bought is taxed at 13k...

Ultra -

Any chance of re-zoning to ag or forest? My land in western washington is commercial forest, 1000/yr on taxes. (no house on it)

 

[UpToNoGood]

A little over a year ago we bought 40 acres for 12K in the mountains of New Mexico. That is 300 per acres, so don't hate on me I was just in the right place at the right time. It normally goes for 1k or more per acre in our area. The land was raw when we got it. Since then we have added a gate that I built and installed. Had the well drilled and a spot for a house leveled.
Land 12k
Gate 2k plus time
Well 4k no pump yet.
Dozer work 1200
For a total of 19200 so far invested.

I live over 700 miles away so time and money is limited, but we are doing this on a pay as we go plan and will do as much of the work as we can. So with what I consider a great buy on my part compared to what the rest of you guys paid I am still wondering how long it will take to get it done. And have to only guess it would take you guys a life time to make some of the prices you paid work. Just crazy prices.

Here are some photos.

 

[CowboyRon]

East Texas its about 3000 per acre

 

[clemsonfor]

I'm about 45min to 1hr out of downtown Toronto.

96 acres of good farmland is listed at 1.6 million. 135 acres not far is listed at 2.9 million! Neither has a spectacular house or worthwhile outbuildings - count about $250-300k for the house. One of our highways (404) which runs north south is being extended to my area and that has some speculation going I figure.

20 south, closer to the city, 94 acres is listed as 3 million. and 50 acres at 2 million.

Further out (probably 1.5 hr from downtown), east of where I am, there is a wonderful 100 acre farm that is listed at 899k. It used to be a dairy farm with an old (HUGE) bank barn, loads of outbuildings (too many) and an adequate but not spectacular farm house. Good land. My wife and I almost put an offer down on it but we have decided to stay put for now for a couple of reasons:
- Might as well wait a couple of years for the highway to come as far north as we are. They are building already. Appreciation should follow as a result we think.
- A golf course is being built on the unused quarry two properties down. This is likely to benefit us as well.
- Finally, I think we've decided that we'd REALLY rather start with land and then get a house and outbuildings built the way we want.

So we will reconsider in 3-5 years or so. In the meanwhile, my wife is suggesting we get a new kitchen so that we can enjoy it and she claims we will get our money back when we sell. I'm suspicious. I'm claiming, we should get the JD 4720 cab with 100 or so hours I found in mint condition for 15-20000 less than discounted dealer price for a new one (once you factor in sales taxes). At least you know you can take the tractor to your new place!

There is no way, seriously working folks can pay 2 million for 50 acres?

 

[N80]

My property is in the central part of SC about an hour north of Columbia and an hour south of Charlotte, NC.

I paid $1100/acre for 237 acres 10 years ago. About half of it was 2 year old pines. The other half hardwood ridges and valleys. There is 5 acre section of 20 year old pines. There is a 8-10 acre watershed with a large dam and a creek through the middle. There is now a 2 BR/1 bath log cabin and an open tractor shed. Before the economy tanked a similar piece of property nearby (no pond or house) sold for around $2500/acre.

I'm having it re-appraised for an upcoming refinance. I'm guessing it will be around $1500/acre.....I hope.

Two things drive land prices in this area: hunting potential and timber. Five years ago, property in this area sold before anyone knew it was for sale. No signs, just word of mouth. Hunt clubs and wealthy hunters seemed to drive sales. Timber was an added bonus in the equation of course. I don't know what the economy has done to prices now, but you still don't see much land for sale.

Deer and turkey hunting are superb on my place. Rabbits too. But I think the economy has probably blunted the hunting market. Will find out next week I guess.

 

[canoetrpr]

There is no way, seriously working folks can pay 2 million for 50 acres?

My neck of the woods are primarily horse owners and hobby farmers like me. I was lucky that I bought here 6 years ago. I paid $550k for 27 acres out of which 8-10 are pasture / house and the rest is forest (very wet in the spring). I have a wet property that is in a valley and I curse the flooding every spring when 1/2 my pasture is under water

This year when we had a drought for 6 weeks - I wasn't cursing any more as my grass was as green as could be with the moisture in the ground. Just makes me keep my animals off the pasture and on hay about 2-3 weeks longer than others on higher ground.

I have a 5 stall horse barn, nice metal sided workshop and hay loft, pole barn, two permanent paddocks, decent fencing etc. House is comfortable but not fancy. We have done a lot of improvement to the outside (painting, landscaping) and today the value is somewhere around $900k!