Should I try to buy this farm by Barlows

[JOHNTHOMAS]

This farm is next door to Barlows which could cut down on delivery time and testing of equipment and quick visits to discuss trading and even learning about new Kubota/Landpride Equipment and even great used trade in and using no gas in my truck/car. Just hop the fence or cut a hole in fence and drive my RTV over. SHOULD I TRY TO BUY SOME OF THE FARM NEXT DOOR? Would it induce me to trade more often? Would this purchase rally save me money or cost me more money? It's this morning so need to know quick.........House, Barns & 141 Acres at Absolute Auction

 

[bullbreaker]

Morning Sir ! Looks like prime property , its worth biding on IMO.
My only concern would be loseing big money down the road through "eminent domain" .
Please post a heap of pic's if you win the bid including the Deutz D6006 and equipment, that one comes with a fel mounted on it (rare) !!!

 

[shovelmike]

It might be a great investment in the long run. There is good size cattle operation we pass on our way to town which later became the site of our new regional hospital, I don't remember the exact acreage purchased for the hospital (seems it was 65 or so), the price was 40,000 per acre. The owner made much more money off that deal than he ever did running cattle.
The flip side, being so easy to browse at all that shiny new equipment versus busting knuckles on your old stuff might strain the budget. LOL

 

[LouNY]

Interesting ad for the auction, the land being all broke up into small parcels would lead me to believe that it will be going for commercial use or speculation.
Certainly not for ag use.

And now for a complaint, I never used to see this at auctions now it seems to be becoming more prevalent, a buyers premium in this case 10%.
When did this become so common and in this case so exorbitant?
So far I have been able to avoid any auction that charges this fee.

 

[3Ts]

I'd be very careful about that lead based paint waiver you'll have to sign. The remediation for lead paint could be very expensive. Is there a minimum bid? Why hasn't it sold on the regular market?

I went to one auction like this after the house had been on the market a long time. It didn't sell because the minimum wasn't met. A few months later it caught fire and the whole thing was destroyed.

 

[oosik]

I guess, if you are in the market for speculation investment - this might be a good choice. It is definitely NOT where I would want to build a house and live. Most likely it will be developed as commercial land of some type.

Since the auction is today - it's a little late to be discussing future options with a trusted real estate agent.

 

[JOHNTHOMAS]

Interesting ad for the auction, the land being all broke up into small parcels would lead me to believe that it will be going for commercial use or speculation.
Certainly not for ag use.

And now for a complaint, I never used to see this at auctions now it seems to be becoming more prevalent, a buyers premium in this case 10%.
When did this become so common and in this case so exorbitant?
So far I have been able to avoid any auction that charges this fee.

The 10% Buyers Premium has been standard here for several years and it sucks but all the Auctioneers charge it. I to protested for a couple of years and refused to buy if the Premium was added and was not able to buy anything at Auction. As a Real Estate Broker I actually reduced the Commissions at my Company which stirred up the other Brokers but it was my choice and helped me to list more and sell more thru my Company.
Didn't attend the Auction but interested to find out if Steve Barlow or Mac Metal, across the Hwy, bought it. It is valuable Commercial Property due to location and available water and sewer services and can make a nice subdivision or Commercial site and is to valuable/costly for farm operation. Currently farm land here is selling around 6,000 to 10,000 dollars per acre in large tracts of over 60 acres which is large for here.
It has been for sale for a year or so before going to Auction.
Most large tract sales now do the individual groups/tracts and then combination in different combinations if someone will bump the price for the individual tract by a certain amount. Adding any combination a potential buyers requests with a raised bid to bring the most money for the seller which is the obligation of the Real Estate Broker. Of course the frontage is the most valuable/expensive unless someone wants it all for development.

 

[ruffdog]

Interesting ad for the auction, the land being all broke up into small parcels would lead me to believe that it will be going for commercial use or speculation.
Certainly not for ag use.

I don't see how they can sell parcels that have no legal access to it. I doubt they will break it up unless pieces are attached to neighboring parcels.

 

[sixdogs]

Years ago I faced a similar question and although nervous, I went for it. One of my better decisions. As we look back, we tend to more regret the things we did not do rather than the things we did. Just watch the debt so you can weather a storm. We never know how long we have so my free advice is to do what you want to do and know that life will sort it out.

 

[JWR]

Strange item for TBN ... but, why not? So it was yesterday... What did you do? I have several comments [not knowing what happened.] 1) That is very valuable land in a great location close to interstate highways, not far from big Lake recreation, very farmable if you want to farm. 2) Already being in several parcels means the County cannot force you to consolidate it into one parcel -- thus you do not have to get approval to "subdivide" if you wish to sell off a chunk or two. 3) It will (eventually) bring high dollar for commercial property. What age are you ? 4) As with ANY land "it depends." What do you really want to do with yourself? 5) Should have done a title search on it at the court house long before the auction...6) Are there zoning and or covenant restrictions on it ? etc, etc. DO LET US KNOW what happened and what it sold for. I'll make a totally wild guess and say it went for $950,000 OR that it did not sell at all. Hard to say what the fine print means in an "absolute" auction.

 

[Diggin It]

OK, first off there are no Interstate Highways anywhere close. See the second picture, not enlarged. I-75 is the closest, running through London 30 miles to the east of Somerset. I-65 is to the west quite a ways. The two divided highways shown in the enlarged picture (top and left) are state roads and not limited access though they have some cloverleaf intersections.

Without looking at the listing, my guess is that the plot in question is the red box or similar. Barlows is in the orange box. As far as being parcelled out and providing access, I'll venture to that the two green areas and a pretty good indication of what is planned. Though it may also be a commercial park of some sort for small industry.

Many times these auctions are rigged to some degree. The fact that it was already parcelled out tells me some developer needs to buy it at auction to make it legal for some reason. Maybe a bank arranged the process.

 

[ruffdog]

"Without looking at the listing, my guess is that the plot in question is the red box or similar."

A person should look at the auction ad so they know which property is being sold.

 

[old and tired]

map was in a link: (not sure a PDF will work on TBN...)

View attachment document.pdf

 

[Diggin It]

Yeah, so I got roughly the right area. Included the plowed fields shown though since the OP said 'next to Barlows' and I don't know if they own those fields or not.

 

[Steppenwolfe]

Interesting ad for the auction, the land being all broke up into small parcels would lead me to believe that it will be going for commercial use or speculation.
Certainly not for ag use.

And now for a complaint, I never used to see this at auctions now it seems to be becoming more prevalent, a buyers premium in this case 10%.
When did this become so common and in this case so exorbitant?
So far I have been able to avoid any auction that charges this fee.

The farm property we just bought this January paid the realtors 10% as well. I didn't know this till closing and was shocked. My realtor, whom I called to show us the property, made 5% for a few hours work. I did all the leg work, made all the calls, but I'm not an agent, so she got low 5 figures ... ???? And the other agent who listed the property got low 5 figures; oh, it was on the market about 10 days when I came along.

 

[two_bit_score]

Did you buy it?

 

[JWR]

OK, first off there are no Interstate Highways anywhere close. See the second picture, not enlarged. I-75 is the closest, running through London 30 miles to the east of Somerset. I-65 is to the west quite a ways. The two divided highways shown in the enlarged picture (top and left) are state roads and not limited access though they have some cloverleaf intersections.

Without looking at the listing, my guess is that the plot in question is the red box or similar. Barlows is in the orange box. As far as being parcelled out and providing access, I'll venture to that the two green areas and a pretty good indication of what is planned. Though it may also be a commercial park of some sort for small industry.

Many times these auctions are rigged to some degree. The fact that it was already parcelled out tells me some developer needs to buy it at auction to make it legal for some reason. Maybe a bank arranged the process.

OK, Second Off, I was referring to a 4-lane divided highway as "Interstate" which struck me as adequate precision. It is 1 mile as the crow could fly from TWO four-lane divided highways. That kind of access is good for the value of property. Looking at the listing and posted photos shows the specific property outlined. The individual parcels that make up the 141 or so acre total provides any potential new owner an advantage, as I said, -- namely they do not have to beg the county to subdivide in case they choose to sell off some of those existing smaller parcels. The fact that it was 'already parceled out' tells me that it has been that way for eons, long prior to someone trying to sell that larger total. In fact, I'm guessing some investment dude got options to buy all those parcels,owns few or none of them, and then marketed the overall total on the idea of it being worth bigger bucks. If it sells he exercises his options. If not, he is out very little. But my speculation (or yours) is kind of moot. I want to hear what really happened...

 

[two_bit_score]

This farm is next door to Barlows which could cut down on delivery time and testing of equipment and quick visits to discuss trading and even learning about new Kubota/Landpride Equipment and even great used trade in and using no gas in my truck/car. Just hop the fence or cut a hole in fence and drive my RTV over. SHOULD I TRY TO BUY SOME OF THE FARM NEXT DOOR? Would it induce me to trade more often? Would this purchase rally save me money or cost me more money? It's this morning so need to know quick.........House, Barns & 141 Acres at Absolute Auction

.


Did you buy it?

 

[Diggin It]

Did you buy it?

Did you buy it?

Didn't attend the Auction but interested to find out if Steve Barlow or Mac Metal, across the Hwy, bought it.

.......

 

[JOHNTHOMAS]

:laughing::laughing::laughing: So far all of you have missed "The point".
I see as a former Real Estate Broker and Real Estate Educator for the University of Kentucky and Real Estate investor myself that some of you have some knowledge of Real Estate but lots of not so true info and opinions concerning Pulaski County Kentucky Real Estate Laws and Regulations and "Operating practices" which is OK and normal. I owned a Rental property with 21 residential rental units about 2 miles west of this property on this Hwy and sold it about 3 years ago when I "Retired" again. I currently own around 30 acres about 8 miles east of this property just off this same Hwy which has 5 across the road building lots and then my home site including a previous tower location. None of my home site is for sale and may or may not sell the across the street lots but probably not to maintain my distance from neighbors.
For one person that asked about age I'm knocking hard on 73 and have been involved in Real Estate in this area for over 40 years and did a few Subdivisions at different levels of ownership and Broker for others and still do some Real Estate Consulting but out of the personal ownership/large debt obligations aspect now, well, probably if one can ever get out of the Real Estate business.
My 29 purchases and trades with Barlows over the last 16 years was the key issue which most of you that replied didn't know or didn't remember my addiction issue with Orange. :cool2: