I just put a bid on a 1 acre parcel on a small lake near Hayden, ID. I low bidded with cash offer and we are counter offering now. I got them to drop price about 20 per cent from their high a month ago. There is electric and sewer already hooked up to property. And 13 k in sewer fees -hookup already paid by the seller.
There is timber to be cleared out and it slopes down to the lake. Front half of property 25 ft from road slopes about 5 to 7 feet in the general building area. So some extra costs in building. Thinking of a day light basement type build and a smaller 1800 to 2000 sq ft house.
According to all of the realtors in area there are a lot of inquiries in this area despite the economy. If I get property probably sit on it til next year until economy sorts outs out. Spoke to a few local builders and advised building costs are very high now.
Yeh I know, I like having cash now but seemed like a decent opportunity to at least buy as an investment. Right next to Hayden lake and many very nice homes in area
And water? Id want to find out about the soils, building dept may be able to help you (of course they could, question really is will they). Are thre ccrs youll need to comply wirh? If so there is probably an association, id look into them and any budget, plans, etc. (Copies if say last 3 meetings minutes).
Be Polite , Be Professional , but have a plan to kill everybody you meet -General James Mattis United States Marine Corps
And water? Id want to find out about the soils, building dept may be able to help you (of course they could, question really is will they). Are thre ccrs youll need to comply wirh? If so there is probably an association, id look into them and any budget, plans, etc. (Copies if say last 3 meetings minutes).
Very little CCR's. No association, Just stick built home, no min sq footage. There are nice houses each side of property. I ve have had 3 different builders look at property. The county is shut down due to virus still waiting on inquiries from clerk. I can't find any hidden issues. The previous owner donated it to a non profit group when he passed so they are selling it.
County, water, sewer hook up, electric already ran too property.
Where does it fall to the comparable's in the area? What is the sellers motivation? What is the tax liability after the property is developed? You said it has a slight grade what is the actual water runoff looking like? Can you afford to sit on it a few years (more than a year or two) before building? Building Materials around here are very high! I am sitting on a piece of property now for that very reason. The thing about the materials cost is there is no reason other than demand right now. If you compare to other areas it is absolutely crazy. So I personally think if you want to pay fair value for materials you are either going to have to sit and wait or truck it in from another market area. Which I have looked at, but still inflates the cost. Another thing I didn't see you mention was if the well was in yet or not.
May be a wonderful opportunity, certainly seems you bid aggressively but correctly, i think you did very well there assuming you have checked what similar lots have sold for and you're happy with the price. I dont think anyone truely knows what the economy will do in the next 24 months. Im hoping a release of pent up purchasing once were back to normal
Be Polite , Be Professional , but have a plan to kill everybody you meet -General James Mattis United States Marine Corps
Its an established community community so no recent land sale comps
I can sit and wait a year or 2 to build so no hurry. There's one lot up the road 1/2 an acre about $40 k more. but sits on a near by golf course and is more level property.
is it waterfront as in on the lake? Or just in the lake neighborhood with access rights? I would dig deep for comparable's even if older or on another lake similar. But if you think that the price is right and that you can sit on it. Why not buy it?
Chit is expensive right now, but the fed printing money at full steam. As long as you don't have less than a 3 year horizon I think you will be fine. Lumber and building prices have not dropped much, but I notice the mills are still closed here ( <- that's a hint).
"Life is tough, even tougher if your stupid" John Wayne
Chit is expensive right now, but the fed printing money at full steam. As long as you don't have less than a 3 year horizon I think you will be fine. Lumber and building prices have not dropped much, but I notice the mills are still closed here ( <- that's a hint).
Taxes are low in Idaho and conservative govt. Economy is opening much quicker than rest of US.
I do not know if it is good / right input or not, but my thought is this .. it depends on your financial situation. I'm not going to second-guess yours. We have people on the forum from high school / college students living on student loans to retired entrepreneurs with "more money than God." Personally, I would not take on new debt unless my income were rock solid, but if I had "excess" cash in the bank or if my job were such that the market impacts of the virus can't touch me directly or indirectly, then I'd say go for it. Sort of hate to be parasitic / take advantage, but I think when the moratorium on rental evictions and foreclosures ends, there are going to be opportunities for people who have cash because others have fritter theirs away and won't be able to pay their bills.
Tom
Anyone who thinks there's two sides to everything hasn't met a M�bius strip.
This is spot on, opportunities will only get better and cash will be king. That said, and to the OP, this deal might be perfect for you now so you must act. Hard for us to say. But the deals are coming, and that makes me sad to say that but reality is a 20%+ unemployment rate!!
Chit is expensive right now, but the fed printing money at full steam. As long as you don't have less than a 3 year horizon I think you will be fine. Lumber and building prices have not dropped much, but I notice the mills are still closed here ( <- that's a hint).
Taxes are low in Idaho and conservative govt. Economy is opening much quicker than rest of US.
My thesis is the mills are not running because demand is low, not because they can't run. That being said retail lumber prices have not moved much, but I see more contractors advertising looking for work. So a cheaper time to build might be in our near future. The last few years getting sub contractors has been a goat rope in this area.
"Life is tough, even tougher if your stupid" John Wayne
I just put a bid on a 1 acre parcel on a small lake near Hayden, ID. I low bidded with cash offer and we are counter offering now. I got them to drop price about 20 per cent from their high a month ago. There is electric and sewer already hooked up to property. And 13 k in sewer fees -hookup already paid by the seller.
There is timber to be cleared out and it slopes down to the lake. Front half of property 25 ft from road slopes about 5 to 7 feet in the general building area. So some extra costs in building. Thinking of a day light basement type build and a smaller 1800 to 2000 sq ft house.
According to all of the realtors in area there are a lot of inquiries in this area despite the economy. If I get property probably sit on it til next year until economy sorts outs out. Spoke to a few local builders and advised building costs are very high now.
Any input on buying property now?
You can't go wrong buying that parcel. Anything near Pend Oreille, Hayden, or Spirit Lake will be gold. I wish I still had property there.
TV has become nothing more than the Petri dish where this country grows its idiots.
