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OP
Campfire Ranger
Joined: Mar 2010
Posts: 24,129 |
Any input on buying property now? 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 I normally would wait but this area is booming now despite the virus and many across the US are relocating here because of political environment and fantastic recreational opportunities. There's construction everywhere now ( it won't shut down like other states) and have contacted 5 area builders and are all booked up through summer. Maybe this is temporary ?
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Joined: Mar 2010
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Campfire Ranger
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OP
Campfire Ranger
Joined: Mar 2010
Posts: 24,129 |
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. Thats my thought too
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Joined: Jan 2002
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Campfire Outfitter
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Campfire Outfitter
Joined: Jan 2002
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You going to be able to cut down those trees?
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Joined: Mar 2010
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Campfire Ranger
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Campfire Ranger
Joined: Mar 2010
Posts: 24,129 |
You going to be able to cut down those trees? Yep. Not all of course . Have a local guy will cut for free to keep the timber.
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Joined: Jun 2008
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Campfire Outfitter
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Campfire Outfitter
Joined: Jun 2008
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I normally would wait but this area is booming now despite the virus and many across the US are relocating here because of political environment and fantastic recreational opportunities. There's construction everywhere now ( it won't shut down like other states) and have contacted 5 area builders and are all booked up through summer. Maybe this is temporary ?
Maybe this is temporary ? No I don't think it is temporary, it has been this way for the most part from Bozeman West all the way to Spokane for the past 5 plus years. Reason I don't see it slowing is that most that have relocated to this area either work remotely or are independently wealthy. They don't care or need the local economy and they have driven up prices to prove that! I think you know your answer, you know what the price is, you know the area, and you know what you want.
Last edited by MontanaCreekHunter; 05/14/20.
Eat Fish, Wear Grundens, Drink Alaskan.
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On most property I'd say wait because I think better deals will be coming. However, if it's a good piece that you want then you don't want to let it go. It's always the right time to buy if it's something you really want. I live in an old farmhouse that was on a 16 acre parcel that had been cut out of 200 acres that I already owned. I'm sure glad I bought it when it came up for sale 20 years ago, I've remodeled the house and have 220 acres surrounding it.
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Joined: Feb 2010
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Campfire Ranger
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Campfire Ranger
Joined: Feb 2010
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On most property I'd say wait because I think better deals will be coming. However, if it's a good piece that you want then you don't want to let it go. It's always the right time to buy if it's something you really want. I live in an old farmhouse that was on a 16 acre parcel that had been cut out of 200 acres that I already owned. I'm sure glad I bought it when it came up for sale 20 years ago, I've remodeled the house and have 220 acres surrounding it. I've been hearing that for 20 years. In that length of time, land prices have increased TEN fold in my area.
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Joined: Jun 2008
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Campfire Outfitter
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Funny thing about Land out West is there is plenty of it and it has only gone up!
Eat Fish, Wear Grundens, Drink Alaskan.
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I looked at a 10 acre lot in Cedar City UT back around 1994. They were asking $12,000.00 for it. At that time I was still in the Corps and about to head out on the MEU so I passed. BIG MISTAKE!
Eat Fish, Wear Grundens, Drink Alaskan.
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Campfire Tracker
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Campfire Tracker
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I have bought and sold land parcels before, and always done fairly well with them.
The best, though, happened after I got divorced, and was renting a duplex on a lake in a golf course development. An acre lot next to the duplex belonged to a guy who was selling off everything to pay off big medical bills, and wanted only $20K for a quick sale of the lot. I jumped on it, and 5 years later, I was contacted by a guy wanting to know if I would sell it. He wanted to build a house on the lot. I ended up selling it to him for 6X my original price, and reinvested it in the purchase of a farm I presently own. Wish I could find a few more deals like that today!
I'd rather be a free man in my grave, than living as a puppet or a slave....
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You should not have bought that property. You are better off in Sawyer co. Wisconsin where we have a governor that doesnt want anyone to even go to a bar in fear of getting a virus. All kidding aside, land in Price and Sawyer county is really down a lot. It is just not selling. I was looking for land in Upper Michigan and for several years it didn't sell very well at all. In the last year it went up and many good parcels around Lake Michigan got sold. There were some really good deals and now wish I would have bought a chunk. Land seems to be going up all over except northwest Wisconsin and parts of Upper Michigan. Minnesota seems higher than us. I think you did very good. Land in the west has really went up. I have a friend in Livermore ,Colorado . Five yrs ago you could pick up some land for very reasonable. Now it is mostly gone and double in price .
But the fruits of the spirit is love, joy, peace, patience, kindness, goodness,faithfulness, Gentleness and self control. Against such things there is no law. Galations 5: 22&23
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A quick zillow search shocked me, 125 grand an acre being considered normal to low, that seems beyond stupid to me, I thought people moved to Idaho to get away from people, if its what you want go for it, but there are plenty of places that that kind of money will buy a whole lot more !
Writing here is Prohibited by the authorities.
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Campfire Outfitter
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I have bought and sold land parcels before, and always done fairly well with them.
The best, though, happened after I got divorced, and was renting a duplex on a lake in a golf course development. An acre lot next to the duplex belonged to a guy who was selling off everything to pay off big medical bills, and wanted only $20K for a quick sale of the lot. I jumped on it, and 5 years later, I was contacted by a guy wanting to know if I would sell it. He wanted to build a house on the lot. I ended up selling it to him for 6X my original price, and reinvested it in the purchase of a farm I presently own. Wish I could find a few more deals like that today! I love those deals! But they don't come up as often as people believe. But like you did, when they do you better be ready to pounce on it.
Eat Fish, Wear Grundens, Drink Alaskan.
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Posts: 33,687
Campfire 'Bwana
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Campfire 'Bwana
Joined: Nov 2002
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I would buy it. We headed to NW Montana (living in Calgary) fifteen years ago to look and looked at a number of nice places. We then headed over to north Idaho to look. We looked at a number there with the last one just clicking for both of us. Little did my wife know I had a pre-approved loan lined up, had sold some stock options and we had cash. "Let's buy it". "What, how can we do that"? I let the cat out of the bag and we bought the place, a recently built house on six acres. In 2008 we bought the five acres next door dirt cheap. One of the best decisions we have made as we really enjoy it up there and are booked for Spokane in a few weeks. We are located fifteen miles NE of Sandpoint at the base of the Cabinets.
Conduct is the best proof of character.
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Campfire Regular
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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. I love spirit lake. My in-laws had a place there when I was stationed at Fairchild. always got ice cream In Rathdrum.
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Posts: 10,653 |
Zoning setback regulations would be one of my first concerns.
You're Welcome At My Fire Anytime
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Joined: Jun 2008
Posts: 13,354
Campfire Outfitter
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Campfire Outfitter
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Posts: 13,354 |
Zoning setback regulations would be one of my first concerns. That is too easy to find out! And he has an acre so maybe not as close as he wants to build but I am sure there is plenty of room for what he is looking to do.
Eat Fish, Wear Grundens, Drink Alaskan.
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Joined: Jul 2017
Posts: 1,556
Campfire Regular
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Posts: 1,556 |
Only so much lake shore and it won't be getting cheaper. I say buy it if you either want to live on the water or flip it after putting up a building. I live on Lake Champlain and it was the best decision I ever made.
living the good life every day
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Campfire Ranger
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Campfire Ranger
Joined: Nov 2008
Posts: 19,467 |
Thought about buying a 6 pack of craft cider at the gas station.
Wife gave me the malo ojo. She didn't know I had a couple 20s in my pocket from selling a knife.
MAGA
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Campfire Regular
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Closed on 3.7 acres 150' on the Caddo River here in SW Arkansas last Friday. Land on the Caddo keeps going up since we first bought 20 years ago. Paid full price only because it was fire sale priced, 3 lots up for sale on a Wednesday and all under contract next day.
Bought as investment or to build on if we get to the point we can't keep up the orchards and gardens here.
My avatar is pic of me on our gravel bar just up river of the lot we just bought.
Ain't skeered of no corona.
There is a war on America and America is losing
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