I was fortunate to buy the farm I grew up on from my elderly mother a couple years ago. I paid cash and did a lot of upgrades to the house, etc., pretty much cleaned me out. There were two sizeable tracts in the immediate area that had been clear cut and posted for sale 20 years ago finally sold last year, highly discounted after 20 years on the market. One for 3k/acre the other 4k/acre. They had been clear cut and now had 20 years regrowth. I don't know what those owners have in mind, but one has spent a fortune completely clearing the property and putting in new roads. Looks like it will be developed.
Another smaller tract in the area was bought by a known developer.

So now a few months ago 160 acre property next to me went up for sale. It has been completely cutover the last 15 years. Mostly natural regrowth some in planted pines. It has been hunted heavily by a crew of guys that shoot anything that walks by and they told me they average 25 deer a year...which I believe. It borders a small non-navigable river. I really want this property to manage for hunting. I think controlling the hunting on it would improve the bucks in the whole area because a lot of young bucks are killed there every year, but also I need to have more room for boys to hunt on as they grow older (both under 10 now). I would clear some good chunks and put into crops, and really make the place nice again.

Here's the kicker. They are asking 10k/acre. I don't have that and don't like the idea of financing recreation property. I also don't think I could get a loan for that much on that property. Everybody laughs by how much they are asking. But smaller tracts up to 30 acres or so have been bringing a lot for people to build dream homes on. This land would requiring clearing to make a nice home place. I don't think they will get the asking price anytime soon. But I don't know what their bottom line is, and with as much development interest as there has been in the general area, I am concerned that somebody else will find and meet the bottom line before I come to the table. Part of me thinks it's best to let it sit for a couple years just to have some bargaining power.

I did not think this land would come for sale in my lifetime as it has been in the same family for over 200 years, possibly back to the 1700s. The current owner is an inlaw of that bloodline and he is about 80. I have never met him but spoke to him on the phone a few times...most recently 5-6years ago, and he is cordial. Lives about 1/2 hour away. He has 2 grown children. I don't know if they have any attachment at all to the place. I don't know why he is selling now....financial crisis, just wants the money, etc They did cut every scrap of timber off the place and there was some good stuff. Last cut was 5 years ago so maybe that money is now spent.

I would probably never forgive myself if I lose out on this without trying. I don't like the idea of financing it, but that's probably my only option. I don't know if I should call the old man and be casually nosy, or try to work something out with him directly, or just leave it alone for a good while and then make offers through a real estate agent. Or just forget about it for 10 years and hope I can save enough and the price comes down enough due to lack of interest. Like I said, once in a lifetime opportunity.
What would you all do?

What county is the property at in Virginia? out of curiosity....

a Virginia native here and just hate to see all the forests that have been turned into developments since I left to go to college and then into the military....

I'd like to see ya get it....good thing for your boys.... and keep some of Virginia away from developers...

If they are asking that kind of price, then you know they are looking for a developer with the deep pockets. If it were me, I would try everything possible to get a lock on it. There should be some price reduction in there somewhere.

Damn. In my area a nicely wooded 160 acre parcel would go for $1,000-$1,200 an acre. The owner is asking a lot; but it is neighboring property that you and your family will be able to use and enjoy for the rest of your lives. I don't like to borrow money for anything, either, but I think if you can swing it without spending the next 20 years eating beans and driving beater cars, you should go talk to the owner. Explain how you want to use it, what you think a realistic price is, and see where he really is on it. If you sit on it figuring to wait a few years and some developer buys it, you'll be ticked off at yourself as long as you live.

Bedford...

I just pulled the listing up for the first time in a while. It's been listed 5 months, and they have already dropped asking price by 200k. So must not have had any interest. I thought they would hold out a bit longer than that. The other properties that sat for 20 years never did drop asking price, but they came in substantially under at sale time.

I will talk to a banker that finances rural land see home much they will lend me at what price.

You might ask yourself the question: how long will you be able to hunt a quarter section when everything around it is developed?

You don't mention how many acres that you now own, or how many acres were in the two tracts that sold for 3/4 k each. It could be a great investment if it adds to and betters access to what you now own.

It sure can't hurt to talk to the land owner in person, realtors are nothing but thieves, that rob from both the buyer and the seller.

I had a similar plan come together this past spring. Added 137 acres to my place that gave me better access to the back end. Already has a road, fenced and a nice lake. Helps with controlling the trespassers is the big advantage in this case.

How bad do you want it ???? Go to the bank, take out loan for it, by combining both properties.Make it one big property. I know.....I wouldn't want to do that either but....... How much do you want a lot of new neighbors ? My wife calls me a wanna be land baron....... I'm always scheming on how to buy adjoining properties to keep the hordes away.

Joe

If I was young I would figure a way to buy it

Too rich for my blood for recreational property. I wouldn't take on the stress of paying for that, especially with young children in the house.

If it is listed with a realtor the owner has signed a listing contract with them and cannot make a side deal with you until the contract expires. That doesn't mean you cannot talk to the owner and see if you can determine an acceptable offer but you would need to make that offer through the realtor. I did this for an adjacent 15 acres 25 years ago and you will not regret locking up land. Last week I received an unsolicited offer on that 15 acres for twice what I paid. I'm not selling.

Go for it.

If the economy slumps (IMHO a strong possibility) all tracts may become available again.

Personally, I need some heavy equipment... I am waiting for a downturn.

Not trying to be a gloomy guy, just saying...

Democrats seem determined to bankrupt this country and put everyone in socialist shackles.

Are we talking $1,600,000 of borrowed money for land that basically has no income potential for the next 30 years?

What will the property taxes amount to in future years, especially as adjacent parcels develop?

So $1.6 million for cutover recreational land? That seems WAY overpriced. I mean WAY!
I agree with what others have said about buying land and the fact it is next to you, would make me certainly want it. But not for anywhere near that price. Not sure what part of VA you are in, but in the rural areas I have looked, that’s an insane price.
This summer, I bought 85 acres of recreational property in SW VA for $1k/acre. It has 2 springs, excellent access, fields and plenty of timber to sell. It wasn’t the only place prices like this either. In the area that I was looking, cutover land was going for $500-$1,000 an acre in the mountains. Good land that was suitable for farming or that had timber was priced at $1,000-$2,500 an acre depending where it was and what it had on it.

25 deer??

Oh u know they pourin corn out on dat mofo. lol

In Montgomery Co, rough land is going in the $3-4K acre and pasture double and more.

But in combining them, DO NOT put up your existing property as collateral. If the economy goes south, you could lose what you already have.

They are not making any more land. Undeveloped around here in larger tracts almost always sells for less per acre than a smaller tract. Get a price of what tracts of like size and condition are selling for (not asking price but actual sales) as that is how a lender will approach it then make an offer based on that. Get a loan or and down monies in your pocket then make a serious offer. Do not wait all they can say is no but show them you are not just kicking tires....

Nothing stays the same. Enjoy what you have and forget the other properties.

Debt is slavery.

Other than the simple roof over your head need, additional land holdings are a part of a larger investment portfolio and retirement time horizon plan. There are lots of things that need to be reviewed in your financial situation with that in mind. Does the additional land investment and its carrying costs fit your future plans?

I would give the old fugger a call. Maybe even a visit.


You say the property is listed. Big agency or small, independent one?


Yes, I realize that realators are useful and good....but they have fugged up as many land deals as they have helped facilitate.



Give his a call.

This ^^^^^ looking someone in the eye and spittin' over the fence with 'em has worked more often than not...they may be letting the minerals go with it too. Never hurts to ask...

Yep. Nobody but developers and commercial property asks or gets that much for wooded property. They're not really interested in selling it if that's the price.

Lots of good advice here but sooner or later, land has to pay for itself. Maybe you can figure out a way to make that happen. Perhaps you have to buy it, divide it, sell a few parcels while retaining some semblance of control to make it work. Do you have conservation easements available? That can be an option. I wouldn't simply spend $1.6mm on something like that for the uses you describe.

Put yours up for sale for $9K an acre and reject every offer.

I bought my 100 acres 35 years ago for $300.00 an acre, 60% woods, 40% pasture/hay fields. A little later, the adjoining 65 acres went on the market, asking $750 an acre, which I figured was outrageous. I offered 500, and the absentee owner got pizzed and took it off the market. Fast forward 30 years- - - - -it sold a couple of years ago- - - - -for $2500.00 an acre! I wish I'd bought it at 750, but I would have had to sell my soul to do it back then!
Jerry

Lol

The older I get the less I want a loan for anything. Including land.

$1.6 Million. Non-issue. You got what you got, enjoy it.

$10,000 an acre will buy prime Iowa crop land. The good farm ground will not pencil out at that price.

The land is over priced unless there's developers sniffing around and planning on putting a subdivision on it.

If no developers are interested in it, it's going to sell for much less. If developers *are* interested in it, you're going to have a tough time competing for it.

Also,...I don't know how it is around there. But banks here are very hesitant to loan money on undeveloped property here.

If it's over priced, the realtor handling the sale (if there is a realtor) knows that it's over priced and is probably biding his/her time until the owners get enough offers to gain an understanding of what people are willing to pay for it.

Many times, realtors will take a listing that they know is over priced because they know that the owner will eventually come around and offer it for what it's worth,......and it's only worth what someone will pay for it.

Decide what you're willing to pay for the property,..then call the realtor and give him/her the offer. You might not get it for that. But it will make your name available and it will demonstrate to the owner what a reasonable offer on the land is at this time.

^^^^

Sounds kind of steep. Yep, I think fishing for a developer, too.

I pay $5-10k for tillable ground in MD... the $10k is for irrigated with operable systems included.. these are 12mo fields that give winter grain crops as well.

If I was you, Id sell your existing tract and cash in if land is that high in the Roanoke area.

I might be wrong but I'd be surprised if that much undeveloped land in that area sells for 10K an acre anytime soon. In June of this year we sold one of the better located five acre lots in a very good; small, 13 parcels, view of the Peaks of Otter, etc., fully developed residential development about ten miles outside of Bedford for $49,500. We bought it 20 years ago for 34K. As I recall we first listed it about seven years ago. I 'd guess you can get it for less if you give it some time.

I would not come close to 10k/acre if I but an offer in. They just reduced and now it's 8.8k/acre.

Banks generally used to require a fairly substantial percentage in down payment in cash and/or collateral to loan money on what they term, 'undeveloped', land.

A guy I used to work with found that out after he'd won the bid at an auction on 70 acres -- a hilly, overgrown, landlocked w/easement, "poor man's", farm with little tillable acreage, a practically falling down old farm house and a couple of rotting outbuildings, ancient well and septic system, but did have electricity back to it. The old place had sat empty for years and had become like a wildlife sanctuary of sorts as it was surrounded by several thriving excellent farms with many acres of grain crops.

He had the 10% cash down required by auction but not anywhere close to the down payment the bank required to make the loan. He was finally able to close the deal by selling all the marketable timber and putting every last cent of that money on the down payment.

He and wife both had pretty decent incomes (wife was a veterinarian) but to help pay for it, property taxes, necessary improvements, new residence, maintenance equipment and such, still had to run several beef cattle on it.

As I understand it this land will not produce any income?

1.6 milion. I"d never be able to pay that off.

Have talked to folks though that have done stuff like that, they get the longest note they can to get to lowest payments and basically consider it renting for their life more or less, and if/when, they just let it go back...

Enjoyment is like an unearned income, I have never regretted buying land that joined my land, we spend most evenings enjoying a drink at one of the ponds, watching the dog swim, or just the wood ducks heading south.

I have friends that live on a half acre lot with twits and yappy dogs surrounding them, they tell me that their 401K's are doing well, to each their own........

You could buy a LOT of hunts for 1.6 million.

This is what I was thinking. The interest on 1.6 M alone would pay for some great memories for you and the boys. You could probably take them to Africa each year and not have to maintain the land. Don't go into unnecessary debt for recreation opportunities with the kids. They just need your time not you stressing and working extra all the time. Unless it has great investment opportunity probably not worth the land.

How much is a good deer lease where you live? Those are kind of foreign to me living in Idaho.
Bb

What some of you are not seeing, is the fact that 1,6 million is a lifetime of earnings to some, to others its a weekend in Vegas......just points to ponder....

This is sound wisdom. If it's been on the market for about 6 months, the contract with the agency could be nearing an end. Give the guy a call and ask him how much longer the contract is good for. Ask him how he came up with that price, or was it the agent that did. Many times the agent is just doing what the owner asks him to, whether it makes sense or not. If it was the owner that came up with the price, tell him you will call him back when he is no longer under contract. If the agent came up with the price, tell him to fire the agent.
During the course of the conversation ask him why he is selling the land. Try to get a feel for his priority. For some people the priority is getting as much as he can, and he doesn't care how long it takes. For others they need the money for some particular reason and might be more flexible on the price. Regardless try to find out. Ask how long he's willing to sit on it, if he got a "reasonable price". To finance it, (which is tough with raw land) it has to appraise. Ask if he's had it appraised. Don't show your cards until the property is no longer under agency. Just let on that you MIGHT be interested at the right price.

I don't believe for a minute they are taking 25 deer off that property every year unless they are just shooting anything with fur.

If you can swing it financially I would buy. One of
My biggest regrets is that 20 years ago I had the chance to buy a cousins 120 acres of the family place for $75000. Passed as I didn’t want to take on debt. Land in that area is going for over $4k an acre now. But I’m a little like the old Lincoln quote in that I’m not greedy. I just want my little patch of land and all the land that touches it.

Most banks in my area will only do about 50% financing on raw land. You may be able to find an ag credit union to do more. Or you may be able to get around this by putting up the land you own now as collateral.

Some other things to consider is that the owner is going to have some pretty hefty capital gains taxes. If he doesn’t need all the cash now he’ll save a lot in taxes by owner financing and may want monthly cash over a lump sum and higher taxes. May be worth feeling him out on that. I’ve saw people hire an accountant to run numbers at what the income tax differences would be at the sellers estimated cost basis and tax bracket and submit that along with their offer to highlight the advantage to the seller

You can still cut a deal directly with him even though he has a realtor, he would just still have to pay realtors commission

Also I would check into selling conservation easements to recoup some of the the purchase price. You may be able to get an offer on that before you buy reducing your purchase price and putting the bank more at ease on financing it, basically have one closing for x+y price where your paying x for The land and what ever conservation group is paying the y for the development rights

Seems high to me but what do I know. I just dropped $15k for 1/3 an acre with a dilapidated, useless house trailer and a huge dead poplar. To anyone else the lot would luckily be worth $2000. However, it joins a larger lot I bought cheap years ago and together makes a very nice building site for us or one of my children. Provides frontage, utility and blacktop access.

The owner knew I was the only one who might want it and would pay. After 10 years and negotiating the price down a few thousand I payed and am happy I did.

Guess my point is if you want it, get it. Value varies on stuff depending on who’s selling and who’s buying. Property to me is a bit different than consumables. Think it through, listen to advise and make an educated decision.

How much could you make off the land after taxes? Is it enough to cover taxes?

You can buy irrigated farmland out here for that kind of money and even it would not cash flow for $10k per acre. Unless you have a really good job and are willing to basically subsidize it until paid off, it would be a tough go. Especially if there is no income from it of any kind.

I see no offers to lend the OP the money to buy the land yet.

For 1.6 million,I would buy a much larger piece of recreational property in a different zip code that you can really manage for big deer. In Alabama,that kind of money would probably get you 800-1000 acres with significant timber value. The same is true for Mississippi.

There has to be something similar closer to you,I would certainly think hard before I paid 10K an acre for a small hunting tarct unless I planned on developing it myself.

For comparison sake,my partner and I bought 617 acres for less than 2K an acre that has a 400k in timber plus farm income on 175 acres every year.

Which would you really rather have? 1.6 million in debt for recreational land at 10k/acre seems utterly insane unless you have that kind of money to just burn.

From your original post it sounds as if comparable land nearby sold for 3 to 4 thousand per acre. I bet he would take $10,000. If it has really been in the same family since the 1700s there might be all kinds of relatives with hurt feelings suing you for their part. A title opinion would have to come first. I think you could do that on the sly, it is public record. Unless you are young and flush with money I would leave it alone. Why don't you and some friends try to lease the hunting.

There is a reason why land is giveaway cheap in Alabama, its because there are no takers, Oklahoma's is just Ok, and there ain't nobody making a living on 160 acres of corn in Iowa, even on a place that only floods every third year.
The price might be high, but if thats where the buyers family lives then Virgina is where we are talking.

Its only money for For Gods sake, we print more of it every day !

Yep, but you can't call it yours.

What are the yearly taxes? Could you sell it, and get all the money back?

Taxes will likely be figured at the sale price.

1.6 million? If you can even consider buying it then no sense asking us poor fok for advice:)

With low interest rates and a strong economy, real estate prices have sky rocketed.

Fixed it for you.

We had 50 acres of all timber sell for $5000 an acre not far from our 46 acres. This would be right at 50 miles southwest of Des Moines. This sale went through last year so I think that is a current price for big timber around south central Iowa. The only thing I can see this ground being $5000 is timber harvest and deer hunting. There is only a small tin barn on the property, nothing tillable and no house.

kwg

If there are walnut trees on that, the walnut lumber is worth a lot.

What are the property taxes on a 1.6M piece of land. Can you put it in AG/Timber deferral?

It's all about the deer in those parts. My brother owns land near there for one reason, giant deer.

Property values …………….location location location. About 5 years ago we bought 40+ acres in TN. Half the people we know said we paid to much. The other half think we got a great deal. The half that said we paid to much kept on telling us how much they paid in 1980, 1985, 1990, etc.
If you are not buying it to flip for a profit the only thing that matters is if you are happy with the price. Otherwise check some comps for similar property's and form an opinion.

One has to keep everything in perspective. It is location, location, location. if you think 10K is a lot per acre take a look at lakeshore property up north...Ugggggggg

I’m nuts for land, especially land near mine. In this case, the purchase just doesn’t make sense. If development next door is imminent, it sounds like you may be better off selling yours and upgrading elsewhere.

To go into debt for land that you’d be using in a way that isn’t consistent with its highest value use is unwise, financially.

Also, conservation easements came to mind as a way to help with the $ end of it. Here, I’m not sure that’s be wise either. You’d be screwing the future heirs to the land to help yourself. Such an easement would effectively remove its value as potential development.

Here is my advice, worth exactly what you paid for it.....

https://www.youtube.com/watch?v=9_QVUfZv92U

What county is this in

Bedford.




and guys,,,,, it is not $1.6 million any more...

and, completely cut over within last 15 yrs

Land next door only comes up for sale on adverage one time in your lifetime...but for 10k/acre 160 acres? That's way too much I don't care what kind of bucks it has...unless it has the potential to carry itself and at leas make part of the payments..
Sounds like it won't generate any income ..
Even if you had that kind of cash ....just think how many trips to Africa and or Canada Alaska you could do...
Or buy land in Missouri Kansas Nebraska...for half or less with probbly bigger bucks and likely some income potential..

You don't own land do you?

And then average in the cost of your family farm and your cost becomes more reasonable, add to that your family enjoyment and the cost again decline, our land was the best investment we ever made,

Next to my wife and kids, having land has been my living dream. I am lucky.

This is good advice. My understanding though, is that if the realtor knows or finds out you contacted the seller while the contract was in place, he can push to force the seller to pay him his commission, even if you consummate the deal after the contract has expired.

I might have a third party contact the seller direct. Just feel him out as CJ suggested.

I would probably not consider buying this land given all the knowns; minimal income potential, landlocked by development, price, etc. If I was leaning towards taking on 3/4s of a million in debt, it would definitely be something that I could enjoy and produce some income to offset.

I would kick myself if the land next door came up for sale and I didn't make a real hard run at it.

The short story is, a man near me was buying up prime Iowa land, and looking great. I'm talking a few thousand acres, the mid 80's came, and farm prices dropped, interest went way up. He lost everything but the old home place.

That man had a degree in business from Yale.

Yes! Millions of folks not yet born in the early '80s that think Real estate / land ALWAYS goes up. Not so, chillen, not so.

Another price drop on this of over $200k, to just under $7500/acre. Two price drops in less than a year on the market. Not sure what to make of that other than they are not getting any interest. The most I would pay is 5k/acre. Just going to keep an eye on it for now and see if it keeps dropping.

Go offer them the $5k an acre before someone else does.

Some of the few responses I've read has been of some real bullshit advice, so mine can't be any worse. Rather than try unscrupulous methods to circumvent contractual obligations, try this approach. Talk with the seller and be forthright and honest with him, you could include the agent in the talks. Find out his motivation for selling. It may be possible the seller would be happy with a good down payment and monthly payments. Figure if you can carry the loan for five years, as it may well take that long to make the land productive.

This is the most intelligent post on the thread.

I don’t know your financial situation nor your future expectation for the growth and maturity of previous investments but from my 2 story studio in the ivory tower of life I couldn’t spend top dollar for land I wasn’t planning on using to its fullest financial potential. $1,600,000 is a lot of money for a place to shoot deer. That’s a hell of a lot of guided hunting trips in 5 star accommodations worldwide.

If you pay top dollar developer prices today then in 20 or 30 years you’ll be hoping that it’s matured into the price you paid decades earlier. I’m the last guy in the world to tell someone to not follow their dreams so whatever you decide I hope it works every bit as well as you dream it will. Good luck!

I paid top dollar about 4 years ago and very glad I did.

Sorry, I’m not gonna read back through these posts . But, could you cut off any frontage lots and sell them to ease the purchase?

Would you want to keep all of it? Maybe buy it, sell off part of it and keep what you want to make the loan more managable. Or think of ways to be creative. Land next to you is worth more to you than anybody else. 1.6 mil is a lot of money though.


I see Alwaysoutdoors beat me to this idea. May be something to think about.

I think there is some excellent advise above. Cannot comment on what is a fair price down there, but I tend to agree 5K would be my top offer.

160 acres is what- 440 yards by 440 yards? Hard to get 25 deer a year off that unless surrounding land is feeding them in, and as said, everything legal is shot on sight.

Also, you might consider making that an income producing property, say, with hunting leases and tax write-offs. Or as said, sell a couple lots for home development. Probably won't even pay for the monthly mortgage payments, but there could be some benefits that way. See a tax guy.

Las,160 acres is a 1/4 section which is 1/2 miles x 1/2 mile or 880x880 yds MB

Figure out the absolute max you can afford and make them a standing offer. It is important to you so don't even think about trying to get it on the cheap. Offer your max and be done, one way or the other.

It's hard to give advice without being there to know all the details and what's going on. From what I read hear, my guess is the guy wants to give his kids some money before he passes on, or who knows, maybe he expects to pass on before long. Maybe he's sick, but regardless, as fast as he's dropping the price it's obvious his priority is selling it as quickly as he can.
First you need to do your homework (maybe talk to him) find out his plans on the property, why he's selling kind of a do you know something I don't know? Maybe they are thinking of moving a military base into the area and you think you may need to put your property up for sale as well if property legitimatly is going for that price. How much longer is he under contract? But also find out what property has sold for in the area for the last couple of years and get it into the conversation with I heard the Jones place went for $2000/acre. What did Smith's place go for? I heard it only went for $1800/acre. I can't imagine someone has the money for that kind of develpment in this area, heck the whole place has only grown by 2000 in the last 3 years. Find out if he was making any money off the property? If it's not an income property, how can it be worth $XXXX/acre? Sounds high. What do you really expect to get. You know most people won't pay more than the property is worth income wise. You already stripped the trees off. That depletes $X value on it. How's your health doing these days? What motivated you all of a sudden to put your land on the market?
You ask as many questions as you can think of but BUT LISTEN TO ALL THE ANSWERS. He'll give you a tip or two along the conversation. If property has been selling for $2000/acre, maybe ask him how long before he'd take $2500/acre. TIe the value to what land actually sells in that area. Tell him when he's ready to talk turkey to give you a call. THEN, SEND HIM A NICE CARD AND THANK HIM FOR HIS TIME AND PUT YOUR NAME AND PHONE NUMBER ON IT. MAYBE INVITE HIM OVER FOR DINNER SOMETIME AND GET TO KNOW HIM BETTER.
Make sure you make him feel good about his property, even if it causes question as to the value.

No way I'd spend $10k+ an acre for recreational land. Heck no. I'd pray he sold it for that, then sell my property and homestead somewhere else at $2k an acre and have five times the land. Dont get emotional on me.

First, find out what comparable pieces of land in your county have actually sold for.

If it's worth even half of the asking price, the value is for development and the area around it WILL be developed.

I would pass. I was in a similar situation years ago and passed. Instead, I have hunted big game out west, in Alaska, and in Africa. Now I hunt birds on preserves and just shoot Sporting Clays. And I have a lot of cash left over.

I’ll share

Land comps are very difficult for this area. Land prices peaked high before the 08 crash and the plummetted. Now they're drifting back up. A couple of 30-40 acre tracts on the other side of the land in question sold 8-10 years ago for 10k/acre. These were raw fields turned into retirement houses, one house per lot not subdivided.

But, 2 other tracts in similar condition (clearcut close to 20 years ago) to this land sold in 2018 for much less after being on the market for many years. One tract was close to 80 acres, across the river, sold for close to 4k/acre. The other tract across the highway, exact same size, sold for 3k/acre. However, the guy who bought that land has put another million or so into clearing it and putting in access and farm roads. There have litteraly been a half dozen guys over there working around the clock on big equipment. a year and half later, the only building that's gone up is a barn (can't see from the road) and I met an engineer recently that did some of the road work and he said it's just a rich guy putting in a hobby farm with possible wedding venue. This guy may get eyes for this land and so is probably the biggest possible competition. 40 acres of this land is right up to his on the other side of the highway.

There is another large multi-million $ cattle operation that has well over 1000 acres and shares a little bit of border on the far side. They could be interested too. This is the only large land that borders mine so this will be my only chance to add to my homeplace farm where I grew up, and moved back a couple years ago. My wife and I paid cash for the place and got a good deal from my mom, but we spent pretty much all our money on the land, house, and renovations/improvemnts. We are both self employed and make good money. I don't want to lose out and regret it.

I will wait until after taxes this year, and see how much I can scratch together for a down payment. I can probably come up with about 200. Then see about getting preapproved for a loan for the rest, 10 year loan. I got a buddy who'se a realtor. See what we can do with about getting this place. I will draw a hard line at 5k/acre. I will work extra to pay the loan down as quick as possible.

I tried to find the owners number and could not. Last time I spoke to him was 6 years ago. He and I have both moved a couple times since then. Only way for me to contact him would be by mail. He's up in his 80's now and lost his wife a couple years ago. Have never met him in my life but talked on the phone about property issues a few times when my mother still owned my place. The reason they can kill so many deer over there is they shoot anything that moves, the whole place was cuttover 15 and 5 years ago (2 cuts covering 95% of property), this county has over 50 deer per mile and that small river that borders the other side is like a deer highway and also other wildlife. I kill 5-10 does and a buck or 2 every year and don't put a dent. However those guys shoot enough 2 year old bucks that I expect to see an uptick in antler size when that property sells one way or the other.

can you farm all or part of it ?/
are farm taxes cheaper ?

Did he farm it ? can you lease part of it out for crops ?

Do you have equipment to work it ??

lots of questions

See if you can put an option on it ,,,lease purchase??????

norm

Sounds like a good plan.

Look on your county's tax website and find out where he lives. Or PM me his name and I will find him for you.

Here's the update on this another 6 months down the road:
- the price has dropped a couple more times, now down to just under $6500/acre (under 1.1million)
- right after I posted last time the guy who bought the similar property across the highway came over and introduced himself. He is a professional developer but bought that land for recreational use and it's safe from development. He's not interested in this property "at that kind of asking price" I kept my cards tight.
- about 6 weeks ago I contacted my bank and they don't finance raw land or agriculture. You basically have to get farm credit. I talked to the local lender and they have great rates. However, they do 20 year loans and will finance only 80% of appraised value. The lender contacted an appraiser and was told in this area a piece of raw land that size will go between 2500-3500 max on appraisal.

-I would be in for this at 4-5k/acre. Probably offer 4, and hope to get it for 4500. but would be willing to go to 5k if necessary.
-that means I would need to be able to produce 200-400k at closing. That's not going to happen overnight. I could come up with the low end relatively soon but would need a huge bounce in the stock market (to capitalize on recent buys) or probably well over a year to come with some cushion to let negotiations play out.
-I have 2 concerns: the owner dies and his heirs keep it, or the guy that owns the land across the road makes a cash offer that is close enough for him not refuse.

I'm old and cannot see paying that kind of money for "just dirt". I see your dilemma though. Were I in your shoes, and "young" as someone else mentioned months ago, I'd be taking the route you are and trying to get that property.

Good luck with it. How long does it take to grow a merchantable tree in that area? You might be able to leave something for your heirs.

Fixed it for you.

Don't forget about taxes my friend.

It's Virginia and things are going to get far worse tax wise. Like in anything you make your money when you buy. Good luck, that sounds like a heck of a nut to crack to me.

Things are starting to fall into place for me to make my move on this. Last summer they did a series of price drops, 10-20k every two weeks or so, up until the end of September and have held firm since then. The asking price is down from the original 10k/acre to about 6130/acre. The highest I am willing to go is 5k/acre. The tax appraisal is about 4300/acre. I think the appraisal is high, but that is my target price. I will probably start at 3800/acre hoping to end up no more than 4300/acre. I'm afraid if I start too low and have it backfire.

I had a buddy of mine who is an agent contact the sellers agent. He said the owners have been unreasonable from the go on asking price, but he will try to sell any reasonable offer to them.

There is a similarly sized, somewhat more desirable property about 10 miles away that I have had my eye on as a sort of bellwether property, figuring anybody in the market for that size rural land would go for this other property first, as it is a bit nicer and more reasonably priced. It sold over Christmas after several years on and off the market, for $4400/acre. This makes me a little nervous and somewhat eager to move.

I have two homes out of town that are rentals. One of the tenants got military orders in September. This lease was until next summer and I have good chunk of equity, planned to sell when the lease is up. The moved out in December and I just closed on the property. Hit the market just right and so have a good chunk of change from that. I plan to sell the other one in a few months when that lease is up. I don't have to wait for that one to sell though.

With the sale of the house, an uptick in the stock market, and steady work in the fall I have been able to save a reasonable amount, enough to make a reasonable play for this property as long as I can get financing the remainder. Last summer, the farm loan agent said this won't likely appraise for more than $3500/acre at the most, possibly as low as $2500/acre. A 140 acre property with over 1 million board feet of yellow poplar just sold last week in this area for $2700/acre at auction. So I do have some concerns with appraisal and where that will leave me with financing.

At some point in the next month or two, probably after doing 2020 taxes, I will start the process for getting pre-approved and then start the process of visiting the land and making an offer. Fingers crossed. I now start feeling concerned about who else might be interested in the property, etc. Need to keep a level head.

Stuff is just worth what someone will pay for it. How bad do you want it?

Make your move, take your best shot, good luck.

If it’s priced at double what the agents think it’s worth and double what it appraises at then I wouldn’t worry about losing it to someone else, especially if there are similar sized, more desirable pieces for much less.

Good luck. 👍

tuff place to be in ,i don't envy you , i own a good river front piece 6 hours away after a 2 hour ferry ride , do i sell it to buy something 2.5 times bigger at 3 times the value only 1 hour away and closer to 2 of my kids familys, life is fun is'nt it.

norm

Yes.

Life is so much richer when you can share it with loved ones.

The most beautiful places, be it property you own or a mountain in the wilderness, are always best enjoyed when shared with a loved one/s. 👍

Well this place closed today and somebody else bought it. They changed the listing in mid-Feb, separating the parcel across the highway, and had accepted an offer within 48 hours. I only found out when the public sites like zillow showed it as pending. I put in a 2nd place offer that would have won the day, but it was too late.

I don't know who buyer is but I do know they maxed out the financing and their deal would not have gone through if it didn't appraise....but it did and sold for over 4400/acre.

My mistake was not going straight to the sellers agent in the first place. I tried to go through a friend, but he didn't even give me a head's up when the listing change, because he didn't flag it for alerts ([bleep]). He had told me he would contact me if anything started to move with it. That didn't happen. The seller's agent may have had both sides of the deal and no reason to contact my agent.

There was only a small window when I could have made a move, after I had sold a rental house in late January, so about 3 weeks. But I definitely could have bought it for what it sold for and at that time. The finance lady last summer told me it wouldn't have appraised for more than 3500 and I would have to make up the difference. I was waiting to get my taxes done and be prepared to go to the table to get the place.

Not happy, but looking at the [bleep] year some folk have had, I can suck this one up.

Looks like you sat on your hands and missed out. Nothing wrong with that and I’m sure you already have a great place so enjoy what you have.

A bought a few hundred acres a couple of years ago that the neighbors wanted but thought the price was to high. It was sale for seven years when I made an offer and bought it for 40% of the asking price. The neighbors went nuts when they found out, especially the one that had his garage and front yard on my land.

You can’t buy something you never offer on. I hope you get a nice neighbor but most people are a pain to deal with

Good luck.

Everything happens for a reason. My wife and I worked hard and had good paying jobs and saved almost all our extra income. I started looking for land in about 2005 where I was living. Way to high. So I started looking where I was planning on spending most of my free time AFTER I retired in 2018. Well in 2008 I lost all access to my favorite hunting spot I had for 14 yrs.(too expensive to buy). So I really concentrated on finding a good chunk of land because I loved hunting and I was retiring in 10 years. Well in June of 2009 I found and purchased 99 wooded acers(149000) with 2 gas wells on the property. I wisely spent 5000 and had land resurveyed.(hadnt been surveyed since 1864!) Turns out I now owned 107.4 acres, money well spent! I steadily improved this property(food plots, pruned 125 yr old apple trees....) the next 5 years. Hunting got better every year. We also took every dime of the gas royalties and paid on the principle of the property loan. Now the year is 2014 and The loan is almost paid off. I get a tip about another 60 wooded (125000) acer property thats outstanding hunting and all woods surrounded by corn and soy bean crops and other large tracts of woods. Now since our loan on the first property is almost gone we use it to buy this second property(bank knows we are good for the cash). So when I retired in 2018 we owned 167(paid in full) acers of awesome deer, bear and turkey hunting. the silver lining is the 107 acers hasnt had ANY logging on it since 1985. The timber is easily worth over 200 grand(prices going nuts) if we wanted to have a select cut done. Retirement has been way better than I imagined it would be. When one door closes another one opens. Good luck and dont ever give up!

In VA.