Land value

[Ky hills]

We had been thinking about the possibility of selling the farm and relocating. A few months ago we met with a realtor from this area. Our goal was to put some feelers out to see what it might be worth on the market. The agent came out and went around the property. He stated that he thought we would be pleasantly surprised at the value. We did not disclose the figures we were thinking at that time. He said that he could get a coworker who knew more about land to give a basic appraisal, not an official one. When he came back with his co worker, it soon turned strange, she floated a number range that was below what it was actually appraised at over 25 years ago. Since that time, many improvements have been made. We let them know that we were not interested in any further business with them. Our area is within 25 miles of the state's second largest city, and a mile from a bypass that is developing. Land is selling in the area, and said to be in demand. We were told the other day by a friend that if anybody was in the notion of selling that they better price it pretty high cause if they didnt it would be gone before you realized it if it wasn't priced high enough. It seemed like she was trying to lower our expectations before we ever talked value, and then really seemed defensive when we questioned her number suggestion. They didn't even make an effort to get our business back just completely dismissed it. I wonder if they thought they could buy and flip it and make more than listing and selling it and getting the commission? What is grazing land going for in y'alls areas?

 

[littletom]

Just pasture land 2-2500 cropable 3000. Good ground like crider starts at 3 gets close to 5

 

[Little Joe]

$2000/ acre for very rough land no minerals, this would be recently clear cut or so steep and rocky it can't be used. I just bought a 40 for right at $3800/ acre and minerals go to me after current owner passes, it joins my home place so was well worth it to me. I've seen some in my area go for $6,000/ acre with minerals.

 

[kenny thomas]

In my opinion land in your area should not be selling as grazing land value. It is one of the nicest areas of the state or maybe in the east. I could easily think of it listing for 25,000 an acre. There is lots of money in that area from UK .

 

[ccr]

Land is selling around here, 5 miles from a town of 30k and 30 miles from dfw, for 45K an acre (that was previously used for running cattle on). It's hard to believe the high cost of vacant land for new house construction.

 

[Dave]

Varies a lot by area. When I sold out on the coast I got a little over 45K an acre. That included a 1,700 sq ft 3 bed, 2 bath house. Here it works out to $705 an acre with a older slightly bigger house and a bigger better set of out buildings, 67 acres of irrigated meadow, and 2 BLM allotments. But the land other than the irrigated is not very productive. Pretty steep and lots of rock.

 

[504RP]

Varies a lot by area. When I sold out on the coast I got a little over 45K an acre. That included a 1,700 sq ft 3 bed, 2 bath house. Here it works out to $705 an acre with a older slightly bigger house and a bigger better set of out buildings, 67 acres of irrigated meadow, and 2 BLM allotments. But the land other than the irrigated is not very productive. Pretty steep and lots of rock.

Dave you got 45,000 per acre ? How many acres did you sale for 45,000 an acre ?

 

[Jeanne - Simme Valley]

LOL - I don't have any current figures. I bought my 100 acre farm back in 1978 for $325/acre. I purchased an additional 60 acres attached to my farm about 15 years ago for just over $1000/acre - 30 acres farm ground, 30 acres woods & creek. Have not heard what farm ground is going for now. Great nephew is looking to move out here couple miles from my place. 30 acres rough pasture and 10 year old house, $200,000.

 

[TennesseeTuxedo]

Kenny is right Ky hills. Get a second and third opinion.

 

[bird dog]

Kenny is right Ky hills. Get a second and third opinion.

I trust realtors about like I do politicians. I put a bid on a farm a few years ago that the owner would have accepted. Instead of offering it to him, they shopped the place to land developers using my price as a minimum. The owner went with the higher bid of course only to see them back out when there was not enough water available. By then I had found something else.

I stopped by the place not long after that happened and told the owner of my bid. He was livid as he knew nothing of it.

 

[4hfarms]

Tn river area we purchased
a 30 ac 1/2 woods 1/2 pasture for $65k in 2006
A17ac for $45k with a mobile home and 40x60 barn 2014
23ac for $50k with a spring fed pond and two creeks 2010
a 30ac+ for $70k with a 30x30 shop 2018

We owned the house since 2008 that was touching all the parcels around us, we just added to our land.

 

[Dave]

Dave you got 45,000 per acre ? How many acres did you sale for 45,000 an acre ?

Not as many as I wish I had to sell.

 

[Mrcopier]

From 3 to 5k here in E Texas for grazing land, I just bought 50 for 3500 per and thought I got a steal

 

[Dave]

Back about 40 years ago I wanted to buy a 40 acre parcel for $40,000. I was falling timber at the time and had no retirement. The Ex said no (she is a glass is half empty person). Ten years ago that same 40 sold for $10,000 an acre. I am pretty sure that now a person could get $30,000 an acre for it. Maybe more.

 

[Angusjohn]

If you are unfamiliar with the market in Clark Co., your best bet is to spend some money ($1500-$2500), hire an appraiser who has general certification to perform appraisals in Ky. The appraiser will develop a fair market value of your property (willing seller, willing buyer, etc.). Typically, a commercial appraisal will be based on a comparison of sales of other properties similar to yours. If applicable, the value could be based on the income your property can generate. That approach is not usually in play in our area in Ky. The fair market value is based on the appraiser's determination of the highest and best use of your property. The appraiser will also certify they have no current or contemplated interest in your property other than the completion of the assignment. No, I am not an appraiser...

 

[greybeard]

Immediately adjacent to and the closest place to me:

12700 FM 945 Road S, Cleveland, TX 77328 - HAR.com

Sold: 12700 FM 945 Road S, Cleveland, TX 77328 ∙ $370,001 - $420,000 ∙ 17.36 Acres Lot ∙ 2,000 Sqft, 2 beds, 2 full baths, County Homes/Acreage ∙ View more.

www.har.com

(I once owned this property. Bought it for $1700/ac (it didn't have the bardominium on it then or all the time I owned it) Sold it some years later for $6900/ac. The 2016 bardominium (and everything else got 4' of water in it during the 2017 flood and had to be gutted and re-done. As raw and forested land in 1964, that same parcel went for $350/ac)

I know for a fact, that it has a contracted sale bid on it close to if not matching the ask price, as the surveyors were out last week and the seller was with them. Seller told me they met his ask. It's going to be used as a "horse rescue refuge".
(there goes the neighborhood.)

24.5 ac raw almost all wooded ac immediately East of that sold for around $8,500/ac in 2018.

I've been offered within last 18 months~$400K for the 41 ac I live on with a 2bdr house.
It had anywhere from 3'-8' of water on it in 2017 too.
The whole shootin match around me, including my place:
(can't get the image to upload)




All the recent purchases that I know of around here have been by folks out of the Houston metroplex. Houston itself/Deer Park/Baytown/Missouri City/Sugarland etc. Houston city limits are 40 miles due south of me.

 

[kenny thomas]

If you are unfamiliar with the market in Clark Co., your best bet is to spend some money ($1500-$2500), hire an appraiser who has general certification to perform appraisals in Ky. The appraiser will develop a fair market value of your property (willing seller, willing buyer, etc.). Typically, a commercial appraisal will be based on a comparison of sales of other properties similar to yours. If applicable, the value could be based on the income your property can generate. That approach is not usually in play in our area in Ky. The fair market value is based on the appraiser's determination of the highest and best use of your property. The appraiser will also certify they have no current or contemplated interest in your property other than the completion of the assignment. No, I am not an appraiser...

My thought without seeing the property and just knowing the area and it being so close to Lexington KY its value will never again be from what it can produce. Its the fact of where its located and the local income options.

 

[Ky hills]

If you are unfamiliar with the market in Clark Co., your best bet is to spend some money ($1500-$2500), hire an appraiser who has general certification to perform appraisals in Ky. The appraiser will develop a fair market value of your property (willing seller, willing buyer, etc.). Typically, a commercial appraisal will be based on a comparison of sales of other properties similar to yours. If applicable, the value could be based on the income your property can generate. That approach is not usually in play in our area in Ky. The fair market value is based on the appraiser's determination of the highest and best use of your property. The appraiser will also certify they have no current or contemplated interest in your property other than the completion of the assignment. No, I am not an appraiser...

Thanks, I appreciate the insight. One of the main issues that I think we have is that there isn't many if any truly comparative properties to go on the market in this area of the county for a comparison. Ideally from a sentimental standpoint I'd love to see it remain a working farm, but I know if we were to sell it off in smaller tracts it would have more value.

 

[greybeard]

Does your county appraisal district not affix a 'fair market value' to your land as well as a tax value??

 

[Ky hills]

Does your county appraisal district not affix a 'fair market value' to your land as well as a tax value??

I'm sure thats a part of how they arrive at the tax value. The tax values go up frequently, I dont know as much about this as I should. Lots of folks around have always went and argued the values down because the land is being used for agricultural purposes. I'm afraid that may be counter productive when it comes to selling though.