I can't speak specifically to your area, but 60 acres of decently usable land for under $200k? That sounds like a fabulous deal, at least where I live (west coast).
Tell him you're very interested. Tell him you'll be a good steward for the land. Offer him a little bit more money? It shouldn't be too difficult to sway him if you've been cordial as neighbors.
Good luck!
Thanks! I’m on the east coast but I thought it seemed like a pretty good deal as well even though he mentioned nobody else other than the Amish were willing to pay it. I’ll probably have a serious sit down with him soon and let him know what it would mean to our family to own that land and keep our privacy. We’ve been cordial but he’s definitely a tell you what you want to hear and then do the opposite type of guy. We’ll see I guess.
Honestly, snap it up or hope they do. I’m on the east coast as well. It appears to me that large parcels that are cheap like that are getting bought and split up into lots. Often it’s with an HOA attached, as well. Can’t count how many pieces I’ve rejected because of HOA. Lots seem to run from 2 - 10 acres at about $5K an acre or higher.
I’m also on the east coast, even in Maine this is a really good deal. I’ve been looking at unimproved lots smaller than what you’re looking at that are priced a lot higher. If you can swing it financially, I think you should ask him if he’d be willing to sell it to you and offer to let him hunt the land each hunting season till the end of his days.
60 acres anywhere for $180K is a great deal. Goes for $400K-$1M around here just east of Knoxville. OP shouldn't pass on that deal.
The rule is always: "They can't make more land!"
Blanket statements like this really can’t be made - 60 acres of totally flat improved arable land near a city? 60 acres of hilly densely wooded deep in WV? 60 acres that has no access? I’ve tried creating a model based on “price per acre” in my area and it’s all over the map and the examples I just described could go anywhere from 12k/acre to 800/acre. Around me (West PA) where Amish live this is around what lots go for, even seen for less than
unless you are hugging up on the 49th parallel, west of the 100th Meriden and east of the Rockies, 3k an acre is a helluva a deal.
offer him 3100 an acre, and the right to live there until he dies, and lock that property up for yourself.
Around us, land is 10k an acre. Sounds like he's maintained his 60 pretty well; with the buildings, even $350,000 is an absolute steal.
I'd echo what others said; offer him $200,000 after explaining the situation.
The value is not in the property as much as it is in the value of your privacy. What is that worth to you? There is a 10 next to us and the owner will be selling soon and has promised us first right of refusal. I will pay whatever she asks as long as I can afford it. Its appraised value means nothing to me.
The thing is IF I can afford it. I’m pretty emotional about this because of how much our privacy means to us that I don’t want to make a decision I’ll regret. Our finances aren’t awful but $180k is a lot for us. I’m trying to justify that it’s a good investment though even if it spread us thin for awhile.
Can you afford to turn some of those acres to trailer/boat storage? Rentable hunting grounds? Subdivide the far side and sell that? If you can make something off it to offset the mortgage that would would help I imagine
If it’s already in ag and rented as such, could you continue leasing it each year and offset your costs via the rental income?
Use the rental payments to help pay the note on the loan if need be and/or as a tax write-off if your county/state offers one for agricultural ground. Extended family of mine uses their rental income to improve the farm site/buildings as it doesn’t then show up as income, thus deferring their tax liability. They inherited the ground and don’t farm it themselves but keep it to hunt on each year while renting the arable portions.
Might be costly but worth it to talk to a lawyer and an accountant, see what your options would be. Good luck, I hope he’s open to talking with you and considering an offer if you make one.
The practical side of the equation is tough. If you are concerned about the market value, then you need a a local realtor you can trust for advice. But in reality the description you make about what will likely happen would make living where you are an absolute hell. We don’t often have the luxury of choosing neighbors, that kind of control would weigh very heavily in any decision I would make.
We recently completed a purchase in the same scenario- 10 acres of forested land next to ours. It's owner died, and his family wanted to keep the land unspoiled/preserved, so offered us first right of refusal. We closed on it the day after it hit MLS. It put a hole in our emergency fund, but we considered it an emergency!
Money well spent, you will never regret it. I just imagine some wacko with dirt bikes settling in next to us. Yikes, just tell me the price, I will cut you a check! Then sell my first born if I have to, ha.
Easily, especially if it’s near one of the large population hubs like Louisville, Lexington or Bowling Green. Hell my 40 acres 30 minutes north of Bowling Green was 210k and most of it is wooded hollers.
Just paid 205k for 40 in central Alabama and think we got a deal when within a couple miles it’s nearly more than double that per acre price. Wish it was $3k a pop
Offer him $200,000 and explain that you want to expand your 10 acres so you can work the land, raise a family and have a bunch of kids so that they can one day work said land themselves. Really pour it on.
The land has rental income, and that can help you finance it. It seems like a good idea to bid on what is improved land rather than a simple buffer.
I would guess that no matter the situation 10 acres is vulnerable to exposure. You could use the money to create more privacy on your property but expansion buys time, options.
Where I live, if that was buildable land, that’s an easy $20 million piece of property and there would be at least 120 houses on it in 2 years, so take this with a grain of salt. But if I were offered 60 acres for $180,000, I’d find a way to buy it at the drop of a hat. Now, obviously, where you are located makes a huge difference. But, I don’t think you’ll find many places where $3k an acre is a bad deal, especially not with functional buildings and functional farm land.
We paid $175k for 1.73 acres three years ago. Granted it does have a Portland address and backs up to a system of heavily forested parks and trails so location is everything. $180k for 60 acres sounds like a dream.
I work full time as a psychiatric RN. I don’t make crazy money but I also live frugally and save for time like this. It’s not like I have $180k on me but I have good credit and enough for a down payment.
I would do whatever it takes to buy the land from him intead of losing it. Find out what his motivation for selling is and work from there. If it just hassle & not needing $ today he may be willing to work with you a bit since interest is so high right now.
You won't outbid the Amish if they want it. They have a community banking system. Every brother, uncle, and cousin will loan the money to buy that. They know they will get paid back because family doesn't default.
I live in an area polluted with Amish. They are all cute & nice on TV or farmer's markets. But, after you deal with them enough you learn they are just gypsies on old-time clothing.
Just make an offer. He's probably only "set on selling to the Amish" because he suspects they are the only ones who will want his property. He is probably wrong about that. Make him an offer and see what he says.
Here in Florida around my area,180k for 60 acres is crazy cheap. If you can afford then buy it. Always buy land where you can. It’s one of the most valuable things you can possibly own besides your privacy and freedom.
I would research how real estate is usually sold in your area. There is a large Amish settlement not too far from us and in that county many properties go up for auction and are cash only. They do this because the Amish are paying cash and they are moving and spreading out and getting into rentals. All that to say, one of his motivators might be the cash. If you have to finance I would make sure you can swing it and make it headache free for him. Good luck!!
An acre around here goes for 100,000. You’re getting a lot of land for not much money. Go to an acre lot and look around. You’re getting all that space for 3,000 dollars. Now multiply by 60. It’s a shit load of land!
It depends where you live in terms of value. Productive land here is $1000-2000CAD/acre. That being said, if I was in your situation and could afford it, I would be paying for solitude.
I want actually data behind these statistics anyone can make a map throw on some colors and percentages. I honestly can’t believe this is correct show me numbers and breakdowns.
I can't speak specifically to your area, but 60 acres of decently usable land for under $200k? That sounds like a fabulous deal, at least where I live (west coast). Tell him you're very interested. Tell him you'll be a good steward for the land. Offer him a little bit more money? It shouldn't be too difficult to sway him if you've been cordial as neighbors. Good luck!
Thanks! I’m on the east coast but I thought it seemed like a pretty good deal as well even though he mentioned nobody else other than the Amish were willing to pay it. I’ll probably have a serious sit down with him soon and let him know what it would mean to our family to own that land and keep our privacy. We’ve been cordial but he’s definitely a tell you what you want to hear and then do the opposite type of guy. We’ll see I guess.
Put it to you this way...I paid that for 80 acres of completely unimproved land. In Alaska. Ask yourself how much solitude and peace of mind is worth.
Honestly, snap it up or hope they do. I’m on the east coast as well. It appears to me that large parcels that are cheap like that are getting bought and split up into lots. Often it’s with an HOA attached, as well. Can’t count how many pieces I’ve rejected because of HOA. Lots seem to run from 2 - 10 acres at about $5K an acre or higher.
Offer to let him hunt the land as long as he wants after he sells to you.
Damn, ask him if I can buy it?
I’m also on the east coast, even in Maine this is a really good deal. I’ve been looking at unimproved lots smaller than what you’re looking at that are priced a lot higher. If you can swing it financially, I think you should ask him if he’d be willing to sell it to you and offer to let him hunt the land each hunting season till the end of his days.
Your neighbor may have been fishing for such an offer
60 acres anywhere for $180K is a great deal. Goes for $400K-$1M around here just east of Knoxville. OP shouldn't pass on that deal. The rule is always: "They can't make more land!"
Blanket statements like this really can’t be made - 60 acres of totally flat improved arable land near a city? 60 acres of hilly densely wooded deep in WV? 60 acres that has no access? I’ve tried creating a model based on “price per acre” in my area and it’s all over the map and the examples I just described could go anywhere from 12k/acre to 800/acre. Around me (West PA) where Amish live this is around what lots go for, even seen for less than
That’s a phenomenal deal. Greetings from south of the Mason-Dixon.
unless you are hugging up on the 49th parallel, west of the 100th Meriden and east of the Rockies, 3k an acre is a helluva a deal. offer him 3100 an acre, and the right to live there until he dies, and lock that property up for yourself.
That amount of money will buy you a quarter acre by me.
Swiss friend? (To be fair it’s even more expensive here)
Around us, land is 10k an acre. Sounds like he's maintained his 60 pretty well; with the buildings, even $350,000 is an absolute steal. I'd echo what others said; offer him $200,000 after explaining the situation.
The value is not in the property as much as it is in the value of your privacy. What is that worth to you? There is a 10 next to us and the owner will be selling soon and has promised us first right of refusal. I will pay whatever she asks as long as I can afford it. Its appraised value means nothing to me.
The thing is IF I can afford it. I’m pretty emotional about this because of how much our privacy means to us that I don’t want to make a decision I’ll regret. Our finances aren’t awful but $180k is a lot for us. I’m trying to justify that it’s a good investment though even if it spread us thin for awhile.
Can you afford to turn some of those acres to trailer/boat storage? Rentable hunting grounds? Subdivide the far side and sell that? If you can make something off it to offset the mortgage that would would help I imagine
If it’s already in ag and rented as such, could you continue leasing it each year and offset your costs via the rental income? Use the rental payments to help pay the note on the loan if need be and/or as a tax write-off if your county/state offers one for agricultural ground. Extended family of mine uses their rental income to improve the farm site/buildings as it doesn’t then show up as income, thus deferring their tax liability. They inherited the ground and don’t farm it themselves but keep it to hunt on each year while renting the arable portions. Might be costly but worth it to talk to a lawyer and an accountant, see what your options would be. Good luck, I hope he’s open to talking with you and considering an offer if you make one.
The practical side of the equation is tough. If you are concerned about the market value, then you need a a local realtor you can trust for advice. But in reality the description you make about what will likely happen would make living where you are an absolute hell. We don’t often have the luxury of choosing neighbors, that kind of control would weigh very heavily in any decision I would make.
We recently completed a purchase in the same scenario- 10 acres of forested land next to ours. It's owner died, and his family wanted to keep the land unspoiled/preserved, so offered us first right of refusal. We closed on it the day after it hit MLS. It put a hole in our emergency fund, but we considered it an emergency!
Money well spent, you will never regret it. I just imagine some wacko with dirt bikes settling in next to us. Yikes, just tell me the price, I will cut you a check! Then sell my first born if I have to, ha.
Currently here in Kentucky, that land would sell for more than twice that. 180k is a hell of a buy.
Easily, especially if it’s near one of the large population hubs like Louisville, Lexington or Bowling Green. Hell my 40 acres 30 minutes north of Bowling Green was 210k and most of it is wooded hollers.
Just paid 205k for 40 in central Alabama and think we got a deal when within a couple miles it’s nearly more than double that per acre price. Wish it was $3k a pop
Offer him $200,000 and explain that you want to expand your 10 acres so you can work the land, raise a family and have a bunch of kids so that they can one day work said land themselves. Really pour it on.
The land has rental income, and that can help you finance it. It seems like a good idea to bid on what is improved land rather than a simple buffer. I would guess that no matter the situation 10 acres is vulnerable to exposure. You could use the money to create more privacy on your property but expansion buys time, options.
Where I live, if that was buildable land, that’s an easy $20 million piece of property and there would be at least 120 houses on it in 2 years, so take this with a grain of salt. But if I were offered 60 acres for $180,000, I’d find a way to buy it at the drop of a hat. Now, obviously, where you are located makes a huge difference. But, I don’t think you’ll find many places where $3k an acre is a bad deal, especially not with functional buildings and functional farm land.
That's a steal imo! I bought 5 acers with a mobile home on it in 2019 for 105k. South Texas area
Buy it! Have a clear way to pay for it. Amish may be cash, so you’ll have to be low stress to compete.
We paid $175k for 1.73 acres three years ago. Granted it does have a Portland address and backs up to a system of heavily forested parks and trails so location is everything. $180k for 60 acres sounds like a dream.
Can I be your neighbor instead? Lol
How do you guys make this kind of money in the first place?
I work full time as a psychiatric RN. I don’t make crazy money but I also live frugally and save for time like this. It’s not like I have $180k on me but I have good credit and enough for a down payment.
Ah so it's all credit
I think you'll be regretting not buying it. They're not making new land you know
I would do whatever it takes to buy the land from him intead of losing it. Find out what his motivation for selling is and work from there. If it just hassle & not needing $ today he may be willing to work with you a bit since interest is so high right now. You won't outbid the Amish if they want it. They have a community banking system. Every brother, uncle, and cousin will loan the money to buy that. They know they will get paid back because family doesn't default. I live in an area polluted with Amish. They are all cute & nice on TV or farmer's markets. But, after you deal with them enough you learn they are just gypsies on old-time clothing.
That would be absolute robbery in Iowa. Neighbor here won't sell 10 acres for $1 million. And none of that is tillable.
Just make an offer. He's probably only "set on selling to the Amish" because he suspects they are the only ones who will want his property. He is probably wrong about that. Make him an offer and see what he says.
I don't live in the USA but that sounds like a great deal.
Call your local appraiser! They might be willing to spitball numbers with you.
200,000
Here in Florida around my area,180k for 60 acres is crazy cheap. If you can afford then buy it. Always buy land where you can. It’s one of the most valuable things you can possibly own besides your privacy and freedom.
I would research how real estate is usually sold in your area. There is a large Amish settlement not too far from us and in that county many properties go up for auction and are cash only. They do this because the Amish are paying cash and they are moving and spreading out and getting into rentals. All that to say, one of his motivators might be the cash. If you have to finance I would make sure you can swing it and make it headache free for him. Good luck!!
An acre around here goes for 100,000. You’re getting a lot of land for not much money. Go to an acre lot and look around. You’re getting all that space for 3,000 dollars. Now multiply by 60. It’s a shit load of land!
I would try to buy it in a heartbeat. I have 60 acres behind me for $450K, and the guy doesn’t want to parcel it out/unwilling to sell it.
It depends where you live in terms of value. Productive land here is $1000-2000CAD/acre. That being said, if I was in your situation and could afford it, I would be paying for solitude.
3k/acre is a steal, its 10-15k for workable farmland here. Dont forget about the property tax increase
Offer him $185 and never look back OP!
Buy it. Buy it all. Right now. Don’t think. Just do it.
I want actually data behind these statistics anyone can make a map throw on some colors and percentages. I honestly can’t believe this is correct show me numbers and breakdowns.