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Old 07-21-2016, 02:40 PM
 
14 posts, read 16,845 times
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After looking around a bit, I am thinking of buying in SW Colorado.

One lot near Cortez has 2 MVI irrigation shares along with a tap available.

The owner estimates $7000 to get the tap to the lot line and $5000 for power. OUCH

Are the MVI irrigation shares worth anything or do I need to start farming?
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Old 07-21-2016, 04:19 PM
 
1,059 posts, read 1,634,820 times
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Quote:
Originally Posted by Defacto99 View Post
After looking around a bit, I am thinking of buying in SW Colorado.

One lot near Cortez has 2 MVI irrigation shares along with a tap available.

The owner estimates $7000 to get the tap to the lot line and $5000 for power. OUCH

Are the MVI irrigation shares worth anything or do I need to start farming?
Water rights are usually "use 'em or lose 'em". If you don't use them, they'll be taken away. You don't indicate how large the property is, is it pasture, desert, P&J, etc? If you have any pasture or hay, water it to be able to use the water to hold onto the shares. Water rights do add value to the property. Out here, shares of water always have value.
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Old 07-21-2016, 05:03 PM
 
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Hmm, thanks for the response DurangoJoe

I will feel bad if this is a steal and I lose itbut I need to learn! :-)

Unrestricted Cortez Land with Irrigation
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Old 07-21-2016, 10:29 PM
 
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At quick glance I wouldn't call it a steal or obviously overpriced but I don't know that market closely. A lot depends on what the neighboring land looks like / is used for, the views, how far out it is / feels to you (and potential future buyers). That general area is pretty open / barren. The irrigation water helps some but those pictures are pretty tightly cropped and not that revealing.

These are nice photos of Totten Reservoir framed favorably http://s3.amazonaws.com/aw_productio...jpg?1321046124

https://s-media-cache-ak0.pinimg.com...5e3547e9ef.jpg





This is another close up perspective on Totten
http://de-pic1.ciao.com/de/263543588.jpg

The owner may be giving fair estimates for power and water or ...? I would not rely on his comment alone; double-check with the utilities directly before deciding.

Last edited by NW Crow; 07-21-2016 at 11:07 PM..
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Old 07-22-2016, 08:15 AM
 
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You should clarify well exactly what "2 shares" means. It may be a rotating ditch where you get a share...but only once ever 2 weeks. Every set up is different but what I'm saying is that what it >sounds< like and what you picture such definitions to mean isn't always how it truly is on the ground. We looked at a place that had "shares" in a ditch and the intervals in between available water were so far in between (ditch was "shared" by 10 farms) I don't think you could keep a garden/lawn/anything else alive if it were really hot/dry like it has been this year.

25K an acre is pretty steep, IMO....but again...everyone has a different scale they play by. Best of luck either way....
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Old 07-22-2016, 03:51 PM
 
14 posts, read 16,845 times
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Thanks for the responses NW Crow & Rainbow Demon. You have given me plenty to think about and I appreciate it.

For what it is worth, the parcel appears to have sold previously for $60,000. I wonder if that was before the septic was installed? (That is another question: what are the specs of the septic system?)
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Old 07-23-2016, 07:34 AM
 
242 posts, read 285,913 times
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Another thing to possibly consider (of many things) Was the septic permitted and installed per codes or done on the sly? Be very careful in those "unrestricted" counties. It may be cheap to buy (doesn't seem like it...but for entertainment purposes lets stick that in here) and somewhat more open as far as what can be built/etc....but keep in mind that if/when you go to sell it if it won't pass inspections/etc no one will be able to get a loan for purchase. Not sure if that is a concern for you but after buying/selling a number of homes I feel it is worth mentioning.

If they are truly valid...the MVI irrigation shares are possibly worth more than the land itself. Without water..that 3 acres is worth about 10K. You can buy dry land all over this state for a song and a dance but you can't do **** without water... guaranteed. What is truly important here is securing, validating, and showing due diligence within those water rights.

Is there a well right associated with the parcel? A well in place?? (or permitted to be dug?) If there's a well there...is the water potable? Permitted for household use only? Domestic? If there isn't a well you need to budget for drilling/electrical/pump setting/etc. on top of the purchase price.

Check easements....if applicable. Make sure you have unfettered/unrestricted access and are not crossing someone else's land to get to yours. Such things are just problems waiting to happen, IMO.

Like I say...there are many hidden requirements folks don't consider...even in "unrestricted" areas. Also keep in mind that such areas without "codes" are starting to disappear here. The cost to build is just too high to have a shack next door with neighbors who have little or nothing invested. I know that goes against the grain for some folks who are tired of regulations...but again..it is a valid concern IMO if you are sinking a load of cash into a property. (and you will)

best of luck going forward, whatever you do.....
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