Price per acre for raw land.....Aroostook County (Presque Isle, Penobscot: broker, attorney) - Maine (ME) - City-Data Forum

Patriciadsmith · 04-16-2010, 09:25 AM

Hoping to gather some information from some of you. Been reading other posts and there seems to be a great deal of knowledge on this board. We have been looking at a piece of land approximately 80 acres in size in a small town close to Presque Isle. It has some of everything on it, hardwood, softwood, field and brook. Some of the acreage close to the brook is useless as it is steep and rocky. The rest seems to be good land, mostly high and dry. We would be looking to purchase with the intent to build in a few years(retirement). Access would be off a rural road(no driveway or even trail yet in) only a small amount of road frontage (200ft), land opens up to 600 foot wide behind the initial frontage. Electricity at road. Anyway, nothing around it has sold recently and I am having a hard time getting a handle on what to offer per acre. They are asking a fortune for it and no way will it ever sell for over $1,200 an acre(what they are asking). One local told us he purchased an 80 acre lot in the same general area two years ago for $425/acre and then he logged it off (this land has been logged in the last 15-20 years and does not appear to be ready again, so that wouldn't be an option for us) Would it be insulting to make an offer of say $30,000 for the piece ($375/acre). What do you think the max. is we should be willing to offer if they counter? Thanks for any help you might have for us. We have purchased houses before, but never raw land and don't want to do something foolish at this stage in our lives!!!!

kellysmith · 04-16-2010, 12:42 PM

I'm thinking $375 is a little low. Typically cut-over woodland has been going for about $500 an acre. It would be quite a catch for the example you site of someone buying uncut woodland for $475 an acre, at least from what I've seen. The 80 acres you describe has 200 ft road frontage, so probably that's one house lot. (depending on what the road frontage is like) That alone would be worth ten grand I would guess. Throw in the land has water frontage...(even though you say it's un-useable) that still adds a premium. It's probably not worth $1200 per acre if it's been cut over, but with a houselot and water frontage it's worth more than $500 an acre. Without knowing anything more than what you've said about the lot, I would think it would go for no less than $60,000 and maybe upwards to $80,000.

bgrasser · 04-16-2010, 01:52 PM

Get the parcel appraised,so you can make a sound offer.

Submariner · 04-17-2010, 06:40 AM

I bought a parcel of clear-cut land in Penobscot county for $300/acre, and a second parcel that is riverfrontage for $900/acre.

It can not hurt to make an offer.

Maineac · 04-17-2010, 10:24 AM

You never owe the seller anything. You could offer to trade him your 1978 Buick for the land if you wanted to. Don't worry about "offending" anyone. If you provide him with a written offer, with "consideration" of, say, $500 escrowed with YOUR attorney (better than broker escrow), he has a valid offer which he can then either reject outright (or ignore), accept or counter. If nothing else, try to solicit the counter offer. I've bought everything from boats to lots and homes doing this. They don't like the offer, move on. Sometimes they'll track you down a couple of weeks later. I bought one boat for 1/2 of the asking price, and the seller financed it. A nice 50' Navy Custom Utility converted to fishing.

It's Aroostook. Thee County never knew about the last recession, and missed the "boom" pretty much as well. Property sits on the market for years up there. Wife's family is from there. When I asked her about picking up a nice old farmhouse out in the willies to land at for a good part of the year, she says "no way." It's o.k. for her occassionally, but things can be pretty remote feeling.

Maineah · 04-17-2010, 10:43 AM

Quote:

Originally Posted by Maineac

You never owe the seller anything. You could offer to trade him your 1978 Buick for the land if you wanted to. Don't worry about "offending" anyone. If you provide him with a written offer, with "consideration" of, say, $500 escrowed with YOUR attorney (better than broker escrow), he has a valid offer which he can then either reject outright (or ignore), accept or counter. If nothing else, try to solicit the counter offer. I've bought everything from boats to lots and homes doing this. They don't like the offer, move on. Sometimes they'll track you down a couple of weeks later. I bought one boat for 1/2 of the asking price, and the seller financed it. A nice 50' Navy Custom Utility converted to fishing.

It's Aroostook. Thee County never knew about the last recession, and missed the "boom" pretty much as well. Property sits on the market for years up there. Wife's family is from there. When I asked her about picking up a nice old farmhouse out in the willies to land at for a good part of the year, she says "no way." It's o.k. for her occassionally, but things can be pretty remote feeling.

My wife feels the same way. Nice place to visit but there is no way in the world she will ever move there.

Zarathu · 04-17-2010, 11:00 AM

Quote:

Originally Posted by Maineah

My wife feels the same way. Nice place to visit but there is no way in the world she will ever move there.

Which is exactly the way my wife felt about rural western PA, where we were sitting in a cabin on 40 acres of woods, surrounded by about 1000 acres of woods and some open ground owned by a sparse group of other people. She resigned herself to moving there because she didn't want to choose divorce over moving at our age.

So moving to a place that is small during November to March(Bah Hah Bah) is no big deal because though its small, its not isolated. It has real restaurants, a real YMCA, two real theaters, a real hospital, and a beautiful surrounding on the coast. Way more than we have now actually, and exceedingly more than we would have in the rural areas we almost chose to move. This..... despite the fact that with loving care we built a house there to move there.

Z

Patriciadsmith · 04-17-2010, 02:05 PM

well guys, pretty much the opposite here. I am trying like heck to get my husband convinced this would be a good thing to do. He doesn't think we need 80 acres.........I think we need 180.........but we have had a horrific boundry dispute with the landowner on two sides of our current place and I have just had it and want a house in the middle of enough land so I don't have to see anyone!!!! Don't mind the remoteness of Aroostook County, in fact LOVE IT. When all others are facing the tsunami or global warming, we are going to be sitting pretty. Would love to be able to go off the grid, but don't think I'm that brave. Thanks for the advice.

medievalbooks · 04-17-2010, 02:18 PM

Agree with Patricia...
Love my husband but if he sees vast stretches of woods, he sees "nothing out there".
And Aroostock is too far from our house which he truly loves. So I am resigned to hopefully getting some property in Maine as a summer place. Anyone know of any booklovers out there that would like to trade land for books?

7th generation · 04-17-2010, 04:16 PM

Quote:

Originally Posted by medievalbooks

Anyone know of any booklovers out there that would like to trade land for books?

I will not only sell you a piece of land but will help you pack, move in and mow your lawn for just one of these books.

I agree with the others though...make an offer on the land- they either accept it or not. I bought a lot three years ago after making an offer five years prior.....one never knows.....