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There is this piece of land I was looking at back in 2018, asking for about 100K. Then it went off the market -- I think it went off the market because if sold, usually Zillow would have a "sold" record and this one did not. On zillow it simply became unclickable.
Now it is listed again, asking more than double previous price. Still the same piece of land, just that a dirt road has been created.
If 100K did not sell 2 years ago, could it sell now for 200K without much improvement? Market actually has cooled in past 2 years rather than heated. What do you think is the strategy of the seller/agent with such drastic price increase?
Are they just hoping to get lucky? Or just testing the water?
Do you think they will be open to bids around 100K?
Property might have been taken off market while sanitary sewer lines were planned. Or plans for other infrastructure were finalized. Or nearby zoning was changed. Or a septic permit was obtained. So many things may have made the land more salable that were merely a dream previously. Sounds like the owner could afford to wait pending a bigger payoff.
Property might have been taken off market while sanitary sewer lines were planned. Or plans for other infrastructure were finalized. Or nearby zoning was changed. Or a septic permit was obtained. So many things may have made the land more salable that were merely a dream previously. Sounds like the owner could afford to wait pending a bigger payoff.
This was my thought when I saw that there was now, albeit dirt, road access as compared to a couple years ago.
Sewer/water service would be an immediate increase in value of at least 50% most places if not more. That's even taking into account the long term benefit/capital improvement assessment that would likely be levied.
Access to central water/sewer might now allow the parcel to be subdivided into multiple lots, which would increase the value almost exponentially.
Rural property is hot right now because cities have turned into deathtraps. A road is nice, but the question is if high speed internet is available in the area.
Forget what the property was listed for 2 years ago. That has nothing to do with today's value. The road, if it required getting right of way for the road, etc., could double the value of the property. A landlocked piece of property is worth only a portion of the value of a property that has legal access, and a road cut to the property.
Old prices mean nothing in this situation, and the value of the property is what can be done with it now it has legal access and a basic road access. And then evaluated with the price similar property has sold for recently. And other uses such as being subdivided, can greatly increase the value.
I once was offered a farm. It was 2 miles right down the road from a major electronics plant, with homes in between the plant and that farm. Bought the 40 acres, subdivided off 10 acres that was not good to develop, sold it for the down payment with an annual payment. And soon after closing sold the 30 acres that adjoined a big subdivision, with roads, and utilities stubbed to this 30 acres and made $100,000 for a few days work selling to a developer. Today that would be over Half a Million profit for the same property. Best thing was, I never put up one dime of my own money.
There are many factors that control value of land, so one has to do a deep study of highest and best uses for such a property, and what it is really worth. No one on this forum can give you that information, as we do not have the information needed to give you advice.
Forget what the property was listed for 2 years ago. That has nothing to do with today's value. The road, if it required getting right of way for the road, etc., could double the value of the property. A landlocked piece of property is worth only a portion of the value of a property that has legal access, and a road cut to the property.
Old prices mean nothing in this situation, and the value of the property is what can be done with it now it has legal access and a basic road access. And then evaluated with the price similar property has sold for recently. And other uses such as being subdivided, can greatly increase the value.
I once was offered a farm. It was 2 miles right down the road from a major electronics plant, with homes in between the plant and that farm. Bought the 40 acres, subdivided off 10 acres that was not good to develop, sold it for the down payment with an annual payment. And soon after closing sold the 30 acres that adjoined a big subdivision, with roads, and utilities stubbed to this 30 acres and made $100,000 for a few days work selling to a developer. Today that would be over Half a Million profit for the same property. Best thing was, I never put up one dime of my own money.
There are many factors that control value of land, so one has to do a deep study of highest and best uses for such a property, and what it is really worth. No one on this forum can give you that information, as we do not have the information needed to give you advice.
Absolutely agree with this. Old pricing means nothing today and a road into a property definetly adds tramendous value. Location of property also can make a huge difference based on time. The suburbs around NYC are booming now vs a year or even months ago when the city was a hot market. Times change values.
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