Selling Property near Fayetteville (Ozark: sales, real estate, rent)

[3three3]

My parents have been attempting to sell their property for over a year. It is about 45 minutes from Fayetteville and spans more than 200 acres in the Ozarks. They've done amazing work on their property and lowered their price by more than 100K. They are retired and I'm anxious to get them back home to the Midwest.

I'm wondering if any of you AR natives have any tips on how to sell such a large piece of land in rural AR. Also, if someone could fill me in on how the market is going in AR - I'd love to hear. I can only do so much from MN.

It's a fantastic property. Strange as it may sound, it would be ideal for a birdwatcher due to the huge variety of birds that have made their property a migratory stop. It has two homes built on it, several ponds, a new woodworking shop, a small vineyard patch (we have family in Italy who run a vineyard and tested the soil to see if it would support grapes...it does), hot tub, new wrap-around deck...etc.

Do large plots of land like this not sell in AR? Seems like such an ideal spot to escape to, I'm confused by the lack of sales movement. Spots like this go like hot-cakes in MN. Share your knowledge with me, please - I'd really like to help my parents as much as possible...despite my distance.

Thank you.

[bluenoter]

I'll buy the land if you price it low enough. You are obviously pricing it too high.

[RogMar]

Originally Posted by 3three3

Do large plots of land like this not sell in AR?

Every day.

Land moves fast around me @ about 2K an acre.

However, when you combine houses, out structures, ponds, etc., people start to think it's worth more than it really is, and those sit.

If I were looking for acerage, which with that much is going to attract someone wanting to put livestock on it, 45 minutes from Fayetteville would be a hinderance.

How far is the closest sale barn?

[Dreamy46]

Originally Posted by 3three3

My parents have been attempting to sell their property for over a year. It is about 45 minutes from Fayetteville and spans more than 200 acres in the Ozarks. They've done amazing work on their property and lowered their price by more than 100K. They are retired and I'm anxious to get them back home to the Midwest.

I'm wondering if any of you AR natives have any tips on how to sell such a large piece of land in rural AR. Also, if someone could fill me in on how the market is going in AR - I'd love to hear. I can only do so much from MN.

It's a fantastic property. Strange as it may sound, it would be ideal for a birdwatcher due to the huge variety of birds that have made their property a migratory stop. It has two homes built on it, several ponds, a new woodworking shop, a small vineyard patch (we have family in Italy who run a vineyard and tested the soil to see if it would support grapes...it does), hot tub, new wrap-around deck...etc.

Do large plots of land like this not sell in AR? Seems like such an ideal spot to escape to, I'm confused by the lack of sales movement. Spots like this go like hot-cakes in MN. Share your knowledge with me, please - I'd really like to help my parents as much as possible...despite my distance.

Thank you.

NWAnews.com :: Northwest Arkansas' News Source (http://nwanews.com/adg/national/261959/ - broken link)

You're welcome.

[PeaceChild]

It's the economy. Some places in the U.S. have watched real estate prices go back to around the pre-1980 era.

[3three3]

Thank you for the respones.

RogMar: My parents are selling their property at just below $2200/acre, which seems rather reasonable considering the two houses, ponds, etc. The nearest sale barn is less than 5 miles away.

I don't think they are pricing it too high; my fear is that they have just had a series of sketchy real estate agents. They are on their 3rd agent and this one is the first one to list their property on the MLS...which seems like a common sense basic step. Not being from AR and moving there post-retirement, I think they lacked the networking contacts necessary for good real estate referrals, etc.

[DC at the Ridge]

Originally Posted by 3three3

Thank you for the respones.

RogMar: My parents are selling their property at just below $2200/acre, which seems rather reasonable considering the two houses, ponds, etc. The nearest sale barn is less than 5 miles away.

I don't think they are pricing it too high; my fear is that they have just had a series of sketchy real estate agents. They are on their 3rd agent and this one is the first one to list their property on the MLS...which seems like a common sense basic step. Not being from AR and moving there post-retirement, I think they lacked the networking contacts necessary for good real estate referrals, etc.

3three3-is that the Fayetteville salebarn that the developers and the veterans are fighting over?

[Dreamy46]

Originally Posted by 3three3

Thank you for the respones.

RogMar: My parents are selling their property at just below $2200/acre, which seems rather reasonable considering the two houses, ponds, etc. The nearest sale barn is less than 5 miles away.

I don't think they are pricing it too high; my fear is that they have just had a series of sketchy real estate agents. They are on their 3rd agent and this one is the first one to list their property on the MLS...which seems like a common sense basic step. Not being from AR and moving there post-retirement, I think they lacked the networking contacts necessary for good real estate referrals, etc.

If your parents had two "licensed" real estate agents that never even listed the property on the MLS, which is standard fare anywhere in the country, I think I'd have to be talking to the State Real Estate Commission about them:

http://www.arkansas.gov/arec/

[RogMar]

Originally Posted by 3three3

Thank you for the respones.

RogMar: My parents are selling their property at just below $2200/acre, which seems rather reasonable considering the two houses, ponds, etc. The nearest sale barn is less than 5 miles away.

I don't think they are pricing it too high; my fear is that they have just had a series of sketchy real estate agents. They are on their 3rd agent and this one is the first one to list their property on the MLS...which seems like a common sense basic step. Not being from AR and moving there post-retirement, I think they lacked the networking contacts necessary for good real estate referrals, etc.

At $2200 an acre, there shouldn't be any problem.

If it were in my area, the typical buyer would be a producer who wants to expand, buys it, moves cattle to it, and has a ranch hand live in the house rent free in exchange for his work, and he gets a little cash also.

In this economy, it's amazing how many people answer adds for ranch hand work with boarding so they can have a nice place for their family.

It certainly sounds like a realtor malfunction.

[3three3]

It used to have cattle on it; the second house on the property was indeed used for ranch hands. The family who owned the property beforehand had kept one ranch hand on in that house because he didn't have anywhere else to go. My parents let him stay there for some time and remained like family to him until he passed last year.

I don't know which sale barn it is, just that it's less than 5 miles away. Remember, I'm in MN and don't know all the details.

Hearing from you that it's priced fairly, and should be selling, is good news. I've had a feeling that my parents were getting swindled by shady real estate folks.

I guess we'll just keep plugging away...

thanks again.