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Old 11-29-2010, 09:10 PM
 
7 posts, read 11,654 times
Reputation: 11

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Does anyone know what 160 acres of farmland in Gardner (a little outside of chicago, Grundy County) might go for?

My husband and his two brothers just found out they stand to inherit in their grandmother's estate and they were curious on the value of the property. It's currently being rented out and they need to make some decisions before spring. They don't live in the state, so they're a bit clueless and I'm having trouble with real estate searches.

TIA!!
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Old 11-30-2010, 08:08 PM
 
Location: Not where you ever lived
11,535 posts, read 30,265,438 times
Reputation: 6426
Farmland can be rented by the acre, by the section, or by any part thereof. My friend is in a similar situation. Her aunt left her a little less than a section of prime, black, farm land in central Illinois that is fenced and cross frnced. She is paid $50K bi-anually.The land was worth $950K in 2007.
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Old 12-05-2010, 08:09 AM
 
Location: Sugar Grove, IL
3,131 posts, read 11,648,036 times
Reputation: 1640
depending on the exact location of the parcel, the land itself could be valued any where from $10,000 to 15,000. since so many developers have dried up, the value that they were paying back in 2005-2007 was in the $30K per acre. rent on farmland varies. it is not like a lot of people scrambling after it.
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Old 12-05-2010, 06:48 PM
 
7 posts, read 11,654 times
Reputation: 11
Thanks for the info guys. It's crazy that it was once selling for over 30K an acre! Farm land around here (Iowa) is valued from 7K to 13K an acre.

Do you think the prices will go up again in the near future, or was the 30K a bubble that burst not to return? We've been given advice not to sell at all because land will soon be going up and to get out fast before the dollar dies. lol
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Old 12-08-2010, 01:37 AM
 
Location: Not where you ever lived
11,535 posts, read 30,265,438 times
Reputation: 6426
Whether or not you should get out now depends upon a lot of things. Location, soil content, general condition of property, what and how much it producted last, local economy and if it debt free. I'm sure a buyer will have a dozen other questions. If you have good black loam in central IL you won't lose much.

Will the prices go up? The banking laws were re-written to prevent another mortgage mess. What this means to the seller is the buyer needs more down payment and a better FICO score to buy property now; the big banks are not lending. It will probably be 3-5 years before the housing market finally stablizes in rural IL or rural IA. There will be exceptions, of course, it will still take that long. .
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Old 12-08-2010, 02:01 AM
 
Location: The Ranch in Olam Haba
23,707 posts, read 30,749,085 times
Reputation: 9985
This link may help. Mod comment: This information is specific to Grundy County, Illinois.

People Working Together (http://helpillinois.net/grundy/services.htm - broken link)

Last edited by linicx; 12-08-2010 at 09:14 AM..
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Old 12-08-2010, 09:15 AM
 
Location: Not where you ever lived
11,535 posts, read 30,265,438 times
Reputation: 6426
Taxes are different in every county in Illinois. I suspect it is the same in other states.
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Old 12-08-2010, 01:43 PM
 
Location: The Ranch in Olam Haba
23,707 posts, read 30,749,085 times
Reputation: 9985
Quote:
Mod comment: This information is specific to Grundy County, Illinois.
And Gardner is in which county??
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Old 01-07-2011, 06:01 PM
 
Location: Champaign
33 posts, read 114,115 times
Reputation: 34
Well, unless you have a sound investment in mind, better just to keep renting it out for someone to grow soybeans on than cash it out, put the money in a bank, and have inflation turn it into pennies on the dollar.
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