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I'm currently living in North Dakota, but will be heading back to the seacoast area when I retire from the Air Force in 5.5 years. After being here in Minot, I will never complain about cold again once I leave. Here is about as bad as it gets, cold and wind-wise. I am looking forward to trees, mountains, ocean, the moderate (relatively) winters on the seacoast, trips to Fenway Park, and the people and culture of New England. I was born and raised in Kittery Maine, and the closest I've been to home since entering the Air Force was a special duty assignment in Central Vermont teaching AF ROTC at a college. I just sold a house there and took a beating on it, so I'm thinking the land market would also be soft right now.
I'd like to buy some land, at least 2 wooded acres, to build my retirement house on, and have the land paid off before retirement. Given the current real estate market, now seems like a good time to buy. I've heard alot about single family home prices going down and inventory going up, but I'm wondering if anyone knows if land prices are going down also and the inventory going up. You'd think they would mirror the home market, but I'd like to get some input on what's going on there and figure the land market might be a little different than the housing market. I'll be home on leave in October (gotta hit it during the foliage) and would probably be ready to buy then assuming the market is still right for it.
I'd be looking to buy as far north up Rt 16 as Rochester, as far west as Northwood on Rt 4, and as far west as Raymond on Rt 101.
Any thoughts on the land market in this economy? Thanks...
Housing and land has dropped, but (land) not far enough if you ask me. In Rockingham County in particular small acreage lots (1+) are still selling for 150K plus in the more desirable areas.
Rockingham County is probably too rich for me. I'll probably end up in Strafford County, or as a last resort, over in York County ME (the Berwicks). $50K an acre is about as much as I can choke down.
I have not seen land prices go down as much as houses have. Perhaps, it is in part to the people who own the land do not need to sell it as much as some home owners are. Still, there are bargains to be found. Developers who may have land are selling some of their holdings to offset any losses on houses they've had to dump. Some people are making aggressive offers and getting them accepted. You are right to think that now is a good time to buy, especially with lower interest rates. There are over 140 land parcels currently for sale in Rockingham and Strafford counties less than $50,000 an acre so you certainly have options.
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