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So, just to update everyone on the farm house situation (and for those who are late to the party, we looked at an 1834 farm house that's basically falling apart in Henderson, NC listed at 379k), there are a few interesting things.
The house itself is in terrible condition, just as everyone guessed. It would need a lot of work, which we are not willing to do.
The land is amazing, though. It's 125 acres, 40 of which is open fields. The thing about them is they have a solar farm lease that was just signed to put solar panels in that whole area, although the listing realtor said he is pretty sure they can get out of that before we buy it. If we wanted to keep it, though, it pays $700/acre/year, so 28k a year just to have those on the property. Anyone know anything about that?
Secondly, the rest of the land was actually timber that was planted in 1997, loblolly pine, for the purpose of selling after harvest which is ~30 year. So it's been 17 which I guess means it's due for at thinning? After 30 years (presumably, in 13 years), how much could we expect to gain from the sale of this timber, if we decided to sell it?
And lastly, How long would you live in a house that was liveable, but you KNEW was just temporary and had a lot of problems? What severe of problems would you be willing to deal with for a couple of years while saving to build? We are planning on having a pre-inspection before making any offers at all. Thanks everyone for all your help!
Last edited by catlovr8; 06-07-2014 at 08:12 PM..
Reason: typo
So, just to update everyone on the farm house situation (and for those who are late to the party, we looked at an 1834 farm house that's basically falling apart in Henderson, NC listed at 379k), there are a few interesting things.
The house itself is in terrible condition, just as everyone guessed. It would need a lot of work, which we are not willing to do.
The land is amazing, though. It's 125 acres, 40 of which is open fields. The thing about them is they have a solar farm lease that was just signed to put solar panels in that whole area, although the listing realtor said he is pretty sure they can get out of that before we buy it. If we wanted to keep it, though, it pays $700/acre/year, so 28k a year just to have those on the property. Anyone know anything about that?
Secondly, the rest of the land was actually timber that was planted in 1997, loblolly pine, for the purpose of selling after harvest which is ~30 year. So it's been 17 which I guess means it's due for at thinning? After 30 years (presumably, in 13 years), how much could we expect to gain from the sale of this timber, if we decided to sell it?
And lastly, How long would you live in a house that was liveable, but you KNEW was just temporary and had a lot of problems? What severe of problems would you be willing to deal with for a couple of years while saving to build? We are planning on having a pre-inspection before making any offers at all. Thanks everyone for all your help!
So you probably already know what it'll look like. Here's a pic in case you don't.
I thought that you wanted to establish an orchard and to be good stewards of the land. Are you going to throw that goal out the window just to get a few extra bucks each year? What's the point of buying beautiful, "amazing" land if you're going to turn it into an industrial facility?
But if you now think that you want to live amidst an array of solar panels, you need to read the lease which is proposed (or executed?). If it's already signed, it may be a done deal. I wouldn't trust the word of an agent who said he thought they could get out of the lease. This wouldn't be an owner leasing panels from a solar company, this would be the solar company leasing the land for the solar panels--and such a lease would run with the land. They're not going to spend a ton of money for something temporary, either. It's probably on the order of a 30-year lease, perhaps with options to extend the lease built into the contract. YOU NEED TO READ THE LEASE--and have your attorney review it very carefully, too!
As for the pine trees, I'm not familiar with loblolly pine. But I suspect that the typical harvest practice is not to selectively cut the pine trees, but to clear-cut them. So much for your "amazing" land.
Some people look at land and only see dollar signs. If you can see beyond that to the intrinsic values of the land, perhaps this is still for you if the solar lease can truly be cancelled. It would be your land, so you could always decide not to cut the trees--or, at least, not to clear-cut them. Maybe you could even establish some forest diversity, instead of simply having a monoculture suited only for industrial forestry.
Catlovr - you need to talk to a timbering specialist if you want prices on a harvest. If you want to pm me I can give you some names. I live in Weaverville so I know resources in your area that I am happy to share. I am guessing the farm land is already in a land conservation with the county. That is most likely the reason the trees were planted. This conservation will give you a substantial tax break on property taxes. Keep in mind, this is a revocable conservation that does not ride with the land. It is your choice whether the conservation is renewed. If you renew it, you get to enjoy the tax benefits but you must continue with the plan of tree farming. If you do not renew it, then someone is liable for the difference in the back taxes up to 10 years back. At least that's Buncombe Counties rule, I am sure Henderson is much the same as this is actually a state program administered by the counties.
I thought that you wanted to establish an orchard and to be good stewards of the land. Are you going to throw that goal out the window just to get a few extra bucks each year? What's the point of buying beautiful, "amazing" land if you're going to turn it into an industrial facility?
But if you now think that you want to live amidst an array of solar panels, you need to read the lease which is proposed (or executed?). If it's already signed, it may be a done deal. I wouldn't trust the word of an agent who said he thought they could get out of the lease. This wouldn't be an owner leasing panels from a solar company, this would be the solar company leasing the land for the solar panels--and such a lease would run with the land. They're not going to spend a ton of money for something temporary, either. It's probably on the order of a 30-year lease, perhaps with options to extend the lease built into the contract. YOU NEED TO READ THE LEASE--and have your attorney review it very carefully, too!
As for the pine trees, I'm not familiar with loblolly pine. But I suspect that the typical harvest practice is not to selectively cut the pine trees, but to clear-cut them. So much for your "amazing" land.
Some people look at land and only see dollar signs. If you can see beyond that to the intrinsic values of the land, perhaps this is still for you if the solar lease can truly be cancelled. It would be your land, so you could always decide not to cut the trees--or, at least, not to clear-cut them. Maybe you could even establish some forest diversity, instead of simply having a monoculture suited only for industrial forestry.
yes my husband is in agreement with you. I still want to be a good stewart of the land and I think it could work both ways. The lease is 15 years so that's a benefit. Secondly, the environmental benefits of solar panels are not to be overlooked.
Thirdly, this is 40 acres out of 125. We were originally looking for 50 acres of land and just happened upon this, we will have plenty of space for our orchard.
I agree with you about the attorney and not taking the listing agents word for anything. If we want out of the contract, we will make sure it's broken before we close.
As far as the pine trees, it could be a benefit to be harvested if we want to replant an orchard. The only thing is I've heard de-stumping the area is a big expense.
Re solar panels....NC is now second to CA in having them.
I would believe it! They are everywhere! I don't think they are that ugly. I do worry a little about the maintenance and having random people on our property at random times, maintaining solar panels. It's a bit of a safety issue.
the environmental benefits of solar panels are not to be overlooked.
Believe me, I'm very much a proponent of solar energy. I just hate to see good land wasted for massive arrays of solar panels. We have countless rooftops on industrial buildings, shopping centers and even on houses which are very suitable for solar panels; we shouldn't be using up otherwise good land. But...I suppose this is a topic for another thread in a different forum.
You can harvest portions of the pines, replanting as you go, so that you don't clear-cut the whole acreage. The lease will go a long way to covering the cost of the land. From the sounds of the deal, no value is given to the home. Look for terms of the lease-possible expansion of the solar farm at the current lease rates, access and maintenance terms, etc. also, there is a lot of heat generated from solar farms -damages to wildlife and birds, so fencing may be necessary. Be sure the solar farm operator is responsible. Also, where is the operator going to put the power lines? Is there a separate easement?
As to the house, see about getting a used MH moved onto the site and connected to the utilities until you build. Cramped but will cost you far less than trying to make an old farm house livable.
The thing about them is they have a solar farm lease that was just signed to put solar panels in that whole area, although the listing realtor said he is pretty sure they can get out of that before we buy it.
They already signed the lease? I'm sure the solar company has already spent some good money on this project before offering them a contract. Now that its signed, they may have already bought the panels and have $2,000,000 worth of panels at their company. Thinking you can just "get out of it" ....... your dreaming.
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