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Interesting to see how the area rural land prices are driving upwards right now, too.
Even without mineral rights, irrigated farm land at the NE sandhills ... just east of the WY border ... has recently been auctioned off at $8,000-9,000+ per acre. This is for unimproved croplands, no housing, no fences, just the land parcel and some of the well/irrigation infrastructure. On one of the parcels, they sold the center pivot separately from the land. Consider, too, that not all of the parcel was the irrigated ground, so there's acreage included in that total which would be a building site corner or otherwise unused land.
While this NE land is at a lower elevation and has a longer growing season (hence another cut, more productivity per year) ... these price trends are spilling over into Eastern Wyoming right now. An 80 acre irrigated parcel near me with an old Zimmatic pivot covering about 70 acres sold two years ago for $6,000/acre without mineral rights. The sellers retained the mineral rights and there's recently a gas well installed on one of the corners along with associated infrastructure covering about 3 acres.
I'm told that the latest generation (new last year or so) alfalfa varieties will produce 5 tons dairy quality hay per acre in 3-4 cuts (every 30 days between cuts, maximum), and am going to try one of them on 40 irrigated acres this year at my place.
If this projection is realized, then that parcel near me could potentially yield 350 tons. With recent dairy big rounds here going for just under $200/ton, that's a $70,000 gross ... less costs of irrigation, cuts/raking/round baling/retrieval ... an annual income that could support the $480,000 purchase cost of the parcel.
The downside to these increased prices, of course, is that unless one puts your land to it's highest and best possible productive use, you get property tax penalized when the assessor comes in with the land value increases each year ... and replanting acreage with latest producing varieties doesn't come cheap, either. Strong beef and lamb prices of recent months also affect our pasture land value as casual folks who think they want to be in the biz pay a premium price for places to keep their livestock.
For folk wanting to buy into WY, it's worth looking at the benefits of buying enough land for a residential property to be classified as "ag" or "pasture" than a smaller parcel where all of it gets taxed at "rural residential" rates.
PS: the cited article doesn't differentiate between the housing extremes of a mobile home placed on a slab vs a high quality construction site built custom structure. Kinda' misleading when it applies to housing, IMO, in an area like Jackson where the lowest priced structures are very low quality.
After reading Jody's post. I agree with sunsprit's response between housing extremes of mobile homes or even manufactured homes in the news article, not being mentioned. I have to admit that is what i am looking at a manufactured home in the real estate lists i Wyoming. But if i find a good in condition shape ranch style house which, i saw one remodeled in the Thayne area recently. This is the remax add that i was referring too- It even had Recently updated Ranch home in the Thayne City limits. This home is full of charm! Horses are allowed, property has many out buildings including, loafing shed, bunkhouse/tackroom and a tool shed for your projects. Good size 2 car detached garage. Nice mature evergreens help the home to feel secluded. Cute place to call home and close to amenities. 2 beds 1 baths 1,592 sqft MLS# 13-1160
for $169,000 Just the right size i am looking at.
Scott
lots of features and improvements/upgrades in that 1920's built mature property, perhaps it will work for you. Note that it's a two story house structure, not a "ranch house" which customarily is all on one level. Does have a basement, which may give you additional useable space depending upon access and footprint.
But do take note it's been on the market for 262 days ... which suggests that there may be problems or issues with the property/house that you need to be fully aware of to make an informed buy decision about it.
Big Drawback, IMO: Electric Baseboard Heat. You'll also be heating all your domestic water with an electric heater.
Looking at houses of similar vintage and design throughout the region, I'll bet that this was a small cottage built over a basement foundation. Later expansions came in two phases: building the living room expansion, and then finishing out the upstair level under the eves w/building the pop-out to the rear of the house. Quality of construction issues will likely be a concern on these types of expansions; best to satisfy yourself that you can live with the issues you may find at the price point. I'd want a thermal imaging inspection of this place to verify the integrity (air leaks!), R-values of the windows, walls, and roof. Also, I'd want to know the plumbing condition (interior & exterior); galvanized service supply pipe could be a problem after years of hard water delivery, and the old sewer line could be a concern. Original house electric service to panel/wall outlets may be an issue, too.
I'd be very concerned about heating such a structure in the winter months ... and about two possible concerns for the upstairs level: 1) no provision for cross-flow ventilation (IMO, one of the delights of fair weather months in WY is the most pleasant ambient temperatures and breezes which a well thought-out house will take advantage of), and (2) access/ingress/egress from the upstairs bedroom area; ie, what's your escape if there's a fire?
In comparison to other listed real estate in similar price points in the area, the valuation of this property appears to be in the outbuildings/bunkhouse, property amenities, and the mature landscaping ... not the house itself.
PS: whoever laid out the kitchen apparently doesn't do much cooking or clean-up. Look at the ergonomics of the dishwasher/sink area and the stove location (also, without a range hood). It won't matter to some folk ... but for me it's a big deal. I'd only buy a house like that figuring that I was going to have to remodel the kitchen before I moved into the place; the dishwasher would have been better located to the undercounter right side of the sink and the space to the left of the sink as a corner cabinet and cabinet. And that smooth top stove would be one of the first things to go ... of course, you may like using one of these so it could be a "plus" feature for you. The workspace lighting wasn't there ... and the dining space lighting didn't look too good to me, either. Looks like the floor was a recently installed pre-finish wood floor .... I'd be concerned about sub-floor integrity, floor durability and water resistance in the kitchen.
On a personal note, I'm not sure I'd be happy with two floors of living space and only one bathroom. A 1/2 bath additionally would offer a lot of convenience. As it stands, the pix of the toilet/washbasin area didn't give much sense of proportion and space in the bathroom nor it's finishing details.
That's what I could quickly spot from the pix and listing posts .... So:
As always, I urge you to personally do a thorough pre-buy inspection before purchasing any real estate here in WY so you can make an informed decision about your purchase.
PS: looking at other listings in a reasonably close price point in the area, I think there are other houses on the market that offer functional size/utility/convenience that are worth investigating ... and, IMO, better interior layouts. Is an equine property a requirement for you?
lots of features and improvements/upgrades in that 1920's built mature property, perhaps it will work for you. Note that it's a two story house structure, not a "ranch house" which customarily is all on one level. Does have a basement, which may give you additional useable space depending upon access and footprint.
But do take note it's been on the market for 262 days ... which suggests that there may be problems or issues with the property/house that you need to be fully aware of to make an informed buy decision about it.
Big Drawback, IMO: Electric Baseboard Heat. You'll also be heating all your domestic water with an electric heater.
Looking at houses of similar vintage and design throughout the region, I'll bet that this was a small cottage built over a basement foundation. Later expansions came in two phases: building the living room expansion, and then finishing out the upstair level under the eves w/building the pop-out to the rear of the house. Quality of construction issues will likely be a concern on these types of expansions; best to satisfy yourself that you can live with the issues you may find at the price point. I'd want a thermal imaging inspection of this place to verify the integrity (air leaks!), R-values of the windows, walls, and roof. Also, I'd want to know the plumbing condition (interior & exterior); galvanized service supply pipe could be a problem after years of hard water delivery, and the old sewer line could be a concern. Original house electric service to panel/wall outlets may be an issue, too.
I'd be very concerned about heating such a structure in the winter months ... and about two possible concerns for the upstairs level: 1) no provision for cross-flow ventilation (IMO, one of the delights of fair weather months in WY is the most pleasant ambient temperatures and breezes which a well thought-out house will take advantage of), and (2) access/ingress/egress from the upstairs bedroom area; ie, what's your escape if there's a fire?
In comparison to other listed real estate in similar price points in the area, the valuation of this property appears to be in the outbuildings/bunkhouse, property amenities, and the mature landscaping ... not the house itself.
PS: whoever laid out the kitchen apparently doesn't do much cooking or clean-up. Look at the ergonomics of the dishwasher/sink area and the stove location (also, without a range hood). It won't matter to some folk ... but for me it's a big deal. I'd only buy a house like that figuring that I was going to have to remodel the kitchen before I moved into the place; the dishwasher would have been better located to the undercounter right side of the sink and the space to the left of the sink as a corner cabinet and cabinet. And that smooth top stove would be one of the first things to go ... of course, you may like using one of these so it could be a "plus" feature for you. The workspace lighting wasn't there ... and the dining space lighting didn't look too good to me, either. Looks like the floor was a recently installed pre-finish wood floor .... I'd be concerned about sub-floor integrity, floor durability and water resistance in the kitchen.
On a personal note, I'm not sure I'd be happy with two floors of living space and only one bathroom. A 1/2 bath additionally would offer a lot of convenience. As it stands, the pix of the toilet/washbasin area didn't give much sense of proportion and space in the bathroom nor it's finishing details.
That's what I could quickly spot from the pix and listing posts .... So:
As always, I urge you to personally do a thorough pre-buy inspection before purchasing any real estate here in WY so you can make an informed decision about your purchase.
PS: looking at other listings in the area, I think there are other houses on the market that offer functional size/utility/convenience that are worth investigating.
Thank you sunsprit for the reply and inputs, Appreciate it as always.
Yes, totally agree with your message on pre-inspections before purchase any real estate, it will be Accomplished. Will take my time, do not want to rush it. The last thing i want is a problem.
I did notice how long it had been on the market for 262 days, so that made me wonder also.
Real good point about the kitchen layout, and the electrical baseboard heat. I suppose most of the ranch style type (older) houses are of similar construction with the regarding the electrical baseboard heat?
I'll keep a eye out on any of the others that get listed later on to see how they are constructed, and make some notes on what to look for, to use on my Preference list on what i do or do not want .
Thanks again for your input. I'll keep researching and learning more. I do have time and not have to rush.
Scott
262 days , thing move very slow here so that number of days is nothing
unless you look at that time frame with respect to properties without apparent issues and "priced right" that move (and have been moving) more rapidly in the market ....
with over 130 properties in that area now on the market, with many in the sub-$200K market, and some even less expensive than this offering with same or more bdr/ba/garage space/size of lot, you're either rationalizing that most sellers are on a fishing expedition or that there's another widespread problem in this area marketplace.
I can understand high 6- or 7- figure properties appealing to a more selective (and fewer prospects financially able) buyer marketplace, hence slower sales in that end of the real estate spectrum in the Thayne area ... but properties in price ranges where a modest downpayment brings an owner-occupant a monthly PITI that's similar to or less than rent tend to be very affordable, hence more activity.
Especially so for prospective buyers who are making the move to the area on a retirement basis without the need for a high paying job opportunity to pay for their WY property dream or for folk with enough cash to buy their place outright.
Similarly, we have properties here in SE WY ... near the more active jobs market of Cheyenne and Northern Colorado ... that have languished on the markeplace for 2-3+ years. Every one of them I've looked at is overpriced by at least 30-50% (and some even more than that) and are not seriously for sale. It's a case of "if I can get this much for the place, I'll sell it and move on" without any other need or motivation to sell the asset. At the same time, properties that are move-in ready, priced with FMV's, and on the market from a motivated seller ... are moving, some within several days from being listed. There are capable, qualified, motivated buyers out there .... and the low interest rates still available are a huge help, too. And the Cheyenne area certainly doesn't have the esthetic appeal of Thayne or the Star Valley area of WY for somebody considering WY for retirement ....
Thank you sunsprit for the reply and inputs, Appreciate it as always.
Yes, totally agree with your message on pre-inspections before purchase any real estate, it will be Accomplished. Will take my time, do not want to rush it. The last thing i want is a problem.
I did notice how long it had been on the market for 262 days, so that made me wonder also.
Real good point about the kitchen layout, and the electrical baseboard heat. I suppose most of the ranch style type (older) houses are of similar construction with the regarding the electrical baseboard heat?
I'll keep a eye out on any of the others that get listed later on to see how they are constructed, and make some notes on what to look for, to use on my Preference list on what i do or do not want .
Thanks again for your input. I'll keep researching and learning more. I do have time and not have to rush.
Scott
Scott ...
what particularly caught my eye on this property, outside of what I perceive on initial reaction to be potential defects ....
is that the pricing appears to be primarily based upon the amenities and other structures; ie, if you don't have a need for the equine facilities, outbuildings, and the "bunkhouse" structure ... effectively, you're paying for a lot of improvement that could be superfluous and it's money not going into the residence structure, which is where most people live. In my view, if you need more space for storage/toys/projects or long-term guests, then these can always be added at modest cost to a residential property of this size when you need it. Keep in mind that the "bunkhouse" will be taxed as finished residential space if it's got electricity to it, even though it's not a fully independent living quarters.
I did look at other properties listed in that area ... this house appears to be a unique offering as a "ranch house", yet it is effectively a 2-story house to achieve it's square footage (IMO, misleading when represented as a ranch house). Every other listing of a ranch house had all the living area on the main floor, which makes a 1-Ba house much more functional.
Several had electric BB heat, especially the newer construction around the golf course area. But a few showed up with radiant heat ... unfortunately, not enough details in the capsule description to know the details, but this tends to be a more efficient method than localized single-zone BB heat.
More research needed, but I'll leave that up to you to focus upon the houses that appeal to you ....
Star valley is over subdivided and over developed more houses then jobs if you really take time and break it down... there a lot of 2nd and summer homes in this area also
Star valley is over subdivided and over developed more houses then jobs if you really take time and break it down... there a lot of 2nd and summer homes in this area also
so what you're saying is that there's a lot of discretionary dollars in the housing market there rather than folk seeking a primary residence.
the same economic laws of supply and demand apply here as anywhere else; ie, price addresses the marketplace.
IF there's very slow turnover of the houses in this marketplace, it says that those discretionary dollars are being spent elsewhere where the perception of value to price is greater. (ie, a livable SFH house sub $200K in my 2nd home marketplace, Vail CO, would be GONE in 30 seconds with multiple offers; a listing agent wouldn't even bother to put it into the multi-list, they'd make a couple of phone calls and wait for the signed offers on their desk within the hour).
IF folk are willing to sit on their discretionary dollars in Thayne (and ongoing taxes, insurance, maintenance and upkeep costs) in a SFH residence on sizable lots or acreage for sale for years at a time, it tells me that they're not needing to sell their place and the money is a secondary issue.
I'm not seeing an active foreclosure market here, so relative to the 2nd home market region wide ... these prices are way over valued.
Another serious consideration for Scott to review for a retirement home ...
PS: I'm putting this in the perspective of so many of the threads/inquiries we see about moving to the retirement WY dream ... land, house w/infrastructure, access to recreation, enough community to locally provide convenient access to necessities, domestic water/utilities, gorgeous views, yet some degree of rural/remote, etc. Here's the opportunity to achieve all this handed to you on a sterling silver platter for well under $200K in one of the aruguably nicest locales of WY to accomplish all this ... and it goes languishing for a long time. All so much easier and realistic than buying a BB $995/acre 40 acre plot on a contract to deed in some forsaken barrren windswept locale without reasonable year-round access, or reliable water/utilities, or any local amenities ... let alone the views of Thayne area or the minimal winds of the area compared to much of the state.
Why is this Thayne area marketplace not active at these sub $200K price points? because the perception of price/value isn't there or these places would be snapped up in a heartbeat, especially by those on a fixed income where a PITI with a decent down payment is well affordable even at average SS retirement income levels ....
We see people spend a lot more money than this to be in Sheridan/Buffalo, or Hulett, or even ... Casper! the market is telling us something about the desirability/livability of this portion of the Star Valley area.
Last edited by sunsprit; 02-17-2014 at 12:25 PM..
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