Land question

Discussion in 'Appraisals - What's this worth?' started by MCQUADE, May 21, 2019.

  1. MCQUADE

    MCQUADE Active Member

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    I’m going to list my father’s estate for sale but have found it difficult to value the land. Here In Montgomery Co. land/home prices are low with the exception of the Lake Tillery/Badin Lake area. Pop’s place is a rare gem in this area. The home on 2 acres appraised at $180k back in 2008, so I have a baseline for that. I’m adding 18.2 additional acres to the home (20.2 acres total). The land I’m adding includes the driveway which is over 3 acres of hardwoods.... F9B3F308-FAEE-4252-B747-E4BA4CF2EF05.jpeg And this.....over 14 acres. 6 acres to the left of the view are in 20 yo pines. The view itself runs well below the tree line seen in the view. Has a small blueberry grove to boot. Pictures don’t describe it but when folks come up I usually get reactions like “Jesus!” or “Oh my God”. I guess if they sat on the deck and watched the sunrise they truly would have a religious experience. 65CB2F29-E398-4EFA-9FBE-D315EBE6D162.jpeg 41DDBBA0-91B8-457D-ADB0-E28D9ADC6242.jpeg There are no comps in this area that compare to this soooo, anybody have an idea of a price per acre?
     

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  2. nc-by-the-c

    nc-by-the-c Si Vis Pacem, Para Bellum

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    With an asset like that, if the local brokers are struggling with pricing opinions and complaining they can't find comps, hire an appraiser.
    If it is nice and high you have the ultimate marketing tool.
    If it comes in low you may have some objective data to help understand why.
     
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  3. MCQUADE

    MCQUADE Active Member

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    Over the past 2 months I’ve contacted 3 different appraisers, none of whom seem to have the time. I guess their business is booming. The good part is that I don’t “have to” let it go but I’m not going to rent it and I’m not moving there. I’m only going to run it 90 days with a realtor and I’m still undecided as to my minimum price for the whole package.
     
    Last edited: May 21, 2019
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  4. Bailey Boat

    Bailey Boat Senior Member Benefactor Supporting Member

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    Even though it means the world to YOU it's only going to bring a price that's in line with other land in the area. I'll admit the view is nice but there isn't a premium on "nice". If it's really that nice why are you selling it??

    Are the parcels separate or conjoined as one?? (2 deeds or one??) That will make a huge difference in your potential buyer base.
    As for your appraiser, you'll need a specific type, one with experience in land and land values, not a residential appraiser.
     
  5. Chuckman

    Chuckman Senior Member Sponsor

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    That is, indeed, beautiful. Good luck.
     
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  6. Tailhunter

    Tailhunter I am a Trapper Charter Member Supporting Member

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    The real estate business is a strange bird. It doesn’t matter what you think something is worth, it all boils down to what the banks will loan and that boils down to comps.
    Even if your property is unique, the comps will kill you.
    Talk to several realtors in the area and get an idea of what they think the projected value is.
    Another thing is how long you want to sit on it?
    The market now is better then it has been in a while but it still sucks for the “out in the country dwellers”.
     
  7. Cowboy

    Cowboy Glances can deceive

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    If it helps any my in-laws are listing about 28 acres in one of the hottest parts of the state and they were told 34-40k per acre.
     
  8. cubrock

    cubrock Swell guy Benefactor Charter Life Member

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    I suspect you will come out better selling the house with two acres and the extra 18.2 acres separately.
     
  9. MCQUADE

    MCQUADE Active Member

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    I owned the 3 acres with the driveway and inherited the rest.
    Whew, I think land prices here would best be described as “room temperature” except for the half acre lots at Lake Tillery that they are asking $85K for.
     
  10. DCGallim

    DCGallim Resident Smart-A$$

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    Land is weird. I looked at a house with 20 acres and they wanted 20k per acre. I own land 10 minutes from there that I would feel great to get a 1/4th of that.
     
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  11. NCFubar

    NCFubar Well-Known Member

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    The old Location Location Location thing comes to mind as pricing. Now that being said the value of anything unique is what someone will actually pay you for it. Land is kinda that way to me ... subdivision land ain’t worth crap to me but a beautiful piece of acreage is premium. What you have is not going to really be appreciated by the average person and be valued as much ... a realtor who can match a buyer and that property would also not be average. God ain’t making anymore land especially larger acreages so unless pushed I hope you can hold on for someone who holds it as special as your Pop. Good luck with your sale and I hope you find someone who will love and care for what appears to be a truly special piece of land.
     
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  12. MCQUADE

    MCQUADE Active Member

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    I think you nailed it as far as my Pop’s love for the place. I just want to do right by him.
     
  13. Darkhorse

    Darkhorse You can bet they ain’t forgot me. Life Member

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    Montgomery county is heaven anyway so its very valuable. :D:D

    @MCQUADE I would start with 9 an acre at the very minimum the pines in another 8 years will be ready to bring some descent coin.

    Is that cotton stone mountain in the back ground.
     
  14. MCQUADE

    MCQUADE Active Member

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    I’ve had several people ask why I’m thinking about parting with it. My wife and I have our home and land paid for. We have invested several years into making like we want it. Plus, we have a nice 60 year old pond that I can wet a line in when I feel like it. Pop’s place is on the high ground thus, no pond.
    I considered renting briefly but I’d end up in prison if I got one of the bad ones. Also, rent in this area is low, it would take 40 years to clear what could be done now. After weighing several factors, talking to cpa’s, and in keeping with my fathers wishes, I decided to offer it up for now. I may keep it anyway because people down this way call you crazy for thinking $5,000 an acre is a fair price. I initially was thinking the $280,000 range, but I’m not an appraiser, a lawyer, or a philosopher, but I may maybe crazy and/or stupid depending on how you look at it....
     
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  15. MCQUADE

    MCQUADE Active Member

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    Yes, that’s Cottonstone Mountain. Pop’s place is in the Shiloh area.
     
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  16. Darkhorse

    Darkhorse You can bet they ain’t forgot me. Life Member

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    I thought it was. That’s awesome land you have there.
     
  17. Bailey Boat

    Bailey Boat Senior Member Benefactor Supporting Member

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    How about you and I do a land swap (tax free) I have acreage in south GA that's begging for a new owner and I wouldn't mind having you for a neighbor.... PM if interested..
     
  18. Ikarus1

    Ikarus1 Avtomat Krishna-kov

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    You may want to contact a nationwide land company that sells land to hunters, because you as well as many others know that Uwharrie is a sportsmans paradise. And there are some rich ones willing to pay to be in the middle of it where you are.
     
  19. ronn47

    ronn47 Where's the Scotch? Charter Member Benefactor Life Member

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    Houston, I think we have found the CFF Compound.


    Nice piece of the world you have there.
     
  20. cubrock

    cubrock Swell guy Benefactor Charter Life Member

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    Wish I could afford to buy it from you. Looks like a great place.
     
  21. teamglock2002

    teamglock2002 Member Life Member

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    Me too brother me too
     
  22. MCQUADE

    MCQUADE Active Member

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    Pop’s fireplace. It took 2 guys a week to stack and mortar that stone. A45BBF00-E210-48A3-A97A-0AFA6930D52E.jpeg
     
  23. HMP

    HMP Well-Known Member Supporting Member

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    No help, just wanted to say that I agree - beautiful sight.
    Heck, that's where Andre the Giant bought his place too, loved the area so much.
     
  24. knifeman32

    knifeman32 Active Member Sponsor

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    To be totally honest, it looks a lot like our place. I can tell you that I felt like we paid way less than we should have when we purchased it and I've been offered quite a bit more than what we paid. I'm a little more off the beaten path so to speak and I do have water frontage (surrounding me on 3 sides). We have a bit more land as well but it's similar. If it were me, I'd shoot high unless you need the money. You can always come down but it's pretty tough to go up.

    Another thing to keep in mind, if the buyer seeks financing for the purchase, they will likely be declined or will have to come up with the difference, if the appraisal and the asking price aren't somewhat in line.
     
  25. Cowboy

    Cowboy Glances can deceive

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  26. MCQUADE

    MCQUADE Active Member

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  27. Carolinatlc

    Carolinatlc Member Charter Member Supporting Member

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    Would you mind sending me the listing?
     
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  28. Jeppo

    Jeppo Very LARGE Member Supporting Member

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    @MCQUADE
    Me too please.
     
    Last edited: May 23, 2019
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  29. MCQUADE

    MCQUADE Active Member

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    Done
     
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  30. LesBaer45

    LesBaer45 Certified C.O.G. Benefactor

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    My parents are trying to sell a house and 20 acres w/pond just down the road from you. We could even compare fireplaces.

    We had it appraised but the comps were horrible. Location,location,location is a real thing.

    Judging from what I got from the appraisal you are right in line.

    Would you mind sending a link to the listing?
     
  31. Goofyfoot2001

    Goofyfoot2001 Member Supporting Member

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    Just post the listing here. All the exposure you can get.
     
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  32. Crazy Carl

    Crazy Carl seriously? Life Member

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    I'd love to see it. That's almost exactly what & where we want to be (& our budget), though we wouldn't be able to do anything before next year.
     
  33. 11B CIB

    11B CIB IG: HandloadsAndHoldovers Staff Member Charter Life Member

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    Any improvements on the land?

    Will it perk for a well? Septic? Or city water/sewer (I doubt it but just asking)?

    Any of it fenced off?
     
  34. MCQUADE

    MCQUADE Active Member

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    I can’t get a link to work for the listing but it has a home, well, septic, etc. City water is also available. No fencing.
     
  35. MCQUADE

    MCQUADE Active Member

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  36. MCQUADE

    MCQUADE Active Member

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    Yep, I’ve had several real estate people look at it when I was trying to figure out a price but they all said that it was so unique and rare for this area that there was nothing to compare it to without going out of the area. I’ve tried for two months to get an appraisal (from 3 different) appraisers but they are swamped. So, I averaged what I was told and based my price on that. The home is classified as a doublewide but it was completely redone in 2006 and I would say it’s like a modular+. But, it’s still not a stick built home. The home and the 2 acre tract it sits on appraised at $180,000 in 2008. Basically, I’m selling a beautiful piece of land that happens to have a move-in ready home on it.
     
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  37. DCGallim

    DCGallim Resident Smart-A$$

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  38. NCFubar

    NCFubar Well-Known Member

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    The “modular” label will have some effect on sales value and possibly loan value sadly.

    That sweet carport won’t cheap ... nice concrete slab with brickwork plus good storage ... or can function as a “partyport” when you need a covered picnic area +$$$ there.

    That “tool shed” is hidden gem if somebody were to do a little renovation (it might be more than I think now even) could be a sweet man cave, home office or even guest cottage.

    Personally I think somebody is getting a sweet deal at asking price especially if they have the love of land and can see what intangibles are there they know their getting a deal! If it were 10 years later and I was retired I’d be looking hard ... to me all I’d add would be a whole house generator and enjoy that view in peace. With that much land I might even think about a small solar farm to cut the electric company too ... really self sufficient.
     
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  39. Bailey Boat

    Bailey Boat Senior Member Benefactor Supporting Member

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    The listing doesn't mention what the taxes have been recently, any idea??
     
  40. MCQUADE

    MCQUADE Active Member

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    It was around $500 (year) last year for the house and 17 acres. With the other 3 acres that were already in my name it would still be less than $600 a year. BUT, I believe he got a discount for being a 100% disabled vet. How much, I’m not sure.