rant about prices of land

[key west chick]

So DH and I are facing losing our house soon. We have started to look for a few acres and build a small home on it. Today I found out about 10 acres. Ad claims its perfect for a small horse farm, 2 great creeks, partially pasture, mostly wooded, great building site, yaddy yaddy yaddy. Asking $125,000. Ok, sounds reasonable. So we go to look at it. OMG, it was awful! 1 creek looks like it only has water in it during a flood, the pasture is flood plain that looks like it is wet most of the time plus the sub division that is behind this property has its street run off flow right onto this land, threw the middle of the so called pasture. The woods drop off straight down so steep that a mountain goat would have a hard time. The building site is right up against the road, barely out of the flood plain line. So out of 10 acres, maybe 2 would be useful. I was so disappointed. Talk about really talking up some property. No wonder its been for sale for over a year.

 

[Mahonri]

... and it's really overpriced if it's that bad.

 

[key west chick]

Yeah, thats what Im saying! I mean, if it were nice land, it would be fair. But holy cow, somebody really does have on some rose colored glasses.

 

[Junkmanme]

Tell me HOW you can manage to buy 10 acres when you can't afford your Mortgage Payment?

I'd like to learn this. (Perhaps I read something inaccurately.)

 

[key west chick]

The house doesnt belong to us. So I guess the owner of the house is losing it unless something with the mortgage company is worked out. If she loses it, we lose the house we live in and need to look for something else. We are thinking of buying land instead of renting again.

 

[rebelcowboysnb]

Its really over priced if it was perfect. Land is still going for less than $1500 an acre locally.

 

[arabianequine]

I have 2 five acre lots up for sale for $39,000 each right now. It is dry desert pretty much and rocky as ever.

 

[Junkmanme]

Quote:
In that case, I'd be looking for a piece of property that has a "repairable" house on a few acres with a GOOD WELL that isn't too old....and check the info on the well ....to be sure of depth, age, water quality, etc.

There are MANY things to consider when buying Real Estate.....it's BEST to check every angle that YOU and your acquaintances can think of.

Then go shopping with your list of Priorities and things to ask about.

GOOD LUCK !!!

-Junkmanme-

 

[speckledhen]

Where on earth is land going for $1500/ac in GA, rebel? Are you kidding me? Land hasn't been that cheap in 30 years. Is it swamp land? Guess I'd better not even try to sell my lower lot because no way I'd take way less than I paid for it 8 years ago--and I got it cheap then. Before the economy tanked, an acre where I am was going for $20K. I'd love to move and get a different type house, mainly because of my DH's back and knees getting worse by the year. I may be stuck here for the rest of my life if things don't improve.

 

[rebelcowboysnb]

Mine is only 3 acres but it with the house is only worth 40. My brother just bought 20 acres of mostly old growth woodland for $28k. No swamps. Thats just across the line in flatrock Al. I see land prices like that all the time.