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price of land?

G

gregk

Member
I am looking at a farmplace that is for sale and don't know what is a fair price. It is in northeast NE and has roughly 15 acres with a 60 year old house hat needs new siding and windows, but has a new furnace with a full basement. It also has a good windbreak and a 40 x 100 foot quonset with concrete floor and 3 grain bins. Considering what you see on the news about the economy i am just wondering howmuch it may be worth. What do you think
 
Good economy or bad, once it's sold you probably won't ever get a chance at it again if it is where you want to be at. Went to an auction in Southeast SD 2 weeks ago. They had 40 acres with 20 in CRP till 2013, 7 acres of tress with old farm buildings and 13 acres of pasture. The place had 2 building eligibilities but the one you couldn't use without paying back the previous CRP payments plus penalties. Me and another guy teamed up on it and run it up to $5400 an acre but didn't get it. The winning bidder had a deal with another guy also to split it.
 
The price will be determined by the location and local interest in such a property. In your area you need to ask a real estate person or two now on a site like this if it was here in my area it would bring 200,000 or maybe even more. move it farther out east and then 500,000 and up.
 
Gene is correct depending on the location and size. I sold the family 320A dryland farm with a quonset,four large grain bins, and the wheat crop in the Nebr panhandle in 2007 for $180,000. That was the top price in that area.
 
As Gene said, all real estate is local. Then there"s all the variables no one could evaluate without seeing the place (ground poor, average, high yield?, present/future tax situation in that area?, const of house: fair, average, built for the ages? and a couple dozen more).
Be sure you have financing tied down, too, if it"s not going to be a cash deal. Good luck.
 
Yeah if it goes too high i won't consider it It is not exactly what I am looking for but close enough and I think the wife can tolerate it too. Especially if I stay in the shed
 
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