What is land worth in North Cumberland Co.?

[Guest TN.Frank]

I have about an acre(maybe a bit more) of land on the back side of my 2 acre home site that I was thinking of selling to the guy that lives next door. He has horses and could use a bit more land for them to graze on. The land has a pond(dry of course from the weather we had over the summer) and would hook onto his exsisting property perfectly. I thought that about $20K was a fair asking price for it but to tell ya'll the truth, I'm really clueless about land prices in N.Cumberland Co. He brought some info he got from a real estate agency on land that they've had listed that had prices anywhere from $5K up to $18K for an acre. What do ya'll think it would be worth? I don't want to ask too much but at the same time I don't want to sell for less then it's worth and take it in the shorts either.

[Mike.357]

Unless you are hurting for money I vote for don't sell. Once it is gone it is gone forever.

And in case you haven't noticed, they don't make no more land.

If you want to be a nice guy to your neighbor you could always lease the land to him or even just set something up so his stock could graze there but you would still own it.

Land would be something nice to leave to the kids. It's what I hope to do with the little bit I have.

Oops, did not estimate the value and that is what you were asking. I am guessing $15,000 an acre is more for a site that someone wants to build a home on, something with frontage to a street. $5000 for something on a hill maybe wooded and not really for development. I would thing your might be worth about $8000. But then I am not in real estate either.

I still say keep it.

[Guest TN.Frank]

I was kind of guessing around $8500 IF he'll get the survey work done and the plat drawn up for it, I'll take care of getting the deed made up.

I fully understand what you're saying, they don't make any more land, unless you're living on a Valcano somewhere, LOL. Still, I could use the money to pay off some bills and for Christmas. I'll hit him with $8500 and see what he has to say. I think he thought he could get it for $5800 but that's not going to happen. It's cutting off half of my land(the part with the pond) and that'll cut the value of my house and property down by way more then $5800 so I've got to get a bit more. Anyway, thanks.

[Guest db99wj]

Get an appraisal by a licensed real estate appraiser done before you give him a price. That way, you have a neutral 3rd party that is looking for a value only, they are not working for your or the other guys benefit.

Worst case, you sell it to him for $8000, come to find out, it is worth $18000, that would be bad for you or you sell it for $18000 and it is only worth $8000. See where I'm going, don't want a Hatfield and McCoy situation start'n!

[Guest TN.Frank]

How much do you think it'd cost to get an appraisal done? Wouldn't I need it surveyed first or can they do the appraisal by an estimate of the land?

[Guest db99wj]

Not sure what the going rate for residential is, especially in your area. If I had to guess, I would say a range of $200 to $500, leaning toward that low end. It could be less, since it is a vacant (no structures) piece of land. The appraiser should be able to give you a price, before you have it done.

As far as the survey before the appraisal, I am thinking not, the value is based on like properties, if you are going to sell him an acre, it is just that, an acre. The appraiser would need that info and do the research in like properties.

You can get a good idea of what it is worth, by looking at other properties, in your area, that are similar in size, type (pasture, wooded, with the pond as you mentioned) but their are a lot of factors that go into it. The reason I brought up the appraisal is because of the range of $5K up to $18K for an acre, that you mentioned in your first post.

A real estate agent can do a CMA, Competitive Market Analysis, and come pretty close to the price as well, I have no idea what they would charge especially since you already have a buyer.

[Guest TN.Frank]

I called a place to get an appraisal and they wanted $350 bucks, NO FRICKIN' WAY I'm paying that. So, I called up a local Real Estate Office and talked to a very nice guy named Chuck. He looked up my property on his computer and looks for land sales in the area of my land. Seems that 1.54 acres sold for $22,000 recently and a 7.4 acre track went for $80,000(that's $10,800/acre) so the $5800 that my neighbor offered was a real Low Ball price. Also, this land is off of 127 N., a lot of the land he used for his quote was off in BFE someplace. For some reason land off of Hwy 127 N. seems to sell at a higher price then other land in the area. I'm going to have to put $8500 in my pocket of I'm not going to sell. I think that's more then a fair price, especially since it good fertil bottom land with a pond and should survey out to over an acre. If he can get the survey work and plat drawn up I'll take $8500, If I have to get it down it'll cost me $500 and that'll be tacked onto the price so it'll be $9000 to him. Either way I have to put $8500 in my pocket or it's NO DEAL.

[Guest db99wj]

Glad to see you got some good information to set your price. Do you think that he will go for that price? If not, leasing it to him as Mike.357 mentioned.. You get an income and still own it.

[Guest TN.Frank]

I'm not sure if he'd go for it or not. If he doesn't I'm sure the neighbor in back of us would like to buy it. He's been after my pond for years, LOL. Plus, it'd give him an acre more toward the road. I just may talk to him too, a bit of competition never hurts.

[Guest db99wj]

Exactly!