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Farmland, sure- What about all the other land?

Posted by John B. Hilton III Esq on Sunday, December 11th, 2011 at 6:09pm.

What about all the other land?

The amount of press farmland has received in the last year could fill a few
bookshelves. It is amazing that a real estate category that typically turns over
at rate of about 3% which is now turning at half that has so much exposure and
analysis. So what about all the other land? Recreational land, building land,
vacant lots, or any other rural land? What is happening in that market? There
seems to be no press and buyers are thrilled.

If you are in the market for land for recreational use or as a building site
then now is the time to search. Farmland that may have been split up and
converted to transitional development land is a good start. Prices are usually
reasonable and tend to mirror more of the residential market values.
Interestingly, farmland has historically and is also now the case, not run
concurrent with residential market values. The run-ups in values have usually
occurred when other sectors are doing poorly so take advantage of market
conditions and prices.

If you are looking for a relatively small plot of land; say about 20 acres or
less, then a great place to start looking is right here,  It is easier to find what you are
looking for when the search parameters are already filtered for you.

If you have a specific area and have narrowed down your requirements and
still cannot find anything suitable then search all land listings in the area.
If you find a larger tract and only want a portion then contact the agent and
make an offer for a split. Many times if you are willing to pay for the survey
on the split portion or share in the split costs then a seller is more open to
the possibility. Sometimes they will say no immediately and adamantly state they
are not going to split the land.  In that case, go ahead and leave your name and
number as often times after they think about it they will re-consider.

Other options include finding two or three small lots (1 to 2 acres) and
trying to buy simultaneously so that you have a larger piece. In many failed
rural subdivisions this is usually fairly easy to do because you can contact the
Homeowners Association (HOA) and ask if anyone is interested in selling their
lots. Every time we have listed lots in rural subdivisions almost immediately
the adjoining sellers will contact us and let us know they are interested in
selling too. However, make sure you find out all the rules and regulations of
the HOA in advance because if they continue to charge fees on a per lot basis
instead of your one continuous parcel it could be costly. Many HOA subdivisions
will work with buyers and may even change rules if necessary because they want
the land sold to a buyer that will maintain the land.

written by: Marisa Morgan

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