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43 acre farmette sold

E

El Toro

Well-known Member
This couple bought this place in the late 1950's or early 60's. He was drafted in 1952 just one year before I was drafted. He made E7 SFC in 11 months and was wounded. When they bought the property it had a small house on it. Around 1990
they had a log home built and gave the small house to one of their daughters and along with a few acres. It was never farmed as he drove a car carrier hauling new GM cars out of Delaware.
The carrier was Anchor. The daughter that had the small home moved to GA and they decided to move there. They had it listed for $525000.00
and sold it for $475400.00. His dad's farm only bought 250k in the 1960's. Hal
 
My dad retired from Anchor Motor freight/Penske & associates, he hauled out of Michigan, an ex BIL worked for them but hauled out of Louisville. My Parents bought their farm in the early 70's-118 acres in Michigan for $48,000 Mom sold it in the early 2000's for $375,000, it's probably worth close to $500,000 now, didn't have much house, it was narrow to the road and about 1/3 of it was swamp land. Dad reminisced how he was looking at a Dairy in Wisconsin about the time I was born but couldn't come up with the $2,000 dollars it would take to buy it.
 
100 acres of bare farmland if it's a better piece around here is worth over a million dollars, been going up like crazy the past 5 years.

Gonna hurt a lot of people when that crashes, will be the 1980's all over again.

--->Paul
 
Alot of banks being very careful about lending on farmland. You have to have a large percentage of the price cash down or leverage your equity. Sounds like they are expecting a farm land bubble burst like the housing market
 
good lord! gave less than that for a 500 acre farm here,with house and two barns.. its amazing to me how much land prices vary accross the nation. low intrest rates on cds and things are driving land prices out of sight.thats about the only thing thats paying a return these days.
 
After he retired from Anchor he was hired at their local community college to teach students
to drive tractor and trailers. He would even take them out on dual highways. He was close to I95, but I don't think he took them on there. Hal
 
I heard a month ago or so that at an auction in Iowa land brought around $17,000.00 an acre. I don't know the exact amount but was told some farmers went in on it together.
 
Very ;large amount of what is turning over here is paid for by cash. Money moving out of stock market and cds. There may be some leveling off but I don,t see a bust in prices coming any time soon. Prices are not being driven by what the land will produce but more by what the buyer is willing to pay. Like the guy says they are not making any more land.
 
My uncle bought a 50 acre farm in Northern VA in 1966 for 50000.00 dollars,he sold the old farm house and barnyard for 250,000.He gave his daughter 20 acres to build her a house,and he sold the other 20 acres in about the year 2000 for 6.2 million

jimmy
 
The home my parents bought when they got out of farming and my brother and I were in the military
is now owned by my nephew. I think they paid $11000.00 for it in the 1950's. It's a big rancher and located on a dual highway. There's rumors that someone is offering $500000.00 for these homes to get the land it's worth more than the home. My nephew told them to get lost. Hal
 
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