Posted by jdemaris on August 20, 2007 at 14:57:49 from (69.67.235.5):
In Reply to: buying land posted by randy47 on August 20, 2007 at 12:56:34:
I don't know what part of Michigan you're in - so my comments may, or may not be relevant. I've bought and sold several parcels of land in the LP just below the bridge in the potato farming area of Posen. Also bought some land in the UP in Chippewa county. I've also bid on many that I did not get. Larger rural parcels are not going down in price - regardless of the hype you hear about a "buyers market." Many job losses in Michigan have resulted in early retirements and cash-buyouts - and that means there are people with money in their pockets, and time on their hands, looking for rural land in the their home state. As to the rest of Michigan - I am clueless except for the city of Alpena and the outskirts. Usually, whenever easy credit stops being handed out in rediculous fashion, and some job losses occur, less desireable properties stop selling until the prices drop - but the nicer properties retain their values. In your case, guess you have to figure what the property is worth to you. As others have said - you don't often get to buy land adjacent to your's at a reasonable price. A few years ago,I had a chance to buy 120 acres that adjoins my farm - for $400 per acre. I sectioned of a parcel and bought 40 acres. Now, I'm kicking myself for not buying all of it. The old guy died, the kids took it over - and the rest of the land is now for sale at $2000 per acre- perhaps for some sort of housing development. I will also add - that 15 years ago - when land rarely sold for more than $700, and sometimes sold for $200 - I bought a one-acre parcel that adjoins my property for $5500 - which was a rediculously high price at that time. But, somebody was going to put a trailer on it - so the price was worth it to me.
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