Forums
New posts
Search forums
What's new
New posts
New Trophy's
New trophy room comments
Media
New media
New comments
Search media
Members
Current visitors
New profile posts
Search profile posts
Classifieds
Trophy Room
New items
New comments
Latest content
Latest updates
Latest reviews
Author list
Series list
Search showcase
Log in
Register
What's new
Search
Search
Search titles and first posts only
Search titles only
By:
New posts
Search forums
Menu
Log in
Register
Install the app
Install
Forums
Tennessee Hunting Forums
Deer Hunting Forum
Buying land
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
<blockquote data-quote="Hunter 257W" data-source="post: 4257010" data-attributes="member: 12277"><p>Landman,</p><p> There was/is a small 750 sq ft 90 year old house on the farm, and it is 94 acres. Also an old hip roof barn. Other than that it's just a mix of pasture and maybe 30 acres of thin woods. Hardly any road frontage on a road with painted lines. There is maybe 100 yards of road frontage on an old country road with no lanes on it. Beyond that, there is 2 access strips which is part of the property that are about 30 feet wide going down to a state highway. It doesn't have much valuable timber and nothing has changed with the timber in many years. It sold in 2009 for $870,000 and then again late 2014 for $600,000. (My sales figure quoted above was too high.) I know that farm land, especially pasture land that's not really suitable for row crops wasn't worth that price in 2009. But that's the point I was trying to make above. People get all excited that real estate is always going to go up and that you can't lose with investing in it. Of course it will always increase on average and if you hold it long enough. Sometimes it can go up wildly depending on local happenings. Most people know that but they tend to only look at the exceptional sales with huge fast profits and that's where you can get in big trouble. In fact that's what happened with this farm. It had sold to a different owner in 2007 for the same $870,000, that buyer thinking it was going to be a gold mine and that he'd sell it for a huge profit before having to make many payments on the loan. Well, after 2 years he was crying to get out and the 2nd owner paid him what he paid for it and took it. That turned out to be a bad decision obviously as that owner lost $270,000 when he sold it 5 years later. I know there is one realtor around the area that tries to keep prices spiked up by starting rumors about the area being a favorite and the "next big thing" for retirees from Florida to move to. I told the guy to his face that he's crazy to think that Winchester, TN is widely known to people all across Florida. <img src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" class="smilie smilie--sprite smilie--sprite1" alt=":)" title="Smile :)" loading="lazy" data-shortname=":)" /> It's just a little hole in the wall backwoods town that nobody knows or cares about more than about 20 miles away. If it weren't like that, I'd move somewhere else. <img src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" class="smilie smilie--sprite smilie--sprite1" alt=":)" title="Smile :)" loading="lazy" data-shortname=":)" /> It gets me all stirred up when these nuts start rumors of big companies from "out of state" looking at local farms for projects such at to build a big "world class" golf resort. That was another actual rumor they started in the area to run farm prices up. Supposedly they were considering the land I bought as part of this golf resort. :tu: I don't see how they keep a straight face when telling such tales. But it works. There was a 150 acre farm no more than a mile from mine that my cousin looked at around 2005-2006 time frame when it was up for sale. They wanted $900,000 and would not budge one cent. Most of the reason was because of this silly rumor. Half of that farm floods every winter. Why on earth would you want that for a golf course?? Anyhow, they had to settle for only $375,000 about 5 years ago which is a reasonable price for the place. It seems as if all it takes is one rumor of a higher than market price sale in the area and nobody will sell for anything remotely fair for years after that.</p></blockquote><p></p>
[QUOTE="Hunter 257W, post: 4257010, member: 12277"] Landman, There was/is a small 750 sq ft 90 year old house on the farm, and it is 94 acres. Also an old hip roof barn. Other than that it's just a mix of pasture and maybe 30 acres of thin woods. Hardly any road frontage on a road with painted lines. There is maybe 100 yards of road frontage on an old country road with no lanes on it. Beyond that, there is 2 access strips which is part of the property that are about 30 feet wide going down to a state highway. It doesn't have much valuable timber and nothing has changed with the timber in many years. It sold in 2009 for $870,000 and then again late 2014 for $600,000. (My sales figure quoted above was too high.) I know that farm land, especially pasture land that's not really suitable for row crops wasn't worth that price in 2009. But that's the point I was trying to make above. People get all excited that real estate is always going to go up and that you can't lose with investing in it. Of course it will always increase on average and if you hold it long enough. Sometimes it can go up wildly depending on local happenings. Most people know that but they tend to only look at the exceptional sales with huge fast profits and that's where you can get in big trouble. In fact that's what happened with this farm. It had sold to a different owner in 2007 for the same $870,000, that buyer thinking it was going to be a gold mine and that he'd sell it for a huge profit before having to make many payments on the loan. Well, after 2 years he was crying to get out and the 2nd owner paid him what he paid for it and took it. That turned out to be a bad decision obviously as that owner lost $270,000 when he sold it 5 years later. I know there is one realtor around the area that tries to keep prices spiked up by starting rumors about the area being a favorite and the "next big thing" for retirees from Florida to move to. I told the guy to his face that he's crazy to think that Winchester, TN is widely known to people all across Florida. :) It's just a little hole in the wall backwoods town that nobody knows or cares about more than about 20 miles away. If it weren't like that, I'd move somewhere else. :) It gets me all stirred up when these nuts start rumors of big companies from "out of state" looking at local farms for projects such at to build a big "world class" golf resort. That was another actual rumor they started in the area to run farm prices up. Supposedly they were considering the land I bought as part of this golf resort. :tu: I don't see how they keep a straight face when telling such tales. But it works. There was a 150 acre farm no more than a mile from mine that my cousin looked at around 2005-2006 time frame when it was up for sale. They wanted $900,000 and would not budge one cent. Most of the reason was because of this silly rumor. Half of that farm floods every winter. Why on earth would you want that for a golf course?? Anyhow, they had to settle for only $375,000 about 5 years ago which is a reasonable price for the place. It seems as if all it takes is one rumor of a higher than market price sale in the area and nobody will sell for anything remotely fair for years after that. [/QUOTE]
Verification
Post reply
Forums
Tennessee Hunting Forums
Deer Hunting Forum
Buying land
Top