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September 29th, 2011 6:51 PM

 

A friend of mind asked me to look at some trend data on Development & Agriculture land. I was not too surprised at the data. I am a bit surprised some of these listings.

Here are some of my favorite examples.

  • 2 acre parcel (19476 Homedale Rd) sold in Dec-2006, sold $10,000 higher  14 months later in 2008. The land resold in July-2011 for 39% of the 2008 price.
  • 30 acre parcel (11739 Highway 44) in Star sold in April-2005 for $600,000. Owner split 7 acres off and tried to sell for commercial for over $1.83 Million. Yes, 1.83 million dollars. The 7 acres finally sold in Aug-2011 for $147,000. The good news is sold for $21,000 per acre…which is $1,000 more per acre than the 2005 sale.
  • 15 Acre parcel off Middleton road sold just over $500,000 in Oct-2008. Then listed for $800,000? Really? Relisted a few times with a low price of $699,000. I think someone is reading the trend graph upside down?
  • 38 Acre parcel off Can Ada Road sold for just over $810,000 in Jan-2007. Then listed for 2.3 million…after 3+ years on the market you think would go lower than 1.9 Million?
  • 43 acre parcel off Happy Lane sold in March-2006 for $900,000. The same parcel sold in April-2010 for $159,000…only down 82%.

Note on the graphs below, the "2011" year data only goes until 9/29/2011.  I do not have a flux capacitor.

 

 

 

 

 

 

 


Posted by John Hennessey on September 29th, 2011 6:51 PMPost a Comment (0)

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