Property

Ok game dog members. Here is the situation, my wife and I have 8.36 acres and it's got a lot of rock on top and under the land. Were wanting to move closer to my job in a little less crowded area.

We contacted a rock quarry about purchasing the land from us and they came out to check it. They want a price and I messed up and told them 3K per acre was the asking price before we moved out there. I corrected myself by saying that was before we moved out there and started to fix everything (run water, put in septic and electric). I told him if we sold it, the price would have to be up there because I want 10 acres and closer to my job which is an hour away. I also told him that I'm 26 years old and own everything we have (land, house, vehicles). The guy who lives in front of me has 2 acres and I told him I would end up buying that land from him giving me just over 10 acres within the next 3 years.

I've checked prices and I can only find small lots of less than 10 acres and they want 4 to 5 thousand an acre.

"If" they find what they are looking for and he did say it looks promising but they will not know till they dig. It could be a gold mine but he doesn't want to dig before he has his price. My wife seems to think 100K for the property is a good starting point because he's going to make that back and it gives us some room to drop. we've pulled rocks out of the ground 4-6 ft long, 3-4 ft wide and 1 ft thick. Several rocks are what he's looking for but not as big as he's looking for. Land around my area has sold for 7-10K an acre.

What do you think would be a fair price to start? I've asked several people around me and they don't know so I figure I'll ask on here.

 

Depenfs on location

 

Whatever someone is willing to pay. You and your family need to be ok, Thats what matters the most....IMO Good luck to you !!! Also i learned 1 thing about land , Dont get greedy and share the wealth !

 

...what ya want and wat ya can get are two different things,,most will ask above the price ie;4/5 grand....so those people are hopeing for offers close or = to it...go to some real estate sellers offices and see what they have up for sale in your area,and get an idea then wat an acre sellin for.....and make sure ya get the right price cause remember ya have to move to a new home and property could cost more were ya want to move too.....???????

 

you wouldnt touch 10 acres out here for any less than 500k! and thats without the house.....

 

get someone to value the property who knows about that stuff after that you can set your price to the company

 

right now in western central ohio, which is relatively flat, either wooded or farmed, lots of area with lots of privacy, land not ready to build on is selling for 3.5-4 grand per acre, land ready to build on is upwards of 12.5-13 grand per acre.

example - this year we "bought" 10 acres of land from a friend's parents who own tracts of land (read - over 3000 acres that is primarily farmed but some wooded areas) that is along a wood line to build a home on for 2 grand per acre. We, in the contract based upon comparable sales for land ready to build, had to deed back 8 acres; that translates to we got two acres zoned and ready to build home and out buildings for right at 20 grand, or ten grand per acre. It had to be that way because in our county you have to "buy" a minimum of 10 acres to build so house are not right on top of each other along roads where large areas are farmed out here.

do your homework, it might be helpful to get professional input. "do what you do the best but hire the rest" is the old saying. like another poster said, make sure you and your family's well-being is put first on this deal. don't know how helpful my info is to your question, but the idea of land value being translated differently because of what they will be doing with it should apply, too.

 

Good advice in the above..few replys....a quarry man is going to pull every last piece of rock out off their,, to make it worth his while and ya can't blame him...did he make any offers to ya ??????..do your homework before ya sell....thats some price jump chief-k.....

 

why not get someone to estimate the value of the property? people blowing numbers at you not gonna help you much. if in doubt ask higher the worst they come back with a lower offer?

 

your best bet is to get hold of a local property appriaser dan

 

Not entirely sure why you only dealing with a single buyer either. Why not put it on the market and see what you get?

 

exactly my thoughts tree. this isn't some used bicycle man its your crib..

 

Good place to come ask dogs but the fuck if I will ask any of you for real estate advice lol.. no offense to anyone.

 

Sorry for the delay in responding, I don't have internet at my house.

I appreciate the responses, lots of good advice on here. That's why I asked.

I looked at my area and a friend of mine 2 mins from my house was looking at buying 1 acre. The guy told him 10K, he came back with that's to much for me but I'm willing to go 7,500. Long story short, the guy didn't budge and he sold it for what he wanted. I think 100K is a little steep but if I shoot him the offer for $83,600 like some said, he might either jump on it and say done! or he might say no that's to much. He hasn't shot me any offers yet, it hasn't been that long though, only a couple days. Property in the area were looking at moving is roughly 50K per tract. I'll give it a few more days and shout at him to see what he says. I'm going to keep ya'll updated because this could get interesting. My uncle told me today his friend was offered over 300K for 40 acres to a rock quarry not to long ago. Don't know what he has so it could be different but he didn't take it. He said he thinks its worth more.

 

None taken but people in these dogs that I have met aren't stupid and there about their money. lol

 

Hope u get what good money for it.