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Any info on buying land?

Geno C

By Geno C,
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Geno C Newbie

Geno C

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Hi guys, I am currently in the market for a hunting property. Has anyone recently purchsed their own property that they can refer me to a realter they have used. Or does anyone have any info or advice on purchasing hunting properties? i have been following the market and looking at properties for about 10 months on and off. I put it off for a few months but i am looking for property in, Sullivan, Delaware, Broome, Otsego, Chenago or anywhere within a 4 -5 hour drive from LI. i just want to hear some others personal experiences with their purchase, who they used and what county. im persoanlly looking for 10 - 50 acres (60k) max...

also if anyone can tell me any info in possiblly buying a forclosed land or short sale, has anyone done this? experiences and how too's.

thanks for any help and advice on this guys!

Geno

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First-light Veteran

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Geno,

If the property doesn't come with the mineral rights you better put in clauses into the deed. No drilling closer than x amount of feet from any dwelling. Those type of things. Google Marcellus shale gas deposite in NY. If you going for land in the Catskills or further west (deposit) expect to pay premium prices. All this land sits in the core area of the gas deposit.

Mineral rights for land are very important right now so read up on it.

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letinmfly Newbie

letinmfly

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Geno.

Delaware county is a great place to hunt and fish with some beautiful country.  I own a place there and this info is from what I've heard.

The county is the biggest watershed in the state and the land is owned by NYC.  The original agreement is that NYC could have the watershed to protect NYC drinking water as long as they agreed to pay the taxes on the property they owned.  In two years this agreement ends.

At that time NYC has the option to grieve their taxes and/or apply for tax exempt status.  If this happens and their properties are pulled from the tax rolls, the property owners will have to pick up the slack in the lost tax revenue.  Which means increased taxes for everyone in Delaware county.

Again this is what I've heard and you may want to take this info in consideration.

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Geno C Newbie

Geno C

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Geno, you don't want to buy land and later have a gas company come and start drilling gas wells on your property. And you can't stop them.

Dave

drilling for gas on the property brings in some extra coin to the land owner correct? i am in no means looking to make money off the property and i would hate to have anyone driling anywhere near the land i end up buying... i want to keep this land for hunting and recreational purposes only. somthing that i can have to retreat to for a little get away and to manage for hunting season. thats really it.

i appriciate all the info so far guys! keep it coming.

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Geno C Newbie

Geno C

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Here's a few realtors in Delhi, NY Delaware County

http://www.timberlandproperties.net/

http://www.franklumiarealestate.com/

I used Timberland years ago to buy my place.  I just walked in and said I was looking for land to hunt.  They had lots of choices.

thanks! ill look into that. havnt heard of these 2 sources yet so its another 2 site for me to research. thanks for the help! how was your experience with them good?

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Geno C Newbie

Geno C

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Geno.

Delaware county is a great place to hunt and fish with some beautiful country.  I own a place there and this info is from what I've heard.

The county is the biggest watershed in the state and the land is owned by NYC.  The original agreement is that NYC could have the watershed to protect NYC drinking water as long as they agreed to pay the taxes on the property they owned.  In two years this agreement ends.

At that time NYC has the option to grieve their taxes and/or apply for tax exempt status.  If this happens and their properties are pulled from the tax rolls, the property owners will have to pick up the slack in the lost tax revenue.  Which means increased taxes for everyone in Delaware county.

Again this is what I've heard and you may want to take this info in consideration.

food for thought... thanks for the heads up. ill look into that as well

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SteveMcD Newbie

SteveMcD

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Contact Jill Ogden at Coldwell Banker in Delhi. They have a lot of Land and Cabin listings to offer, and great to work with. 

Coldwell Banker Timberland Properties

607-746-7400 x17

I bought a small piece just 4 acres in South Gilboa through them in December 2008. It was a breeze.

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Doc Proficient

Doc

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Geno, you don't want to buy land and later have a gas company come and start drilling gas wells on your property. And you can't stop them.

Dave

drilling for gas on the property brings in some extra coin to the land owner correct? i am in no means looking to make money off the property and i would hate to have anyone driling anywhere near the land i end up buying... i want to keep this land for hunting and recreational purposes only. somthing that i can have to retreat to for a little get away and to manage for hunting season. thats really it.

i appriciate all the info so far guys! keep it coming.

Geno-

Today, your only interest in the land may be hunting and recreation. However, always keep your options open as much as possible because things can change. You never know when you might all of a sudden be surrounded by new residences and the value of the land sky-rockets to the point where you would be foolish not to sell. You may find out that some land uses or neighbors adjoining your property are something or someone that you would just as soon not put up with anymore and you might want to sell. You may find out that you have to re-locate and no longer have use for the land. There are potential pollution issues that could render your land worthless (speaking of gas drilling). There could come a time when your financial situation demands that you sell the property. You may want to sell to have some cash to buy a different, more attractive parcel somewhere else. There are a jillion reasons why you may decide at a later date to sell the land. If you treat the land like a speculative investment, you can do your best to make sure that your money grows in value instead of taking a beating if you ever do sell.

So it is always wise to look at land (any land bought for any purpose) from a speculators eyes and buy property with profit potential even if you have no intentions of turning over the property immediately. And it's always wise to take moves to ensure that the value will be as safeguarded as possible. Just remember that land is an asset and a part of your net worth and should be managed with that in mind. That is why I am cautioning against any view of land purpose that is kept too narrow. Gas well drilling that has been mentioned may very well be an impact that you want to have control of (regarding the issue of ownership of mineral rights), especially when talking about a small piece of property like 50 acres. Such activity could impact the ability to site a house(s) at some point in the future and could be a negative impact on the land's value. I think you want control of that.

Anyway, just some thoughts and reaction to your comment about the land only needing to satisfy hunting and recreational needs.

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Ford Newbie

Ford

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I recently bought a camp in Chenago County.

I found it here.

http://nycountryland.com/

I live in Suffolk, so it is about a 4.5 hour drive.

It took me two years to find something I liked and could afford. Also, if you want to purchase raw land, be advised you will need the cash, as very few lenders right now are doing financing for land.

Here is another site as well.

http://www.landandfarm.com/

Also try realaty usa..

Good luck!

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HectorBuckBuster Newbie

HectorBuckBuster

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I live in Hector and land it out of sight here.Too many winery's and not enough land to grow the grapes on now. Most land is  over  $3000 to  $8000 or more per acre. You are talking $10,000 or more if it is located on Rt 414 . You may want to check the Tax auctions coming up for land. You need money up front for the auctions so alot of people can not afford to do this. Also in Broome County if property does go up for tax auctions and it is over 5 or 10 acres (don't remember which one) Broome County keeps the mineral rights.

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Dave Newbie

Dave

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Hector, not too sure about that, all mineral rights belong to the land owner. County can't take the rights to the minerals under your land on private property. That is the law in N.Y. But some states do claim mineral rights under your property like in Texas. If that was so who would buy property in Broome county?

Dave

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HectorBuckBuster Newbie

HectorBuckBuster

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Dave, OK, found it.Says Broome will keep the minerial rights on anything over 5 acres. I don't agree with this, but what a great way for the Gov to steal more from us.

Also Dave Broome County can keep them as once the property is foreclosed on, the county owns the land and it is deeded to them. I am sure somewhere's down the line someone will sue in court over this.

http://www.stargazette.com/article/20100422/NEWS01/4220442/Broome-lawmakers-again-debate-mineral-rights-for-seized-properties

http://www.theithacajournal.com/article/20101211/NEWS01/12110348/Bidders-keep-mineral-rights-in-mind-at-Broome-County-property-auction

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Doc Proficient

Doc

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Yeah, it looks like when the County takes ownership of tax foreclosed land, they are opting to not relinquishing mineral rights when they auction it off. I suppose there is nothing legally saying that they have to. If mining and energy companies can buy your mineral rights that would seem to mean that they can be separated from the deed. So I guess that is what Broome County is doing with their tax foreclosed properties. It does seem a bit out of character for a government to be involved in such things. But apparently Broome County residents let them get away with it.

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Dave Newbie

Dave

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I stand corrected! Would this also apply if the owner sells his property to someone else? Or is this law only on foreclosed property. Most times the amount of the the gas companies give is more than the property is worth.

Dave

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