Rising land costs

[catskillkid]

    Has anyone noticed the rising land cost this year?  It seems that most parcels of land in my area of the Catskills "Delaware County" that have been on the market have sold this year. Prices are soaring also. I'm sure the cause is because many people are trying to move out of the city areas or just wanting their own piece of paradise. Many months of being confined because of COVID and now the ability for most to work from home has them rethinking their life styles.

   On the positive side, if you owned pre COVID, your land is worth much more. On the down side, if you are looking for your own hunting land, you are going to be paying a lot more.

[Cabin Fever]

Yep, it's a sellers market for sure.

[Chef]

    Has anyone noticed the rising land cost this year?  It seems that most parcels of land in my area of the Catskills "Delaware County" that have been on the market have sold this year. Prices are soaring also. I'm sure the cause is because many people are trying to move out of the city areas or just wanting their own piece of paradise. Many months of being confined because of COVID and now the ability for most to work from home has them rethinking their life styles.
   On the positive side, if you owned pre COVID, your land is worth much more. On the down side, if you are looking for your own hunting land, you are going to be paying a lot more.

I just sold in the Catskills almost doubled my investment in 4 years


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[UpStateRedNeck]

Taxes.  Ouch.  Gonna be fun paying on 250 acres I a year or 2.

[bigpaul]

Local Real Estate Agent said she was selling listings sight unseen as long as they livable. Bidding wars were seeing some houses going for more than $40,000 over the asking price! Local real estate attorneys were swamped and turning down work.

[catskillkid]

I have also been seeing that a few land owners are now asking for "Pie in the Sky" prices to see if they can get the high price.

[Bionic]

Yeah, prices are sky high, and bidding wars are occurring.  Looking for a home in rural Maine, and even up there, home prices are soaring 

[catskillkid]

15 minutes ago, UpStateRedNeck said:

Taxes.  Ouch.  Gonna be fun paying on 250 acres I a year or 2.

That's why I put my 210 acres in the Forestry Program. Reduced my taxes 80%. The tax assessor  has not happy with me. I said too bad !!

[Bolt action]

This seems to be the trend around here to. I've been eying land but am waiting, hoping the market cools down at some point. I told my wife that we probably couldn't afford our current home if we were looking to buy in this market.

[land 1]

I was thinking of forestry program but if im correct they dont let you cut trees till they give the ok and tell you when to cut and if u bail early or get caught doing something against rules you can be forced to pay back taxes and when u do have to log dosnt the town or state get a piece of the profit

[Buckmaster7600]

When idiot politicians kill the major city’s it drives the city dwellers to the country.


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[catskillkid]

5 minutes ago, land 1 said:

I was thinking of forestry program but if im correct they dont let you cut trees till they give the ok and tell you when to cut and if u bail early or get caught doing something against rules you can be forced to pay back taxes and when u do have to log dosnt the town or state get a piece of the profit

    You have to recommit every year to extend the program out 10 years. In my case,  it was a no brainer. the cost savings is $6k per year. My certified forester lets me know when he thinks the forest should be harvested. About once every 15 years. This is not a forced timber sale  but a mutual agreement based  on my use of the land, i.e. wildlife management and forest / land conservation. Yes the township receives a small percentage of the timber sale as compensation for the reduced land taxes. The State of NY does not receive anything from the sale. My forester put my timber out for bid last year and we both decided on which bidder to choose. The timber sale more than pays for the taxes every 15 years, so the land is now paying for itself.  It's a great fit for me as I have no intention to sell the land anytime soon.

[Farflung]

catskillkid has the key to the 480a tax program in the last sentence. when he said "I have no intention to sell the land anytime soon". When I was a state forester, I probably talked more folks out of putting there land under 480a than joining up. BUT for a person with the right goals, it is great. One thought, is that doing a silviculturally sound timber harvest under a timber mgt. plan can save you the severance tax if no harvest is needed right after you enroll the property. Note the silviculturally sound, not some loggers high-grade!!

[catskillkid]

5 minutes ago, Farflung said:

catskillkid has the key to the 480a tax program in the last sentence. when he said "I have no intention to sell the land anytime soon". When I was a state forester, I probably talked more folks out of putting there land under 480a than joining up. BUT for a person with the right goals, it is great. One thought, is that doing a silviculturally sound timber harvest under a timber mgt. plan can save you the severance tax if no harvest is needed right after you enroll the property. Note the silviculturally sound, not some loggers high-grade!!

I agree, the program is not for everyone. My forester developed a Forestry Management Plan and I enjoy performing the Timber Stand Improvement myself.

[The Engineer]

I had 4 house around me for sale. 3 of them sold within 3 weeks full price. The last one is total RIP down. The biggest question being asked was if they can get internet for work. Which we have.  And my area is way in the mountains. I am glad we brought our paradise when we did 

[UpStateRedNeck]

I'm in the forestry program, I could go on about it.  Too late to to open that can.

[Swamp_bucks]

I just bought my place 2 years ago and I keep telling my wife let's list it in the city get it sold put some cash in our pockets and head south.  I've wanted to get out of this state bad for 5 years.  Every year I try again.  Maybe it'll work st some point.

 

[left field]

Give it a year or so. Wait until these new people get a sense of what a real winter is like in a 100-year-old falling apart farmhouse. And that every decent contractor is now booked three years out. 

I think there may be some good sales coming down the pike. 

[GreeneHunter]

Same thing happened just after 9-11 , Columbia County had a surge in property buyers after they found out you could hop on Amtrak in Hudson and be in Manhattan in 2.5 hours . Now the Limp Wristed Liberals in Hudson (most of whom moved up from NYC ) want to Defund the Police Dept. there , not a good thing !