Rule of Thumb for buying Land

[QB1]

Looking into purchasing some land in Ontario County, NY. Would like to know ballpark on price per acre for this area or other around Western, NY. From what I am hearing $2,000 an acre is the "rule of thumb" for this area. Any info or input from current land owners or anyone with knowledge on buying/selling land?

Here is a breakdown of the property in Ontario County.

22 acres of Agricultural Land

42.3 of Farm/Woodland (about 1/2 is wooded, 1/2 is wetland that you can't do anything with, farm, build, etc)

64.3 total acres.

There are 14 tillable acres right now total and 12 are being rented and farmed which we would continue to do if we purchased the property.

[phade]

Acrage probably varies based on how close it is to Farmington/Victor...price goes up close there and then also around the lake areas.

It has a good balance for hunting, if that is a factor, but at $128k...I'm hoping there are other factors involved..timber value, any rights, crp possibilities, etc. Also other uses come into play as to value.

[SplitG2]

Don't know much about that area but only 21 acres of woods and half of that is wetland? Price seems high. What ever you do, look at several properties and walk them all. Also, try and get as much info on the surrounding land owners.

[agross]

Also, if you are only able to afford a smaller piece (as opposed to 100 plus acres) i would suggest going to google earth or even bing and do an aeriel search of the property...then take into consideration the property, neighbors home, wind directions.

You will find out that some properties are better to hunt because of the wind direction and lack of homes. No sense buying a property where you bump all the deer out due to bad wind in the fall and cannot use all of your property ot hunt due to close proximity of neighbors houses.

[landtracdeerhunter]

Really don't think that 2000 an acre is bad for good rich farmland and established hardwood woods. Their is no way, wetlands are worth that. I would hope the property has more to offer for 128 K. Have an indepentdent appraiser come in, if your serious about the property.

Edited March 8, 2012 by landtracdeerhunter

[nyslowhand]

You have to be cautious when looking at NYDEC declared wetland areas.

Yeah, the property taxes are lower for any portion that is wetlands.

Some wetlands completely dry up in summer time, while others stay boggy year round.

There are restrictions regarding wetlands; changing the terrain or water flow, building within 500(?)' feet of a wetland, etc.

Oh yeah, and with any wetland property comes the mosquitoes and any of the nasties they carry.

Check out the NYDEC website. You can get an e-map (sattelite) with wetlands outlined for any NY area.

Don't recall if I got it from the US Army Corp of Eng or the NYDEC.

My 60 acre portion of an abandoned farm is a mix of brush, woods & wetlands in adjoining Wayne Co was less than $1k/acre.

Rule of thumb - it's all relative to where your looking, your budget, hunting sucess in that area, real estate market and condition of the property.

Finally, being in the right place with a pocket full of $$ at the right time.....................

[Lawdwaz]

The price of land in that area could be a bit soft with Kodak's trouble and the economy being a bit troubled. I don't think your going to steal anything but prices could/should reflect the fact that lots of people in deep financial muck........

[G-Man]

Never give asking price they ask 2000 an acre everywhere these days..the land only seem to sell up to 1400 though... realitors need to make their profit as well i guess. wetlands, the fact you are buying a large piece drives the dollar per acre down.... especially if not doing a land contract...

[Uncle Nicky]

$2000 seems a little high, does this include mineral or timber rights?

[QB1]

$2000 seems a little high, does this include mineral or timber rights?

Prior Owner who is also the realtor did some logging and this does come with timber rights. Mineral I believe so as well have to double check

[Geno C]

from what i noticed in the 2 years of looking for land before i bought, there is no rhyme or reason for some of these prices really when it comes to paying per acre... one agent or owner will ask 2K another on the same block will ask 3k OR for 10 acres or so in an OK area with a bad property layout they will ask 35K for the parcel which is 3500/acre. And you will find a 10 acre parcel same county with a great layout bordering alot of land for 20K really you have to start looking at some properties with a reasonable price tag and make an offer. See what they counter at.

Southern Zone prices will prob start shooting up if the anticipated gas moratorium lifts...

[BornToHunt]

$2000 an acre seems high. Before i bought my property i must have looked at a dozen and i walked them all before i bought one. Paid $1300 an acre then mostly wooded property with lots of marketable timber.

[WNYBuckHunter]

Depends on where in Ontario County you are talking, but if a large chunk is swamp, $2k an acre is way too high.

[QB1]

Depends on where in Ontario County you are talking, but if a large chunk is swamp, $2k an acre is way too high.

Approx. 20-22 acres is considered Swamp/Wetlands. So I agree that 2K is high.

[G-Man]

The owner is the realator thats bad new imo.. offer 1000, if they dont budge move on.. if they call back a day or two later they will negotiate..