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Old 05-27-2020, 05:10 PM   #1
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remote land

Well we found a tract of land we put offers in on and they refused them. It's absolutely beautiful land and very remote. Theres very little land like it within distance of DD and GK. The owners know this well and have had it many yrs. They are asking about 30k over what I believe it's worth and we offered 15k above what the last tract sold for. We can afford it but it's the principle of paying that far over that bothers me. We've never done that but we aren't getting any younger. Anyone ever payed well over actual value?
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Old 05-27-2020, 05:28 PM   #2
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I have bought land through the years and have paid some what more then I thought it was worth. One thing if this piece of land is unique and see you the value in the location etc. i would pay more for the land to get it.

If you see something special about it so will others if yo ever want to sell it.

I bought some land many years ago which was very marginal land for ag. I kept and worked the land and made money doing so. I sold that bad land for 15 times more then what I paid for it. I was in a good location and had many great qualities except the ground itself.

I can say I never took a lose selling land but I did try to get the best price I could it thou.
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Old 05-27-2020, 05:58 PM   #3
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I can't even make a guess what DD and GK are. Edit: Never mind, daughter and grand kids, right? I thought they were some special places.

Principle seems like a poor reason to pass on something you really like.
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Old 05-27-2020, 06:00 PM   #4
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It can be difficult to determine what the price of land is worth, especially for unique lots. Often comes down to how desperate the seller/buyer are, in your case it sounds like the seller isn't. In my area places like Zillow lists lots for sale but don't provide value estimates. Maybe work backwards and see what existing homes on similar nearby lots are going for and compare to what your total cost would be (land and new home). Maybe $30K extra isn't a bad deal for a premium lot, just be aware of additional cost that might come into play with a rural lot like putting in a well, septic system, getting electric to the lot.
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Old 05-27-2020, 06:09 PM   #5
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Can you get services like electricity and water? Water can be a big problem in some places. What about access etc? Zoning? We lived next to a meth house once way out in the boondocks. It was hard for folks to raise attention to law enforcement there.

I wouldn't pass on something I loved that was a great property. I do tend to be leary, got screwed over by my ignorance on a remote area once. Never again. Make sure you know the area.
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Old 05-27-2020, 06:23 PM   #6
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I bought remote land in 2005. Two parcels, one has river frontage I paid $700 an acre, the second parcel does not have river access but part of it is 'wetland' I paid $350 an acre. We have 150 acres total.

Power and pavement were both on the property.

Like most of Maine it is all dense forest.
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Old 05-27-2020, 06:35 PM   #7
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So the land is like 30K over what you think it's worth?

What are you planning, say a 300K house?

Pay the 10% extra and get what you want.
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Old 05-27-2020, 06:43 PM   #8
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remote land

I used to work for a college of forestry, where we were frequently offered gifts of land. We checked them all out but never accepted a single one due to various issues, like no access and, a big one, hidden pollution. Old underground oil drums, even pits which used to hold pesticides that animals were waded through, and god knows what thatís buried could either cause you costly headaches or make a future sale impossible if issues are found when listed someday. I learned to never buy land without a thorough Phase 1 Assessment.
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Old 05-27-2020, 07:20 PM   #9
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With all things rare and questionably high on price, I like to ask myself.... If I decline, or take my time waiting for the price to drop, and in the meantime it sells to someone else, will I feel sick/sad at losing out on the purchase? Or will I be zen and realize it just wasn't meant to be?

If it's not the latter, I lean more towards buy.
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Old 05-27-2020, 07:32 PM   #10
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Quote:
Originally Posted by Hyper View Post
...They are asking about 30k over what I believe it's worth and we offered 15k above what the last tract sold for. ... Anyone ever payed well over actual value?
I suppose I fall into the camp of if you really want it, buy it.
I would also add that the property is worth what the owner is willing to sell it for, and what the buyer is willing to pay. Just because you do not want to pay his price does not mean his price is "well over actual value", only that his price is well over your estimate of the value.
Pricing real estate is very subjective, especially property like the one you described.
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Old 05-27-2020, 10:37 PM   #11
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Sometimes I've seen property and loved it, wanted to buy it. Thankfully I cooled off after a while and realize I only thought I wanted it that bad.

Could you buy the land beside it, and apply for a zoning permit to make it a dumpsite.
Or at least put a sign on your beside land, stating approval is being sought for a toxic waste dump site.

The owner may decide to unload the property cheap as will figure you don't know.
Then sell off the beside land in small slices so nobody can use it for anything other than housing or keep it as a barrier.
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Old 05-28-2020, 04:34 AM   #12
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Only you can decide if it is worth it to you.
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Old 05-28-2020, 04:43 AM   #13
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Quote:
Originally Posted by Aerides View Post
With all things rare and questionably high on price, I like to ask myself.... If I decline, or take my time waiting for the price to drop, and in the meantime it sells to someone else, will I feel sick/sad at losing out on the purchase? Or will I be zen and realize it just wasn't meant to be?

If it's not the latter, I lean more towards buy.
OP.

The land is beautiful and remote.
The land is close to loved ones.
You can afford the price.
I think your principles may cause you serious remorse. You get only one go-round on this rock. Just MHO.
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Old 05-28-2020, 06:00 AM   #14
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As an example, if it's ~30k over priced on a ~25k track of land then that's probably out of line. But if it's 30k over priced on a 300k track of land then maybe not so much. I know we paid a little over market for our prime track of rural land 15 years ago but, like yours, is was a prime section and very desirable for the area. Never regretted paying a little more for a prime section.
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