Valuing a turn key MN property
- Thread starter MNFISH
- Start date
Riggsgwp->
5 year old buck +
Maybe 150,000. You would likely want more than that but I would guess the wet ground would hurt the price. You have made the best situation you could out of that lower ground with the fish but the buyer would have to have your same interests. I wouldn't list a property with deer stands included, that is a huge turnoff for me anyways. Location would help you with the price. This is purely a guess as I know very little about the real estate world. I'm guessing you paid under 100?
Riggsgwp->
5 year old buck +
A creative realtor could sell the crap out of your place. Whitetail Property could do a try before you buy with a trial weekend getaway with some fishing and recreation. Tough to do with the liability but it would get people hooked.
Jim Timber
5 year old buck +
I know a guy who'd love that place, but he's never been able to rub two nickels together the Monday after payday in the 13 years I've known him. Somehow he claims he's going to start farming next year (yet owns no land, and has zero equipment).
Any chance you'd go contract for deed?
Any chance you'd go contract for deed?
Freeborn
5 year old buck +
I have not been to your place so this is a wild guess. For the right buyer premiums for the ponds could be had but hard to value. High ground values differ allot but low ground is usually valued at tax value. The building values are a guess. I would use this approach using your numbers and then have a realtor provide you an estimate of each attribute.
Good luck!
Low Land 40 700 $ 28,000
High Ground 20 2700 $ 54,000
Garage $ 15,000
Cabin $ 25,000
Duck Pond Value Unknown
Fish Pond Value Unknown
$ 122,000
Good luck!
Low Land 40 700 $ 28,000
High Ground 20 2700 $ 54,000
Garage $ 15,000
Cabin $ 25,000
Duck Pond Value Unknown
Fish Pond Value Unknown
$ 122,000
Jim Timber
5 year old buck +
I'll let him know.
Jim Timber
5 year old buck +
:) His ability to pay you is still somewhat hypothetical, but he did just get a raise last week and his wife's baby-daddy is giving good enough booty to someone they're garnishing his prison pay and the guy's started coughing up past-due child support. He currently lives in Clear Lake, so he's just down 10 from your place. It'd be a good fit IMO. He loves fishing.
M
MoLandOwner
Guest
The 1 hour from the cities gives it some value. But most people, not all, want electricity. That may hamper the value some. With only 20 acres of usable ground out of 60, I would have to see it before I said anything over $120,000. JMO
shawnv
5 year old buck +
An appraiser has to find current comps so if there are not any that are good then you're going to get a much lower appraised value and then you have to hope your buyer has a lot more to put down if you hold your price because he won't be able to finance any more than a percentage of appraised value.
Powder
5 year old buck +
That sounds like a really cool place. How much upkeep is needed on the fishing ponds? Do they spawn (doubtful) and if not, how expensive is it to replenish? Have they ever winter killed? Do you aerate it? To me, I factor in the maintenance needed.
How long have you owned it?
With that said, I'm not sure there is much more you could do on the property. If the trails are in good shape and you have plots/fruit trees in place already what else is there? Sometimes doing too much can turn off a buyer as it doesn't leave them much room to customize it to their way of thinking.
How long have you owned it?
With that said, I'm not sure there is much more you could do on the property. If the trails are in good shape and you have plots/fruit trees in place already what else is there? Sometimes doing too much can turn off a buyer as it doesn't leave them much room to customize it to their way of thinking.
Freeborn
5 year old buck +
Agree, this will be key to determining value. If the buildings have no comps its hard to determine value. Also agree with MO, power is an important long term feature and if its not installed now it has to be obtainable. If not, you eliminate most buyers.
M
MoLandOwner
Guest
If an appraisal is done before the sale it means nothing. Comps if any, are probably worthless because you wont find a property like yours in the state, let alone in your area. The appraisal that counts is the one the buyers lender uses. When we were building homes on the side. We would use a specific lender and a specific appraiser. They could get anyone into a property. That is the guy you want.
The bad with that was, it helped cause the banking failure of home mortgages in 2007. But you will have your money and be down in Missouri by then!:D
The bad with that was, it helped cause the banking failure of home mortgages in 2007. But you will have your money and be down in Missouri by then!:D
Jim Timber
5 year old buck +
You can get a value on the buildings by getting quotes to build them now.
When we were going through the acquisition of our back lot cabin (tear down liability), and 2 car garage (new in 2000) on two lots up the street from their primary cabin so my FIL could have somewhere to store his crap and the boats; we based the max value we'd pay on what the two lots, the septic (recently replaced, up to current code), and the garage were worth. But he still spent more than I though he should because the cabin itself is a liability and should be dozed, but he got caught up in a bid war with another neighbor who wanted the space.
Which brings up another issue: do you have neighbors who want it? I paid more than I would've elsewhere because my land was in direct proximity to the in-law's cabin. We also have a slew of potential buyers should we decide to bail before building our "forever house" out there, so I'm not overly concerned about moving it if we need to.
To throw my numbers down - I'd say your swamp is worth about 28K and your upland around 30, plus two 25K buildings (give or take), and the ponds. So the 120K figure is right in there but might de-value the ponds a bit. But it's a nice place, so I'm with Stu and would expect to see it listed higher, but finding a buyer could be slow. Proximity to St Cloud, and the North metro is a big plus and X-factor at the same time. You might find someone who wants a spot to put a big shed and hang on weekends. Those ponds are money to a guy who wants to drop a line and catch something almost every time.
My buddy wants to know how much? :D
When we were going through the acquisition of our back lot cabin (tear down liability), and 2 car garage (new in 2000) on two lots up the street from their primary cabin so my FIL could have somewhere to store his crap and the boats; we based the max value we'd pay on what the two lots, the septic (recently replaced, up to current code), and the garage were worth. But he still spent more than I though he should because the cabin itself is a liability and should be dozed, but he got caught up in a bid war with another neighbor who wanted the space.
Which brings up another issue: do you have neighbors who want it? I paid more than I would've elsewhere because my land was in direct proximity to the in-law's cabin. We also have a slew of potential buyers should we decide to bail before building our "forever house" out there, so I'm not overly concerned about moving it if we need to.
To throw my numbers down - I'd say your swamp is worth about 28K and your upland around 30, plus two 25K buildings (give or take), and the ponds. So the 120K figure is right in there but might de-value the ponds a bit. But it's a nice place, so I'm with Stu and would expect to see it listed higher, but finding a buyer could be slow. Proximity to St Cloud, and the North metro is a big plus and X-factor at the same time. You might find someone who wants a spot to put a big shed and hang on weekends. Those ponds are money to a guy who wants to drop a line and catch something almost every time.
My buddy wants to know how much? :D
foggy
5 year old buck +
What about a few spots for RV's to camp at you place? Possible to get a few guys that want a place to have their Travel Trailer by the year?? Proximity to the city is good....and folks need an escape. Could earn some dough for you??
foggy
5 year old buck +
sometimes it just takes the right mix to get a group of folks to want to camp together. For example......if you had a clay target range, rifle or pistol range, ( :eek: ) an ATV gourd, or a dog training group.....or??? that took a liking to your place.....you could have a good income. Insurance is a consideration tho....
At one time I used to field trial retrievers.......and we put ALLOT of money into developing a pond to train our dogs. Many of us would have loved a place to work our dogs, hang out with our family, and have a long weekend and a bonfire. Getting a few key people of a group would be key.
Perhaps a lease with camping to a retriever club could work for you?......sounds like you have the ponds to make it interesting for good dog training. Make them supply the insurance.
At one time I used to field trial retrievers.......and we put ALLOT of money into developing a pond to train our dogs. Many of us would have loved a place to work our dogs, hang out with our family, and have a long weekend and a bonfire. Getting a few key people of a group would be key.
Perhaps a lease with camping to a retriever club could work for you?......sounds like you have the ponds to make it interesting for good dog training. Make them supply the insurance.
Riggsgwp->
5 year old buck +
If the goal was to make money off your place and no longer keep it for hunting think about setting up a seasonal campground like AJ Acres by Clearwater. Why the desire to move on with this property? You've already done all the work and the hunting doesn't seem awful from some of your posts. Missouri hunting would be pretty amazing coming from Mn but it would be hard to own property so far away and have to constantly worry about what's happening there. Ask Mo how much he spends to drive back and forth every year, it's substantial. Likely worth it but still it's a lot of money and time.
M
MoLandOwner
Guest
I write off every mile going to and from Missouri. Plus with all the money I save on property taxes from selling land in MN and buying in Missouri, I am more than compensated.
Riggsgwp->
5 year old buck +
Being a farmer makes that easier for tax purposes. I still write off every mile I drive to my property as well. Im guessing you have some good neighbors in Mo to keep an eye on things there. Heck I worry being 45 minutes from my property that some dipshit will mess with stuff. Having great hunting can make the little things less worrysome though.
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