Purchasing Farmland Behind Property

[mike22nc]

Hello everyone,

 

I have been a member of these forums since the early 2000s and have always enjoyed the content without participating much at all. I believe this is the first time I've ever posted in OTW. With that, I am looking for advice from some fellow Bills fans on a farm land purchase I am looking to make.

 

My wife and I moved to Niagara County a little over a year ago. The home we purchased is on 1.2 acres with 14 acres of farm land directly behind us and the neighbors, which is owned by those neighbors. They are moving soon and we've made them aware that we are interested in purchasing the land.

 

Here is the question - How would you go about valuing land that does not have access or frontage? I have tried to do as much research as I can, but I have been unable to find comps to this specific situation. Lots specifically for building homes are plentiful, but would not be comparable. I really don't know if the value should be 2k per acre or 10k per acre. Anyone have experience or knowledge in this area?

 

Thanks for the years of entertainment in here!

[The Senator]

 

My first inclination is, buy it all.  Unless it’s on top of a toxic waste dump, land doesn't depreciate, ever.

 

What would you do with that acreage?  Do you want the land, or the profit? Would you attempt to sub-divide?  Are there zoning ordinances about lot size?  (You’ve stated that there’s no access, so your best hope for that would be a developer that would build roads, extend utilities, etc., and then you’d have quite a few close neighbors.)

 

Or would you simply purchase the land to ensure your own privacy and enjoyment?  (I would.)

 

Lots to consider, but I’d buy the land now and consider it later, while the value appreciates.

 

But you know much more about your locality than I do.

 

JMO.

.

[mike22nc]

We'd be purchasing to enjoy the land ourselves. No exact plan yet, but we'd extend our backyard another .5 acres or so, plant some fruit and/or nut trees and likely lease out the rest to a local farmer to cover some of the taxes. The purchase would MOSTLY be to, as you say, ensure our own privacy and enjoyment.

Edited April 25, 2019 by mike22nc

[The Senator]

5 minutes ago, mike22nc said:

We'd be purchasing to enjoy the land ourselves. No exact plan yet, but we'd extend our backyard another .5 acres or so, plant some fruit and/or nut trees and likely lease out the rest to a local farmer to cover some of the taxes. The purchase would MOSTLY be to, as you say, ensure our own privacy and enjoyment.

 

Good plan.  You can’t, and won’t lose.

 

You’ll enjoy total privacy, save for the deer eating your low hanging branches and windfall fruit, and create a wonderful property for your family.

 

(Five acres might even be enough for a small vineyard!)

 

Best of luck! ?

.

[sherpa]

Many considerations.

First, you say it has no access or frontage. I assume you mean by road. That means that if anyone was to build on it, they would require an easement, which is a huge negative.

What about zoning?

Is it possible to develop? Of so, how many units/lot size requirements? You may plan to use it for your enjoyment, but such a consideration impacts value considerably.

If used strictly for farming, what is the tree situation? How about grade/slope/drainage/soil condition issues? What local crops are grown successfully, and what is a reasonable price to expect?

 

When those questions are answered, I would start at looking at local farmland sales, if there are any, and I'd look at what the owner paid and subtract a reasonable amount for the house, adjust for time of ownership, and come up with a starting offer.

If you plan on doing some kind of agriculture on it yourself, spend the necessary time researching the amount of work that takes based on the specific crop, the equipment you'll need, if aggressive preventive spraying is needed and the tax consequences.  Some localities will provide a significant tax break if the land is in agricultural use but may require an income producing crop to justify it.

I own 30 acres in wine country here, so I have run a commercial vineyard for twelve years. It is extremely labor intensive from March through mid Sep. Much more than I thought when I constructed it, and doing things at specific times is not an option. The county requires proof of sales to justify my tax credit, and the credit is significant.

 

If you are doing some agriculture on it, refi options are greatly limited since 2008.

Anyway, lots to consider.

Good luck.

[mike22nc]

32 minutes ago, sherpa said:

Many considerations.

First, you say it has no access or frontage. I assume you mean by road. That means that if anyone was to build on it, they would require an easement, which is a huge negative.

What about zoning?

Is it possible to develop? Of so, how many units/lot size requirements? You may plan to use it for your enjoyment, but such a consideration impacts value considerably.

If used strictly for farming, what is the tree situation? How about grade/slope/drainage/soil condition issues? What local crops are grown successfully, and what is a reasonable price to expect?

 

When those questions are answered, I would start at looking at local farmland sales, if there are any, and I'd look at what the owner paid and subtract a reasonable amount for the house, adjust for time of ownership, and come up with a starting offer.

If you plan on doing some kind of agriculture on it yourself, spend the necessary time researching the amount of work that takes based on the specific crop, the equipment you'll need, if aggressive preventive spraying is needed and the tax consequences.  Some localities will provide a significant tax break if the land is in agricultural use but may require an income producing crop to justify it.

I own 30 acres in wine country here, so I have run a commercial vineyard for twelve years. It is extremely labor intensive from March through mid Sep. Much more than I thought when I constructed it, and doing things at specific times is not an option. The county requires proof of sales to justify my tax credit, and the credit is significant.

 

If you are doing some agriculture on it, refi options are greatly limited since 2008.

Anyway, lots to consider.

Good luck.

 

Correct, no access by road. The land is bordered by our yard and our neighbors yard on the south side, another larger farm on the east side, my other neighbors land on the west side and wooded land on the north side. It is zoned residential/agricultural. I do not believe that it is possible to develop.

 

It is currently used for farming, it was leased out to a farmer who planted soy beans this past summer. There are no trees on the land, it is all tilled soil. I have been in the field, but I do not know enough to answer the questions about grade/slope/drainage/soil. 

 

As far as what the owner paid, I am unsure. They have owned the land since the 70s. The tax assessment appears to show a value of around $28,000, but I doubt that has much validity either way. My main issue is that the unique situation where the land is pretty much inaccessible to anyone other than the 5 abutting properties is what makes looking for comps very difficult.

 

If you are in wine country we may not be very far from you! Thanks for your response, definitely gives me some info to think about.

[Alaska Darin]

Talk to a local real estate agent.  They can ballpark it easily enough.

[mead107]

 Buy it and turn it into a solar farm.  

[SlimShady'sSpaceForce]

5 hours ago, mike22nc said:

We'd be purchasing to enjoy the land ourselves. No exact plan yet, but we'd extend our backyard another .5 acres or so, plant some fruit and/or nut trees and likely lease out the rest to a local farmer to cover some of the taxes. The purchase would MOSTLY be to, as you say, ensure our own privacy and enjoyment.

 

If you don't buy it  

 

someone else will  and you won't have any choice in how or when they sell it to a developer. 

 

I'm pretty sure you can get land value estimates from the town / county

3 hours ago, mike22nc said:

Correct, no access by road. The land is bordered by our yard and our neighbors yard on the south side,

 

That has never stopped a developer before. 

[teef]

1 hour ago, Alaska Darin said:

Talk to a local real estate agent.  They can ballpark it easily enough.

this was my first thought.  you may need advice from an attorney as well.  weird ***** can pop up when you buy land.  a few years ago i bought a couple of acres for future plans.  what a mess.  it took almost a year and tons of attorney fees to push it through.  it was part of a trust, and they had a shocking about of trouble hammering out the specifics.  after the purchase went thought,  and it was being evaluated for a project, i was lucky to find out that it was, "archaeologically sensitive" land.  yup.  it was in the ballpark of native american land, and it had to go through a stage 1 evaluation to make sure no specific signs inhabitation were present.  fortunately nothing was found, and we could move forward.  

 

that being said, buy as much as you can.  I had an opportunity to buy another 8 acres behind it, and after all of the trouble i decided not to.  i wish i had.

[RochesterRob]

7 hours ago, mike22nc said:

Hello everyone,

 

I have been a member of these forums since the early 2000s and have always enjoyed the content without participating much at all. I believe this is the first time I've ever posted in OTW. With that, I am looking for advice from some fellow Bills fans on a farm land purchase I am looking to make.

 

My wife and I moved to Niagara County a little over a year ago. The home we purchased is on 1.2 acres with 14 acres of farm land directly behind us and the neighbors, which is owned by those neighbors. They are moving soon and we've made them aware that we are interested in purchasing the land.

 

Here is the question - How would you go about valuing land that does not have access or frontage? I have tried to do as much research as I can, but I have been unable to find comps to this specific situation. Lots specifically for building homes are plentiful, but would not be comparable. I really don't know if the value should be 2k per acre or 10k per acre. Anyone have experience or knowledge in this area?

 

Thanks for the years of entertainment in here!

  There are ways to look up past sales on line and avoid the realtor.  Many print newspapers on a periodic basis publish deed transfer information including buyer, seller, and price.  You are allowed access to records concerning transfers at your county office building.  Where I am going is the more parties that know the situation the more the chances you will get scooped by someone else.  The Realtor that you innocently ask prices from could go to the current owner to see if they would sell their home and land at the same time.  I go on a rural themed site daily and nearly daily I see somebody with some tale of woe as to how a land purchase did not come off as planned. 

 

  I don't know Niagara County but in many areas around Rochester farmland is easily 5,000 dollars per acre or more.  You said there is a neighboring farm that works that tract of land.  Why don't they want it?  It would lend a clue as to true value if wet with no outlet for drainage for example.  Be dilligent but do not be desperate.  

[BringBackFergy]

The parcel is landlocked? So if it's landlocked you (and your neighbors) kind of have the owner over a barrel (meaning - he can't sell it to a third party/non-bordering buyer because neither you or any of your neighbors will grant an easement to a stranger). That being said, your ability to purchase the parcel is only as good as your neighbors' ability to buy it. I would think the farmer that borders this land will want to buy it as well. So now you're in a bidding war with a farmer who desires the land more than you. A possible way to address this problem is to go talk to the farmer and see if you guys can split it down the middle (he takes 7 acres bordering his farm and you buy the other 7 acres bordering your lot). The owner has to sell to either of you because h can't sell to a non-bordering third party (no other access to the parcel). Just don't be surprised if the farmer can out-bid you because the land is more valuable to him than to you. Just my two cents.

[RochesterRob]

3 minutes ago, BringBackFergy said:

The parcel is landlocked? So if it's landlocked you (and your neighbors) kind of have the owner over a barrel (meaning - he can't sell it to a third party/non-bordering buyer because neither you or any of your neighbors will grant an easement to a stranger). That being said, your ability to purchase the parcel is only as good as your neighbors' ability to buy it. I would think the farmer that borders this land will want to buy it as well. So now you're in a bidding war with a farmer who desires the land more than you. A possible way to address this problem is to go talk to the farmer and see if you guys can split it down the middle (he takes 7 acres bordering his farm and you buy the other 7 acres bordering your lot). The owner has to sell to either of you because h can't sell to a non-bordering third party (no other access to the parcel). Just don't be surprised if the farmer can out-bid you because the land is more valuable to him than to you. Just my two cents.

  I agree with a lot of what you said.  What I will say that if the lot that the home sits on is wide enough the owner can sell a a 20 feet wide strip off then have legal access.  If the farmer wants it bad enough he may buy lock, stock, and barrel and put in an access if desired and possible given the home lot's dimensions.  The OP should not assume he has this firmly in his grasp because of current circumstances.

[Nanker]

2 hours ago, ShadyBillsFan said:

 

If you don't buy it  

 

someone else will  and you won't have any choice in how or when they sell it to a developer. 

 

I'm pretty sure you can get land value estimates from the town / county

 

That has never stopped a developer before. 

^This.

A developer could buy it and your neighbor's house and then raze that house and put in a road to the back acreage.

Your beautiful back yard would have a perfect view of that new housing development.

 

Also, contact a realtor in the area that deals in farmland. They'll appraise it. Your neighbors will be doing that if they haven't already.

 

[Just Jack]

If you don't mind your money being tied up for a while, do what my parents did with their current house, which they bought in the 1970's. It had been a farm with a lot of acreage. A landowner in the area bought the entire thing (he leases out his land to farmers) and told my parents they could buy 4 acres of the land from him, as long as all 4 acres encompassed all the existing buildings. (House, two barns, milk house, smoke house, chicken coup) They went with the basic 2x2 shape for their portion of the land. You could do the same, buy it all, then split off the house and any buildings and sell it as a separate parcel. 

[KD in CA]

9 hours ago, mike22nc said:

Hello everyone,

 

I have been a member of these forums since the early 2000s and have always enjoyed the content without participating much at all. I believe this is the first time I've ever posted in OTW. With that, I am looking for advice from some fellow Bills fans on a farm land purchase I am looking to make.

 

My wife and I moved to Niagara County a little over a year ago. The home we purchased is on 1.2 acres with 14 acres of farm land directly behind us and the neighbors, which is owned by those neighbors. They are moving soon and we've made them aware that we are interested in purchasing the land.

 

Here is the question - How would you go about valuing land that does not have access or frontage? I have tried to do as much research as I can, but I have been unable to find comps to this specific situation. Lots specifically for building homes are plentiful, but would not be comparable. I really don't know if the value should be 2k per acre or 10k per acre. Anyone have experience or knowledge in this area?

 

Thanks for the years of entertainment in here!

 

There's an app (and URL) for that.....

 

www.acrevalue.com

[RochesterRob]

12 minutes ago, KD in CA said:

 

There's an app (and URL) for that.....

 

www.acrevalue.com

  Acrevalue gives you raw data and not much else.  A would be buyer still needs to evaluate information in order to know if pertinent to his situation.  It takes far more effort to be your own researcher but you don't have to look at bias in other sources.  Plus your efforts stay private.  Let other parties into the mix and they might pull the prize away from you.  Who else does the OP's nearest realtor work with and is that realtor paid to bring in hot tips for that party?  Would not be the first time that a realtor was in fact working for a preferred client instead of the guy making an inquiry.

[SlimShady'sSpaceForce]

37 minutes ago, Nanker said:

^This.

A developer could buy it and your neighbor's house and then raze that house and put in a road to the back acreage.

Your beautiful back yard would have a perfect view of that new housing development.

 

Also, contact a realtor in the area that deals in farmland. They'll appraise it. Your neighbors will be doing that if they haven't already.

 

 

Nearly every patch of land in my little town, from 2 acres to 50 acres is being bought up and houses being built on them. 

 

They will find a way to build a road. 

[RochesterRob]

7 minutes ago, ShadyBillsFan said:

 

Nearly every patch of land in my little town, from 2 acres to 50 acres is being bought up and houses being built on them. 

 

They will find a way to build a road. 

  A developer will buy the house and tear it down if necessary to have access.  They would buy the house and tear it down if it does not fit the neighborhood in terms of value (i.e high value homes).

[KD in CA]

17 minutes ago, RochesterRob said:

  Acrevalue gives you raw data and not much else.  A would be buyer still needs to evaluate information in order to know if pertinent to his situation.  It takes far more effort to be your own researcher but you don't have to look at bias in other sources.  Plus your efforts stay private.  Let other parties into the mix and they might pull the prize away from you.  Who else does the OP's nearest realtor work with and is that realtor paid to bring in hot tips for that party?  Would not be the first time that a realtor was in fact working for a preferred client instead of the guy making an inquiry.

 

Well sure, that's what you're paying for -- having pertinent data on your screen instead of trying to piece it together from lots of disparate sources.

 

Bias and privacy come into play with local realtors;  hence the value of getting the data yourself easily and in a useable format.

[RochesterRob]

10 minutes ago, KD in CA said:

 

Well sure, that's what you're paying for -- having pertinent data on your screen instead of trying to piece it together from lots of disparate sources.

 

Bias and privacy come into play with local realtors;  hence the value of getting the data yourself easily and in a useable format.

  Acrevalue only tells so much of the story.  Land down around Geneseo sold for 11,000 dollars per acre recently because a dairy operation needed ground for manure application to stay compliant with state environmental regulations.  What would have the land sold for had that particular bidder not become involved?  Soil types can change considerably within a running mile in many places found in WNY.  Not all soils will support the same agricultural practices.  Some ground down in Gainesville (Wyoming County) might have sold for 8,000 dollars per acre because of its ability to grow potatoes.  Go a mile in a different direction and the soil might only support pasture land worth 1,000 dollars per acre.  Acrevalue can be very useful but you need to know how to interpret information which the OP will struggle to do.

[ExiledInIllinois]

4 hours ago, ShadyBillsFan said:

 

If you don't buy it  

 

someone else will  and you won't have any choice in how or when they sell it to a developer. 

 

I'm pretty sure you can get land value estimates from the town / county

 

That has never stopped a developer before. 

+1.

Go NIMBY before it's too late!

[Punching Bag]

8 hours ago, mike22nc said:

 

Correct, no access by road. The land is bordered by our yard and our neighbors yard on the south side, another larger farm on the east side, my other neighbors land on the west side and wooded land on the north side. It is zoned residential/agricultural. I do not believe that it is possible to develop.

 

 

You say it cannot be developed but do you have enough land to put in a road on your property to it and be far enough from road for comfort?

There is a 3 acre lot behind me and a developer who was told that there is not enough space at road for a turning lane they would require.  He asked me if I would sell the front portion of my property to give enough space for such a lane and I said no. Why would I want the traffic closer to my bedroom window and property taxes raised just for a small amount of money but in this case owning both the access property and the development property you could negotiate with developer.

[snafu]

11 hours ago, mike22nc said:

Here is the question - How would you go about valuing land that does not have access or frontage? I have tried to do as much research as I can, but I have been unable to find comps to this specific situation. Lots specifically for building homes are plentiful, but would not be comparable. I really don't know if the value should be 2k per acre or 10k per acre. Anyone have experience or knowledge in this area?

 

It is difficult to understand exactly what you're asking without knowing the parcels.

Are you saying that the lot you want to purchase has no access to a public road?  How to the current owners get on and off the lot?  There must be some access, either by land fronting a public way, or by a private easement.  Without an answer to that, it is very difficult to answer your question.

 

Assuming there's no direct, physical access to a public road -- generally, if there is already a written, recorded easement in place, then your question is already answered and you don't have to worry about anything other than market value.  Sometimes, there is an easement created by implication -- someone uses a path or driveway for a period of years and the right of way is created by that use -- as long as no objection is made by the true property owner.  Sometimes, there's an easement by "necessity".  That is really site-specific.

 

If you NEED an easement, then you need to purchase it from whomever is willing to sell you the right.  That goes dollar for dollar by the price per square foot.  You'd likely have to bear the cost of improving the land to install a road or driveway, etc. And you'd probably be required to pay legal fees, recording charges, surveys, and transfer tax (if the Seller tries to pass that off to you).

 

You might want to (a) get a copy of an old survey of the lot, and (b) do a quick title search to see if there are any recorded easements.

 

 

 

8 hours ago, mike22nc said:

Correct, no access by road. The land is bordered by our yard and our neighbors yard on the south side, another larger farm on the east side, my other neighbors land on the west side and wooded land on the north side. It is zoned residential/agricultural. I do not believe that it is possible to develop.

 

I think you will find that NOBODY landlocks their own parcel without leaving a way in or out.

 

[snafu]

3 hours ago, BringBackFergy said:

The owner has to sell to either of you because h can't sell to a non-bordering third party (no other access to the parcel).

 

If it is truly landlocked, you don't think there would be an easement by proscription or necessity?  I do.

The first party to find out if there's a right of way will be the one who has the upper hand in negotiating this.

 

 

 

Edited April 25, 2019 by snafu

[frostbitmic]

Land will never drop in value unless it sits on a toxic waste lot. There's only so much land and it will increase in value over the long haul.

 

Talk to the farmer who has been leasing it to grow crops and see if you can come to an "understanding". If nothing else, leasing to him would help pay your taxes for the parcel and you'd still have options moving forward.

 

Buying land is a smart move ... Usually.

[SlimShady'sSpaceForce]

13 minutes ago, frostbitmic said:

Buying land is a smart move ... Usually.

 

Run some perc tests ...  this will tell you if its usable for building homes in the future

 

A percolation test is a test to determine the water absorption rate of soil in preparation for the building of a septic drain field (leach field) or infiltration basin.

https://www.todayshomeowner.com/diy-soil-drainage-perk-test-for-your-yard/

 

Edited April 25, 2019 by ShadyBillsFan

[mike22nc]

My assumption is, if he cannot find a buyer among the people with access, he will just sell it along with his home. He said he'd give us the first option at the land, but who knows if that happens when we get down to it. 

 

His home will be listed for a significant amount, and a significant amount more than the acreage is worth. IMO, a farmer will not be buying his home, so the person who purchases it would likely only want the land for a reason similar to ours. So I guess the real question is how much more would a person looking to spend ~$400k on his home spend to have the 14 acres. To me, the answer is that the purchaser will have more resources to spend on the land than we do, so I would love to get it prior to him putting his house on the market.

[Buffalo_Gal]

You can get it appraised. My husband had 35+ acres appraised in Niagara County last year. Several realtors told him land was selling for X per acre, the appraisal came in differently (the land isn't landlocked).  

 

Without knowing specifics, make sure you get the mineral and water rights too.

 

Get a survey.

 

 You can continue to lease to the farmer (ask the current owner for the lease terms), or not renew the contract.

 

There have been a few solar companies looking for solar farm land in Niagara County - hubby keeps mulling it over but has not yet pulled the trigger.

 

I do not know what town you are in, or if you would be looking to rezone, but check with the planning/zoning board(s) before buying if that might be a consideration for you... same for outbuilding rules. If you plan on building a barn or something on that plot of land it may have to be combined with your current primary property (you may need a primary building on the land to have an ancillary building - they may take into account that the properties are contiguous, they may not. Ask the zoning board to be sure.)

[SoTier]

23 hours ago, ShadyBillsFan said:

That [being landlocked] has never stopped a developer before. 

 

Exactly.  The land has road access via the current owner.   The current or a future owner could sell part of his frontage and the back 14 acres to somebody.  If the farmer bought the 14 acres to add to his land, then it would become part of his much larger parcel -- and even more likely to be developed at some point.

[SoTier]

19 hours ago, RochesterRob said:

  Acrevalue only tells so much of the story.  Land down around Geneseo sold for 11,000 dollars per acre recently because a dairy operation needed ground for manure application to stay compliant with state environmental regulations.  What would have the land sold for had that particular bidder not become involved?  Soil types can change considerably within a running mile in many places found in WNY.  Not all soils will support the same agricultural practices.  Some ground down in Gainesville (Wyoming County) might have sold for 8,000 dollars per acre because of its ability to grow potatoes.  Go a mile in a different direction and the soil might only support pasture land worth 1,000 dollars per acre.  Acrevalue can be very useful but you need to know how to interpret information which the OP will struggle to do.

 

Thanks to all the Ice Age glaciers.  On our land in northern Cattaraugus County, the fields on the north side of the farmstead are igravelly soil while the fields on the south side are much more clayey.  That's probably a distance of less than 100 yards. 

[DC Tom]

On 4/25/2019 at 11:09 AM, ShadyBillsFan said:

 

Nearly every patch of land in my little town, from 2 acres to 50 acres is being bought up and houses being built on them. 

 

They will find a way to build a road. 

 

It's not too difficult for a developer to get a town or county to grant them an easement on someone else's property.  

 

I've seen it happen in DC developments; I think DC might even have a special rubber stamp for granting it, as quick as they do.  

[mike22nc]

We're in Cambria, which I believe to be notorious for their strict zoning laws. Not saying development cannot happen, but I haven't seen much of it our way.

[Cripple Creek]

On 4/26/2019 at 7:25 AM, SoTier said:

 

Exactly.  The land has road access via the current owner.   The current or a future owner could sell part of his frontage and the back 14 acres to somebody.  If the farmer bought the 14 acres to add to his land, then it would become part of his much larger parcel -- and even more likely to be developed at some point.

if

 

and

 

but

[boater]

On 4/25/2019 at 2:10 AM, mike22nc said:

We'd be purchasing to enjoy the land ourselves. No exact plan yet, but we'd extend our backyard another .5 acres or so, plant some fruit and/or nut trees and likely lease out the rest to a local farmer to cover some of the taxes. The purchase would MOSTLY be to, as you say, ensure our own privacy and enjoyment.

I once owned 40 acres of pasture with road frontage.

 

I highly encourage you to lease out the entire part you don't use for yourself to a local farmer. Land that is currently worked and tillable retains high value. Unused land that is starting to get saplings, will decrease in value. I had a guy come in once a year and harvest hay--it kept the land as a working farm, and also gave me money to cover the taxes. Don't ever let it grow to the point a bush hog won't cut it.

 

I don't have NYS experience, so can't help you with cost calculations.  Surf here https://www.unitedcountry.com/farmsforsale/  and here https://www.landandfarm.com/  for comps.

 

Good luck, it sounds like a great investment.

[stony]

On 4/25/2019 at 1:48 AM, mike22nc said:

Hello everyone,

 

I have been a member of these forums since the early 2000s and have always enjoyed the content without participating much at all. I believe this is the first time I've ever posted in OTW. With that, I am looking for advice from some fellow Bills fans on a farm land purchase I am looking to make.

 

My wife and I moved to Niagara County a little over a year ago. The home we purchased is on 1.2 acres with 14 acres of farm land directly behind us and the neighbors, which is owned by those neighbors. They are moving soon and we've made them aware that we are interested in purchasing the land.

 

Here is the question - How would you go about valuing land that does not have access or frontage? I have tried to do as much research as I can, but I have been unable to find comps to this specific situation. Lots specifically for building homes are plentiful, but would not be comparable. I really don't know if the value should be 2k per acre or 10k per acre. Anyone have experience or knowledge in this area?

 

Thanks for the years of entertainment in here!

Short answer, call an appraisal firm and have them provide a value estimate.   

Edited April 27, 2019 by stony

[mead107]

Are we buying it? 

[BUFFALOKIE]

I agree with whoever said it earlier...if you can afford land, buy it till it hurts!

[mike22nc]

9 hours ago, mead107 said:

Are we buying it? 

 

We are as long as it works out. Likely won't have an update until late summer.

[KD in CA]

What if anything do they grow there now?