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 Tried and True
Posts: 21185
   
Location: Where I am happiest | The town we live just outside of is growing at a explosive rate because it's just 40 miles from a major city and huge airport. Right next to us is a gorgeous alfalfa field that every year our years supply of hay comes off that field from the farmer that has that field leased. The husband of the owners of that field died 5 years ago so that property is in a trust for the adult kids. Well as per usual the kids want the money. So 2 weeks ago they had a survayer out. Low and behold they are wanting to put a housing development in on 2 acre lots. I want nothing to do with having a housing development next door. So my question is, are we smarter to sell now prior to it filled with houses, or do property prices go up even further once it's developed? The cost of the property is out of reach for the farmer to keep it farm ground. They are looking at $145,000 per 2 acre bare lot. Should we sell now or hold off? |
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 That's White "Man" to You
Posts: 5515
| Are you in Tooele?? I cant remember.
I imagine that you are like the rest of the state. The growth starts in the SLC valley and as people move out of the valley into the rural areas the price in the rural areas goes up. I think the economy will have more to do with the price than the development, at least until the development is full of completed houses. In Utah County, they cant build them fast enough so it really pushed prices higher there as well.
Edited by Whiteboy 2018-02-21 5:38 PM
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Location: Not Where I Want to Be | ThreeCorners - 2018-02-21 6:30 PM The town we live just outside of is growing at a explosive rate because it's just 40 miles from a major city and huge airport. Right next to us is a gorgeous alfalfa field that every year our years supply of hay comes off that field from the farmer that has that field leased. The husband of the owners of that field died 5 years ago so that property is in a trust for the adult kids. Well as per usual the kids want the money. So 2 weeks ago they had a survayer out. Low and behold they are wanting to put a housing development in on 2 acre lots. I want nothing to do with having a housing development next door. So my question is, are we smarter to sell now prior to it filled with houses, or do property prices go up even further once it's developed? The cost of the property is out of reach for the farmer to keep it farm ground. They are looking at $145,000 per 2 acre bare lot. Should we sell now or hold off?
sub divide yours and get you some jack |
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 Shelter Dog Lover
Posts: 10277
| ThreeCorners - 2018-02-21 5:30 PM The town we live just outside of is growing at a explosive rate because it's just 40 miles from a major city and huge airport. Right next to us is a gorgeous alfalfa field that every year our years supply of hay comes off that field from the farmer that has that field leased. The husband of the owners of that field died 5 years ago so that property is in a trust for the adult kids. Well as per usual the kids want the money. So 2 weeks ago they had a survayer out. Low and behold they are wanting to put a housing development in on 2 acre lots. I want nothing to do with having a housing development next door. So my question is, are we smarter to sell now prior to it filled with houses, or do property prices go up even further once it's developed? The cost of the property is out of reach for the farmer to keep it farm ground. They are looking at $145,000 per 2 acre bare lot. Should we sell now or hold off?
My experience is property values go up as development increases. We bought 10 acres at 16K/ acre in a rural suburb of Houston, built a pretty nice but plain barndominium on it. 10 years later housing developments all around us and we sold it for over $600K, made $350K. There will be people who will not mind having developments around them or as stated above, you can subdivide and sell. |
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Expert
Posts: 1314
Location: North Central Iowa Land of white frozen grass | Yours will gain value to someone that wants an acreage. Not just a house lot. |
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 The best bad guy on the internet
Posts: 3519
Location: Arizona | Who would buy a house with land next to a development? Not me. You might want to check to see what you can get for your place now. Plus what's the cost for you to buy elsewhere? Will it cost you more later? |
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 Party Girl
Posts: 12293
Location: Buffalo, Wyoming | LIVE2RUN - 2018-02-23 11:32 AM Who would buy a house with land next to a development? Not me. You might want to check to see what you can get for your place now. Plus what's the cost for you to buy elsewhere? Will it cost you more later?
You have to understand, the people of Utah are not understaing what rural is anymore. All the city people want to move to the Country, and there isn't much country left in Utah anymore. It is really sad.
My family lives probably twoish hours north of the OP, and what used to be some of the most rural areas in Utah consists of 1/2 acre to 5 acres lots. It is getting STUPID!!! And then they complain because they moved next to someone that has livestock and has for 50 years or they don't like when the farmer is out at 11 at night to bales his hay because that is when it is the best.
So yes there are people that want to live next land development and it is pushing everyone else out.
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The best bad guy on the internet
Posts: 3519
Location: Arizona | UTAHCANCHASER - 2018-02-23 11:39 AM
LIVE2RUN - 2018-02-23 11:32 AM Who would buy a house with land next to a development? Not me. You might want to check to see what you can get for your place now. Plus what's the cost for you to buy elsewhere? Will it cost you more later?
You have to understand, the people of Utah are not understaing what rural is anymore. All the city people want to move to the Country, and there isn't much country left in Utah anymore. It is really sad.
My family lives probably twoish hours north of the OP, and what used to be some of the most rural areas in Utah consists of 1/2 acre to 5 acres lots. It is getting STUPID!!! And then they complain because they moved next to someone that has livestock and has for 50 years or they don't like when the farmer is out at 11 at night to bales his hay because that is when it is the best.
So yes there are people that want to live next land development and it is pushing everyone else out.
Sad case scenario. I live in what used to be a rural area, we went from being a small town to a city now. The outskirts (where I live) used to be just that, now we keep getting pushed further and further out. It's crazy. And yes we have had "city" folk complain about the smell of the dairies and the dust the tractors are making, etc. It's crazy. I just want our small town back! I am currently surrounded by farmer fields. I have a custom home that sits literally right in the middle of alfalfa and bermuda fields. It was once going to be a development but it went bankrupt in 2008. I am lucky that I don't have any neighbors my dogs can run free, I can ride wherever etc...but if someone wanted to come and buy the farmer out and build houses, I am gone! I would sell before it happened. |
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Shelter Dog Lover
Posts: 10277
| LIVE2RUN - 2018-02-23 12:46 PM UTAHCANCHASER - 2018-02-23 11:39 AM LIVE2RUN - 2018-02-23 11:32 AM Who would buy a house with land next to a development? Not me. You might want to check to see what you can get for your place now. Plus what's the cost for you to buy elsewhere? Will it cost you more later? You have to understand, the people of Utah are not understaing what rural is anymore. All the city people want to move to the Country, and there isn't much country left in Utah anymore. It is really sad.
My family lives probably twoish hours north of the OP, and what used to be some of the most rural areas in Utah consists of 1/2 acre to 5 acres lots. It is getting STUPID!!! And then they complain because they moved next to someone that has livestock and has for 50 years or they don't like when the farmer is out at 11 at night to bales his hay because that is when it is the best.
So yes there are people that want to live next land development and it is pushing everyone else out.
Sad case scenario. I live in what used to be a rural area, we went from being a small town to a city now. The outskirts (where I live ) used to be just that, now we keep getting pushed further and further out. It's crazy. And yes we have had "city" folk complain about the smell of the dairies and the dust the tractors are making, etc. It's crazy. I just want our small town back! I am currently surrounded by farmer fields. I have a custom home that sits literally right in the middle of alfalfa and bermuda fields. It was once going to be a development but it went bankrupt in 2008. I am lucky that I don't have any neighbors my dogs can run free, I can ride wherever etc...but if someone wanted to come and buy the farmer out and build houses, I am gone! I would sell before it happened.
We sold our 10 acres to a couple coming from the city, had never had more than a postage stamp size yard, the 10 acres was very country and rural to them. |
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 Cute Little Imp
Posts: 2747
Location: N Texas | Sit on it until a developer comes knocking on your door making you an offer. The more that is built around you, the more valuable your land will be. You also don't want to jump the gun and sell yours before you know for sure what's going on next door. The deal could fall through and it could be years before anything is actually done with the land. Just be patient, it will benefit you in the long run. |
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 Off the Wall Wacky
Posts: 2981
Location: Louisiana | Gunner11 - 2018-02-23 2:35 PM
Sit on it until a developer comes knocking on your door making you an offer. The more that is built around you, the more valuable your land will be. You also don't want to jump the gun and sell yours before you know for sure what's going on next door. The deal could fall through and it could be years before anything is actually done with the land. Just be patient, it will benefit you in the long run.
This...there are several "subdivisions" around here that are empty.
So weird looking to drive by...they have roads and ponds and landscaping, but no houses. I guess the developer ran out of money? One has complete utilities - my hubby was working for the power company at that time and ran underground power to each lot.
One is used by people out taking walks or jogging, another is completely grown up.
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Cute Little Imp
Posts: 2747
Location: N Texas | Just as an example, I grew up on a 17-acre piece of property that my dad inherited, and his two brothers also had 17 acres each (so one big chunk of land divided into three 17 acre sections). This was "out in the country", on a little two-lane road that didn't have a whole lot of traffic. Over the years, neighborhoods and businesses started popping up all down the street and eventually there was a neighborhood butted right up next to our property line. My uncle that had the middle section sold and moved off and my dad said if someone offered him the right amount of money, he'd move too. He knew it would have to be a developer because a private buyer wouldn't pay that kind of money. Sure enough, he got an offer he was happy with, so in '99, sold his 17 acres for just under a half million dollars, and bought 58 acres for around $250k. Not a bad swap, and we were out in the country again and our old land is now a cookie-cutter neighborhood.
My other uncle passed away and his wife and kids still have their land. It's now on a four-lane divided road with every square inch of land around them developed. It is INSANE how much that land is worth now. They sold off just a few acres (to developers) and were able to buy two rent houses in town, 800 acres way out in the middle of nowhere and still have tons of money to go buy tractors and all kinds of stuff.
So yes, it did take a long time for the land to become as valuable as it is, but my point is neither my dad or aunt had to advertise their land, they waited on the right offer. Hold onto it as long as you can keep your sanity because you'll eventually be able to sell for way more than you can today.
Edited by Gunner11 2018-02-23 3:14 PM
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 A Somebody to Everybody
Posts: 41354
Location: Under The Big Sky Of Texas | Gunner11 - 2018-02-23 2:35 PM Sit on it until a developer comes knocking on your door making you an offer. The more that is built around you, the more valuable your land will be. You also don't want to jump the gun and sell yours before you know for sure what's going on next door. The deal could fall through and it could be years before anything is actually done with the land. Just be patient, it will benefit you in the long run.
This ^^^^^^^^^^^^^^
And a smart way of thinking, It happens I know this for a fact  |
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Cute Little Imp
Posts: 2747
Location: N Texas | dashnlotti - 2018-02-23 3:04 PM
Gunner11 - 2018-02-23 2:35 PM
Sit on it until a developer comes knocking on your door making you an offer. The more that is built around you, the more valuable your land will be. You also don't want to jump the gun and sell yours before you know for sure what's going on next door. The deal could fall through and it could be years before anything is actually done with the land. Just be patient, it will benefit you in the long run.
This...there are several "subdivisions" around here that are empty.
So weird looking to drive by...they have roads and ponds and landscaping, but no houses. I guess the developer ran out of money? One has complete utilities - my hubby was working for the power company at that time and ran underground power to each lot.
One is used by people out taking walks or jogging, another is completely grown up.
Yep, developers run out of money all the time! |
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Expert
Posts: 2531
Location: WI | Southtxponygirl - 2018-02-23 3:13 PM Gunner11 - 2018-02-23 2:35 PM Sit on it until a developer comes knocking on your door making you an offer. The more that is built around you, the more valuable your land will be. You also don't want to jump the gun and sell yours before you know for sure what's going on next door. The deal could fall through and it could be years before anything is actually done with the land. Just be patient, it will benefit you in the long run. This ^^^^^^^^^^^^^^
And a smart way of thinking, It happens I know this for a fact
Yep, same thing happened to my parents with the hobby farm I grew up on. They held on until we were all moved away, but there were houses completely surrounding us. Some closer to our barn than our house was, lol! The new neighbors were pretty nice - well, maybe except when our herd got out and went on a rendevous through everone's perfectly manicured lawns haha.
Your property will increase in value - and you can sell it to a developer. I think we ended up getting around $250k/acre. But, I also know that the property taxes went way up as well. |
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