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Land Value Question

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newfarmer

Well-Known Member
Good Afternoon All- I did a quick dive into some ISU stuff and saw some land values, but trying to see if there are any other options? Long story short, I am hoping to buy 1.2 acres off my neighbor thats not the "best" farmground and he has a heck of a time farming it because of its shape, but it would fit into my piece wonderfully and also help square his up. Also, we are looking at building a new house and if I could get that piece bought, it would DRASTICALLY lower my cost for getting power in.
My county is averaging right around 12,000, but I sure cant justify that for what I want to do with it- so hoping for some other sources to maybe get me better prepared? Any help or insight would be greatly appreciated (I would love to be able to just buy the whole piece but its not in the cards right now)
 
Well you make it sound like it is a below average piece of ground and sort of a pain for him. So it should fetch below the counties average I would think.
 
It depends on the person you're dealing with but I sure wouldn't expect a deal. It'll likely be a win of you can can convince him to sell at all.
In my experience, most people want to keep every acre of land even if I don't think they should.
 
sep0667 said:
Well you make it sound like it is a below average piece of ground and sort of a pain for him. So it should fetch below the counties average I would think.
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Thats what I think, because he can only farm about half of it anyway due to an easement for my power line (which is part of the kicker if I need to upgrade)
hillrunner said:
It depends on the person you're dealing with but I sure wouldn't expect a deal. It'll likely be a win of you can can convince him to sell at all.
In my experience, most people want to keep every acre of land even if I don't think they should.
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Im not "expecting" a deal by any means, just trying to be as prepared as possible with true value numbers versus him saying 40,000 because lots in town are selling for that, or something to that effect. I already have an easement for power in place on this piece, but since its an easement, my power company wants to do things drastically different if I need to upgrade, so securing that piece would keep my costs down.
 
An average price per acre won't be terribly useful on a 1.2 acre piece. How drastic is the power cost reduction? Take that savings plus what value you feel it has to you and offer him that amount. If he says "no", move on with your plans without it. It is "worth" whatever someone agrees to buy and sell it for.
 
newfarmer said:
Thats what I think, because he can only farm about half of it anyway due to an easement for my power line (which is part of the kicker if I need to upgrade)

Im not "expecting" a deal by any means, just trying to be as prepared as possible with true value numbers versus him saying 40,000 because lots in town are selling for that, or something to that effect. I already have an easement for power in place on this piece, but since its an easement, my power company wants to do things drastically different if I need to upgrade, so securing that piece would keep my costs down.
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It's really hard to say on that type of scenario...but do you have something that he would want to trade with? Getting LO's to sell off even little chunks to non-family that are kind of odd is a tall gear IMO.
 
If you presented your neighbor with an offer of $14,400.00 for that 1.2 acres, and he accepted, JUMP ALL OVER IT! It's a specific piece of land that you want and he's the only one who has it.

Doesn't it cost like $10k to have chunked off pieces of land like this to be officially surveyed and recorded as well?
 
Obsessed said:
If you presented your neighbor with an offer of $14,400.00 for that 1.2 acres, and he accepted, JUMP ALL OVER IT! It's a specific piece of land that you want and he's the only one who has it.

Doesn't it cost like $10k to have chunked off pieces of land like this to be officially surveyed and recorded as well?
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My buddy is a surveyor and he does small jobs like this for $1k all the time.
 
T_Max said:
My buddy is a surveyor and he does small jobs like this for $1k all the time.
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That's 10x cheaper than any surveying that I've ever heard of, or had done. Does he do this as a side hustle type gig, and what's his contact info and counties he generally works in?
 
Obsessed said:
That's 10x cheaper than any surveying that I've ever heard of, or had done. Does he do this as a side hustle type gig, and what's his contact info and counties he generally works in?
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I should have clarified I'm in Kansas. If you are interested, PM me and I think he can do some work on the side. And we are talking about 1.2 acres. small jobs like that take him no time at all.
 
Obsessed said:
That's 10x cheaper than any surveying that I've ever heard of, or had done. Does he do this as a side hustle type gig, and what's his contact info and counties he generally works in?
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Total FWIW, because my only relevant data point is 15'ish years old now. But one time, my neighbor and I cooperated on a small surveying project and I don't remember exactly what he paid...but it was nowhere near $10K. Again, too much time has passed now for me to be sure, but I seem to remember him paying someone something in the $1K range.
 
I had 115 acres I bought a few years ago surveyed off from a 160. Cost was $1500
This was Lucas County
 
I should clarify, I'm talking about the entire process: 1. surveying, 2. platting, and 3. splitting / sub-dividing the property. etc.

I'd still jump on it if your neighbor accepts $12k per acre. It's your home property that you're adding to, that you've already stated you want to run utilities through, not a piece of recreational land in BFE.
 
I agree on the price 100%. You may never have another chance.

Obsessed, I see where the survey price may differ now. There is a distinct difference between a survey and a plat. Different jurisdictions have different requirements for property splits too. Plats require extensive work that could definitely skyrocket the price. A simple survey usually does not.


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T_Max said:
My buddy is a surveyor and he does small jobs like this for $1k all the time.
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We sectioned off 4 acres with non rectangular area and a driveway with surveying cost very similar to the $1000 listed above. That included everything from the stakes/pins, the survey, the deed, legal transfer. West-Central Iowa
 
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