It’s always land value plus house value. A friend of mine bought an old farm house on a large piece of land for less than a used car’s worth. Why so cheap? The land would be worth a fortune alone, but the farm house was a few hundred years old (take that, USA!), in a bad shape, and listed as a protected building, i.e. he had to do any kind of “making it habitable” under close scrutiny of bureaucrats and historians. The family worked their asses off every weekend for over a decade and spent a fortune on historically correct materials.
The “fair” market price is what someone is willing to pay. If it’s not sane, then it won’t sell. Unless you sell to an insane person, in which case, good for you and them, I guess.
I’m not in the market for million dollar properties, so hyper sane over here.
One acre. By a lake. But I still feel it’s ridiculous. I hate the idea of what’s market value. To me it’s what is decent as a human being.
Somebody you know is selling an acre of land on a lake, not a shed. This land is probably worth that much with no improvements at all
Op doesn’t understand how badly mfers want to live on a lake in the woods. Electrical and a shed is a bonus.
The acre and the boat slip. The dock fees in lake anna are $1,300 a year the slip alone is worth at least $60,000
It’s always land value plus house value. A friend of mine bought an old farm house on a large piece of land for less than a used car’s worth. Why so cheap? The land would be worth a fortune alone, but the farm house was a few hundred years old (take that, USA!), in a bad shape, and listed as a protected building, i.e. he had to do any kind of “making it habitable” under close scrutiny of bureaucrats and historians. The family worked their asses off every weekend for over a decade and spent a fortune on historically correct materials.
80% of that value is in the land, assuming the lake is somewhat desirable to live by. 1 whole acre?? These are 2013 prices
Land where I live runs about $1M/acre.
Decent’s got nothing to do with it.
Yeah $1m/acre isn’t moral
What does morality have to do with it? Couldn’t it be considered immoral to your family to sell for less than fair market value?
When the “fair” market is insane, there is no sane price for cordoned dirt.
The “fair” market price is what someone is willing to pay. If it’s not sane, then it won’t sell. Unless you sell to an insane person, in which case, good for you and them, I guess.
I’m not in the market for million dollar properties, so hyper sane over here.