and we thought the prices of old cars were bad

[derailed]

I know they will never make anymore new land but this is just rediculous. I just found this 1 acre lot about 3 minutes from my house for sale and they want 179,900 for it. Big deal, it already has a septic system on it. That to me is just stupid. I thought it was bad when it hit $60k an acre here in upstate NY. Lately ive been hearing nothing but bad about the school district here as well which is why I want to get out of here and head north into the country where you can get a bit more for your money. I only wish I had bought some of the 3 or 5 acre lots i looked at 6 years ago for $30k. Here is the link for this parcel.

http://www.realtor.com/FindHome/HomeListing.asp?snum=147&frm=bycomm&areaid=1000182%2C+1000183%2C+1000184%2C+1000191%2C+1000202%2C+1000205%2C+1000212%2C+1000214%2C+1000216%2C+1000218%2C+1000225%2C+1000226%2C+1000232%2C+1000233%2C+1000238%2C+1000241%2C+1000242%2C+1000246%2C+1000248%2C+1000257%2C+1000264%2C+1000266%2C+1000270%2C+1000279%2C+1000285%2C+1000294%2C+1000300%2C+1000305%2C+1000306%2C+1000307%2C+1000312%2C+1000315%2C+1000316%2C+1000320%2C+1000322%2C+1000324%2C+1000328%2C+1000329%2C+1000340%2C+1000348%2C+1000350%2C+1000355%2C+1076636%2C+1089242&mls=albanyny&mlsttl=Albany%2C+New+York&st=ny&mnprice=0&mxprice=99999999&pgnum=15&typ=6&poe=realtor&sid=060134D20EECC&snumxlid=1048714431&lnksrc=00003

[Charger_Fan]

Yep, it's that old hindsight thing again. Who would have known it would end up being valued that high. Are there a bunch of nice homes that have been popping up in the area to drive the land prices up like that?


BTW, that's about the longest URL I've seen this year!

[Old Moparz]

Supply & demand.

It's just too bad the demand is by people who've been paying more than the asking prices. (Just like the folks paying 6 figures for a fake Hemi car.) A few years ago, houses were selling as fast as they were listed, then people were outbidding other buyers who offered the asking price. There was one that listed for $315,000 & sold for $359,000.    What would you do if you were the seller? Say "No thanks, I don't want an additional amount of cash, especially enough to buy a nice '69 Charger." 

It's great if you're selling & leaving the area, but what good does it do if you're planning to stay? You sell one & can't move up to another unless you have years of equity. One of my friends sold his house in northern New Jersey a year ago. It was a 2 bedroom, 1 bath cape cod style on a small lot. He got $325,000 & moved to Virginia & paid cash for a 3 bedroom, 2 bath cape cod on 1-1/2 acres for $160,000. Went from a small garage his Corvair barely fit in, to a nice 2-1/2 car size. All less than 10 years old too.

[derailed]

The average size home 1700-2000 square feet 3 bedroom on a 1/2 acre around here goes for between $250-$300. Judging by what the other 1 acre lots have been going for in the area I think this guy is asking double what its worth. For the hell of it im going to follow up on it and see what he gets. I guess I cant reall complain about the hindsight thing because I bought my house 6 years ago right before the market went crazy. Now I just need to convince the wife to cut this place loose and head out into the sticks.

[HAZZARDJOHN]

I am in the market of moving right now and you are right about selling your house and buying one in the same area, But here is how it is going to work for me. I bought my Current house for 185k, it is now appraised at 225k. I have owned it for 2 years. Good investment huh, anyways. I sell the house for 225k and then I take the difference of 40k and I buy a house around the same amount but a little further out in the country, I now have a betterr house with some acreage and I start off with 40k worth of equity and roughly the same house payments. Hopefully this will be the last house I buy *Knocks on wood*. Of course I plan on building so this might get completely thrown out the window!

~HJ

[derailed]

This is exactly what im looking to do. Id prefer to buy about 3-5 acres and build new. it use to be cheaper just to buy a house already built but a friend of mine is building and i looked at all the expenses of his new construction plus the land he bought and it was about the same as buying a house already done. I paid $109k for my house 6 years ago and put around $35k in it. I gutted the kitchen and 2 bathrooms, put all new windows and siding on,  new landscaping, and did the roof last summer. 

[Khyron]

ohhh don't even get me started. My house is on the market now, Looking for a bigger place. It's fraking crazy up here in Saratoga 

[MyMopar]

The news reported lowest mortgage rates from last year.  National average of 6.1% which is good for buyers.  However, the housing market was also reported as slowing down.  We were lucky, our house sold 3 days after being on the market.  We bought when prices were low in our area (1996) and sold when they just past peaked (2005).  Now we live in a house, but better than that I have a 2 car attached and a 2.5 car detached with workshop! 

[chrisII]

i grew up in the country, my parents have 1 acre on a hill with good views bouth ways. there was a corn field on one side, and on the other a house that was buildt by my grandparents, where they lived when i was a kid. this past fall a 1 acre lot on the corner of the corn field went up for sale. at 72g !. this lot has no view in the front due to a pole building across the rd, and the crest of the hill is at the back of the lot, so the view there is poor also. now this lot is in the country and less than an hour from madison or milwaukee with eazy axcess to the interstate. but this number simply amazed me since an average older 2-3 bdroom in the city is still in the 100 to 150 range. (150 is a very nice house). the property is still for sale but the owner decided to build on it himself, being that he is an elec contractor and im guessing he isnt super buisy in the winter. I wonder how much it will be with a 2 bedroom house an a 2 car attached garadge? being that my dad is alone now i wouldnt mind being closer to him, if the price hadnt ben so steep i was going to buy the lot and sit on it a couple years, possibly put up a shed and leave the rest alone but im not that wealthy and i dont see this property as a good investment as i believe its already toped out.

[derailed]

iif the price hadnt ben so steep i was going to buy the lot and sit on it a couple years, possibly put up a shed and leave the rest alone but im not that wealthy and i dont see this property as a good investment as i believe its already toped out.

Thats the predicament im in. I want to buy around 5 acres but the prices are still over inflated here as well and i really think things are going to drop off in the next couple of years in the real estate market. Around here they seemed to have peaked. 2 years ago people were in bidding wars over houses even in not so desirable areas around here. Now I noticed the houses have been staying on the market alot longer.

[chrisII]

guess you have to decide if your willing to take the chance..i didnt feel it was worth it, now a couple times my dad has mentioned selling me his house ( the house i grew up in) at some point.

[4cruzin]

Real Estate is unpredictible and as peaked in alot of different areas.  Hopefully you got a good deal while it was more reasonable.