Real estate values in your area for mill/kiln/house/7acres?

[Rowan]

Just curious, I know someone with a 7 ac commercial/residential property, 25 min from nearest city. 1200sqft house (great shape, nicely done, etc.), 900sqft shop, 7000bft kiln (electric), covered wood storage approx 12000 bft, covered milling pad set up with band mill (pretty sure he's keeping the mill).

They are going to sell one to two years from now and aren't to sure what to list for. I think it would be a great property for someone who's into milling. They are thinking of it as more of a straight residential value.

What would something like this be worth in your area?

 

[woodshop]

...What would something like this be worth in your area?

Really depends... you said "commercial/residnetial"... that raises red flags in many buyers minds because they don't want to buy a property and find out somebody will be setting up an auto-repair shop across the street with the associated traffic and noise. Also... with todays real estate market in such a mess, any number you throw out there wouldn't be worth the keystrokes. Something worth $15K and acre today might be worth $3k an acre next week.

All that said, depending on the area and lots of other things (location location location) this is the kind of place I would be looking for if I was buying. What part of the country are we talking about here???

 

[Rowan]

Its in Ontario. They had it zoned that way a few years ago when he had a custom milling/drying side business going. Its on a highway, but thats blocked by ceder bush, all other properties in the area are either rural or farmland.

House is nice, hardwood floors, cathedral ceilings, partially finished basement, large fieldstone fireplace in living/dining rm, gally kitch, 28 yrs old, 3+1 bdrm, 2 bath. large yard with gardens.

A few other sawmills in the area, lots of loggers around, hardwood flooring and pallet manufacturers near by.

Shop is beautiful with 220V 200amp service, 16' ceilings (maybe more, hard to picture.

Similar sized residential would go for about 275 - 310K.

 

[GeeVee]

275-310k

 

[peter nap]

275-310k

That's about right here too, except as already said, no one can get a mortgage.

Raw land in rural Va goes as low as 2,000.00 an acre. I have the cash to buy another 100 or so acres if I can get a deal. No one is able to sell but they won't drop their prices either.

Now that spring is here, that may change or maybe the changes the FED (I have trouble believing anything the government does actually works)..made will loosen up money for mortgages. In which case, I'll just wait for the NEXT depression.

 

[redprospector]

I've been looking for that size commercial property here. Raw land zoned commercial is 40,000 and acre. So that's 280,000 with no house, shop, or kiln.
I sould have bought more land here 30 years ago when I had the chance.

Andy

 

[peter nap]

I've been looking for that size commercial property here. Raw land zoned commercial is 40,000 and acre. So that's 280,000 with no house, shop, or kiln.
I sould have bought more land here 30 years ago when I had the chance.

Andy

If I had a nickel for every time I've said that Andy, I could buy VIRGINIA.

 

[Rowan]

Thanks

Thanks for the reply's guys.

I guess it sounds like the concenus is 275 -310.....

Its interesting because a house of that quality of finish, on a 7 ac wooded lot, within 25 minutes of the city would be worth about 270 or so..... I kind of figured with the shop/mill set-up/kiln that they'd be able to get a bit more.

I guess it really depends on market and buyers...... If someone was interested in the shop/kiln then it may be worth more to them I guess.

I'd buy it if I had the money, but I don't, nor will I when they go to sell.

Cheers.

 

[Jonsered2095]

If the land has recently been re-zoned you should find out what the local authority intends for the area. Perhaps it is different there, but in NZ the local government ('council' - don't know what its called over there) must provide a short and long term plan for all to submit their views on and possibly challenge. So if the local authority there must do the same you can find out whether the new effects are suitable or not. If the zone has changed to include residential then its a given that growth is expected or proposed to be created. This way 'councils' and developers can work together towards the same goal without spending excessive amounts of time and money (both private/company and tax payer) slugging it out in court. Purchasing property that has been re-zoned or is about to be is often used for 'land-banking' and may be a suitable long term prospect for private individuals also. Having said that I am not familiar with your country let alone that particular area - so don't base any decisions on my words, I am just providing some food for thought.

 

[NJANDPA]

Well here is the other side of residential/commercial.

I purchased my home as residential-commercial. Here in South NJ. The thought 10 years ago was that as the kids would finish up college and move out I would sell for a profit. The property around us has developed nicely and now we are ready to move on as planned.
I have been able to do as many LOUD activities as I want all because of the location. My original investment of @100,000 is now worth 400,000 commercial.

I couldn't have made that kind of money at a job and be home to raise a fine family. Now onto PA and my dream property...... all paid in full.

 

[artie__bc]

AAARGH!! Here in the Fraser Valley that'd probably be over a million bucks!

 

[Frank Boyer]

With 25 minutes of a large city, in CA, would be over a million here. Views and flat ground sub dividable would increase that.

 

[DRB]

Here in the Shuswap it would likely be 650+

 

[Jacob J.]

Here in rural southwestern Oregon you'd be looking at around $385k USD for that set-up. But that's right now and property values here are on the way down.

 

[jjett84724]

Here in southern Utah it would bring $350-400K. I just built a house the same size on 9 acres and it cost me 283K. :censored:

I swore I would never build a place for more than $1,000 a month. Now its twice that.

Oh well. I have SPACE.

 

[046]

depending upon direction from town.... back to location again. but 25min from town is a pretty good distance around here. 500k metro area

real estate values have never skyrocketed like other parts of the country. specialty add-ons don't really increase values. it's pretty much based upon acreage and living space.

I'd say it's worth $175k range around here.. or less since it's only 1200 sf living area. it's not fair when there's a large amount of workshop area, but real estate appraisals are based upon living area. commercial appraisals would be different.

sales comps would be really helpful here...

appraisals use three criteria:

1. replacement costs
2. rent multiplier
3. sales comps

 

[Rowan]

Yeah its funny how different area's have different rules when listing living area. Here you list the main floor and 2nd floor if it has one. The basement is not included even if its finished.

For instance this place is 1200 main floor, with 700 finished in the basement.

As far as zoning. It was rural residential before they changed it. I don't believe the short / long term plans are the same here. Once its changed it stays that way until someone applies to change it again. Then the neibours are surveyed to ensure they do not object..... if council has no objections, you pay your fee and its changed.

As far as location. The city to the South (25min) is approximately 50 000 pop. There is a villiage to the North 5 - 10 minutes away with a pop of 1400 that has the majority of needs covered (bank, grocery, schools, hardware, etc). Another village to the East about the same size 15 min away.

Property description..... I'd say 1.5 acres is taken up by shop/yard/kiln/house/lawn/gardens the balance is mixed bush with a bit of wetland at the back of the property. The property is fairly level, sloping to the back.

Growth hasn't gotten to the point where people are subdividing this type of lot as of yet. Actually the village to the North is just starting on its second sub-division. The city to the South however is growing fast.

 

[046]

Rowan, sounds like property is fairly remote being close to a 50k metro area. this may drive price down way below replacement values.

just saw 30 acres with 2,500 living area and large barns offered for $175k. but it was in a pretty remote area near the state line close to Arkansas.

if basement is finished out, that would count as living area. depending upon area rules, they may deduct a certain percentage for basement/attic space.

 

[windthrown]

In one to three years time the market will be completely different. We are coming off the real estate bubble here in the PNW, and prices are dropping for land and houses. I am looking at foreclosures for 60% of list. Banks are dumping houses in auctions. Supposedly this is just the beginning of the teaser rate housing loan scam inplosion, as rates fix at a higher rate after 2 years.

 

[046]

that may be true for areas that had huge upward price swings. but in markets like Okla. where didn't experience those spike. but raised slowly. the landing will be much softer here than other areas.

ditto for other parts of country that prices didn't raise much..

In one to three years time the market will be completely different. We are coming off the real estate bubble here in the PNW, and prices are dropping for land and houses. I am looking at foreclosures for 60% of list. Banks are dumping houses in auctions. Supposedly this is just the beginning of the teaser rate housing loan scam inplosion, as rates fix at a higher rate after 2 years.