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ajortolani
#1 Posted : Monday, January 26, 2004 2:15:04 PM
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Don''t worry JFS, the housing boom is coming to an end in a natural cycle, it has been building for a decade & has now peaked (cresting), I have the sneaking suspicion that prices are beginning to fall & the market will drop - getting low for another decade. It is a cycle that continually repeats itself.
If you are considering selling at all, I would do it now as I don''t see a "seller''s" market continuing into late 2004-2005. Be patient & look on the bright side, it gives you more time to save!!
dalsip
#2 Posted : Monday, January 26, 2004 4:07:18 PM
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Come to tennessee land is still cheap, oh wait a minute say where your at. I don''t want the demand to increase! :) Really prices are around 800-1500 an acre here. I just bought a 15 acre for 17,500 of very nice crp cropland
paratrooper
#3 Posted : Monday, January 26, 2004 5:25:34 PM
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Land and home prices are almost always dictated by the proximity of good jobs . No work nearby usually translates to more reasonable prices . We bought about 10 years ago in South Dakota . 2 bedroom , 2 bath on 4 acres 2 of which were wooded . There was also a barn in fine shape . Price ? $35,000 . Why ? The average job locally paid about $7 an hour . Drive to Watertown (30 miles one way) and you could make more BUT 60 miles round trip in winter makes you think twice . Unless you can bring a job with you there are few chances . If you can save up enough money to put a really big downstroke on a house a lower paying job will not hurt as much . You will also find that many of the really great prices are in either really cold or really hot areas with no or little work .

Brings to mind a story about a young reporter assigned to interview the richest man in town . In the beginning the man told the young reporter that when he came to town some 40 years earlier all he possesed fit in his backpack . After a couple of hours of conversation the man had related the vast holdings he presently held . Just before the interview was to end the young reporter asked one final question . "Sir" he asked "just as a true measure of your fabulous rise to the top we need a point of reference . Out of curiosity what exactly did you have in that backpack when you first walked into town ? The man smiled and answered "8 million cash."

Moral of the story . Money might not teach you anything BUT it will allow you to make more mistakes .
skruzich
#4 Posted : Monday, January 26, 2004 6:49:12 PM
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dalsip what are the taxes like up there (property ect ect)
annethcz
#5 Posted : Monday, January 26, 2004 9:59:59 PM
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JFS, I live in that area. Born and raised, actually. The big problem is that Lakeville really is a suburb of the twin cities now, not an exurb. You need to go further out if you want to find land that hasn''t been slated for development into townhouses. I know because I''ve looked. You might have better luck if you look to other areas of the city.

It''s just like the others said- it''s all about supply & demand. The twin cities area is growing like crazy, and the people have to go somewhere, turning what used to be considered "the boonies" into suburbs. Chances are, if you do find a nice little place in the country, the land around you will be developed within a few years anyway. *sigh* I''m really struggling with this issue, as well.

ann
dalsip
#6 Posted : Monday, January 26, 2004 10:34:11 PM
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Fairly cheap, no income tax, low property tax
ginger71
#7 Posted : Tuesday, January 27, 2004 3:18:28 AM
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Far northern MN $2000/acre unless you are on a lake, then the prices go by the foot. One local lake is $1000/ft on the lake and up. Try outside of Duluth (west), or down around Mora/Cambridge.
Katwoman
#8 Posted : Tuesday, January 27, 2004 6:02:11 PM
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Land in the Sandhills (Ne) is fairly cheap, too. Better buy quickly, though. Ted Turner seems to ba snatching it up as quickly as possible.
Great for dirt-biking!
Hoop
#9 Posted : Wednesday, January 28, 2004 1:05:53 AM
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I''m convinced there are "pockets" of inexpensive land in nearly every state/province.

Around here, recreational "40''s", unsuited to building, start at $80000. Acreage under 10 acres suitable for building generally brings $6000 - $10000 per acre.
I live in an area that has an abundance of clean spring fed lakes, and is only a few miles from the vast Nicolet National Forest. The adjoining county has 4000 lakes. The recreational possibilities are endless. Fishing, water skiing, swimming, snowmobiling, x-country skiing, 4 wheeling, hunting.....just to name a few.

Go 100 miles west of here.....or 40 miles south of here.....and undeveloped land is 40% - 60% of the cost. Of course, there is very little employment to be found....and a fraction of the good lakes.
TabletopHomestead
#10 Posted : Wednesday, January 28, 2004 2:59:49 AM
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We paid $750/acre in southern Oklahoma for raw land with electric but no water on land contract, which makes it a bit more expensive. But we''ve seen a jump in land prices in the 5 years we''ve been here. My advice to anyone wanting land is to beg, borrow, or steal to aquire it as soon as possible, because it''s not getting any cheaper.
Galeshka
#11 Posted : Wednesday, January 28, 2004 4:28:19 AM
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dalsip, what general area of Tennessee? (Not wanting to ask you for too much personal info.) kinda interested in that area of the country but looking around Memphis, Chattanooga and Nashville the prices were (of course) much higher.
dalsip
#12 Posted : Wednesday, January 28, 2004 1:24:50 PM
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Western tennesse just south of murray, Ky next to kentucky lake
Galeshka
#13 Posted : Wednesday, January 28, 2004 7:10:11 PM
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Murray eh? how appropriate! he he.....thanks dalsip!
hunter63
#14 Posted : Thursday, January 29, 2004 3:32:44 AM
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It''s good advice to find and buy as much land as you can afford as long as it''s suited to your use.
Lot of land can''t be built on (bad) some can''t get elec, septic etc. (bad but not as.
All I can think of is the prices 15yrs ago (1st piece, and doubled 2 yrs ago(2nd piece), now off the map where I''m at.
They used to talk in MEN about places to relocate, so the prices go up! If you find a good spot don''t tell anyone!(Wink,Wink)
Good news is, that when I''m tired of BTTL stuff I can get a condo(joke).
Any way, do it now! (land contracts are avaiable)
trapper
#15 Posted : Thursday, January 29, 2004 1:57:24 PM
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land in ohio is very reasonable. most small land companies sell here on land contract with 10% down. prices are like 16 acres of hardwood bottoms and ridges full of large growth trees, yaer round spring decent access near a college town 25 minutes away with lots of work i hour commute puts you into more or higher dolloar work. 23000 a monthly payment of around 200.00
these kind of properties atre everywhere in SE ohio. even better deals can be had on a local level.6 acres go fo 14000. there r no building codes, everybody minds there own business on these subjects. the area is full of hillbillies but thats why i love it so much, cause i a hill jack too, lol
Rom_Publius
#16 Posted : Thursday, January 29, 2004 8:38:55 PM
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Yep, it''s a bubble and it will burst but then it really won''t go down that much. What will happen is the guberment will steal money from savings by making inflation and real estate will only drop a little. This has to do with many very rich people and banks hold lots of real estate and it would upset the rich too much if that were to drop. It''s easier for the guberment to basically devalue money through oversupply at a rate close to the drop in real estate. This is a situation the large financial interests can deal with and only little people like will end up losing a lot. It always has worked this way so it is likely to repeat itself.

Best way to resolve this is to get the heck out of Minn. and head out west to the southwest or south to the deep south. Stay away from old industrial areas or boom towns. Your biggest expense is real estate so go where it''s cheap and you won''t need much of a job to pay it off.

I also recommend you pay it off as soon as possible and get rid of all other debt. Then they can jerk the economy around all they want and it won''t hurt you. That''s what I''m doing.

Take care,
Rom
ajortolani
#17 Posted : Friday, January 30, 2004 1:11:25 AM
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Actually, its because interest rates are so low that banks are not making any money by lending money. Also, with all the "new home starts" & "refinancings" & "home purchasing in general" (ie:not "new"), there is only so much demand left - you know the old "supply & demand" that happens in each market.
It is NOT a bubble, it is a normal cycle in real estate that repeats itself constantly & this current boom is almost a decade old now.
JFS
#18 Posted : Friday, January 30, 2004 1:11:25 AM
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yesterday I was taking a break at work, and we were talking about land prices A small farm is asking $440000 for 40 acres and a small house. A small farm near Lakeville Minn. Has sold for $10000 per acre. A new house and 5acres is selling for $500000 just outside of town. It makes buying a house out in the country really out of reach for alot of us.
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