So I had one seller who has a 5 acre property. It’s on a paved county road with electric in front of the property. It’s about 10 minutes to a nice river and 25 miles to the beach. The town that it’s in has a population of around 1000. It’s 30 minutes to a major tourist city.
He paid $7000 for it about 25 years ago. He paid $5000 to have it cleared back in 2006 but then the real estate market fell apart so he couldn’t build. The next door neighbor with the same size property paid $15k for his property 18 years ago.
I offered him $1000 which he laughed at. He mentioned he wanted 10k.
The cheapest 5 acre property in this county on landwatch.com is $25k. There is a similar property under contract for $43k but it has a well. There are not many sales in this county, but I have seen some 5 acre parcels sales as low as $15k 1 county over (on a dirt road).
The county appraisal is $17k.
I think I could work him down on the price a little or perhaps I could option it for $10k and try to wholesale it for $15-20k? I think it’s worth around 25k but I don’t know how long it would take to sell at that price. There are 1/2 acre lots that are selling for between $5-10k in the area.
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