Currently closing $138K on a 10-acre irrigated crop that features a $50K built-in sprinkler system already in place (can be removed easily if buyer desires). Land was used as a blueberry crop up until a few years ago. Reason for the large $$$ figure, is this area I’m in is absolutely exploding in terms of growth.
I know I’m getting a deal, as I’ve measured this property against the “quarter price of comps method” that Jill has explained. Comps range from $400K to upwards of $700K, and most of those lower comps are heavily wooded lands. (1/2 mile away, a 12-acre forested parcel is currently on the market for $530K.
Last year, literally right across the street from this property, five acres sold for $75K and current owner has it on the market for $180K.
Question to you guys who are experienced with rural/larger acreage – The fact that it has the irrigation system in place, and the soil is perfect for farming — should I market this specifically to the farming community? ie…”Ten acre irrigated crop for sale”…”perfect for farmers!” “Perfect soil, already irrigated!”…etc.
Or should I simply market it as a normal advertisement featuring a great piece of cleared, high n’ dry land? I think the irrigation system would be an added value to the right buyer, but certainly not everyone.
I am new to this, so I would really value any of your thoughts or inputs.
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