There is an incredible number of abandoned houses in our area that are not for sale. Some of them are nice enough but will not be for long. There is also a goodly number of people looking for small land parcels on which to build a house or wanting to buy an existing house. The pickings are very slim. I have had several people stop asking to buy an acre or so of my property or if I know of any for sale. So many wanted to rent an old house I had I tore it down.
Very odd.
Are they recently abandoned or from the banking meltdown ten years ago?
I was told the banks just left them sitting empty rather than doing foreclosures because it affected their rating to have too many at once so they have slowly been working them off.
We had several like that here that just sat for years, people always asking about them, but in the past two years they finally went on the market and snap they were sold.
We’re in SW WI in an area with the sort of jobs and private schools that attract young progressives.
Our property has been on the market for 2 years. The price is *high* (we’ve dropped it in increments by $70k), but it is 80+ acres of pristine land that has been fallow for over 20 years and well-cared for, but is landlocked and cannot be sold separately, by law, 1000 feet of frontage on a Class A National Trout Stream that is across a quiet county road, 2100 sq foot home originally built in 1912 and added to (needs upgrades),a 1600 sq ft building that is shop on the lower floor and an art/craft studio upper (heat & a/c, no water)and a couple of sturdy shed buildings. We are 15 minutes from what is known as a ‘happening’ town. I will briefly describe the prospects we remember:
Millenials set to start executive positions at the largest organic dairy co-op in the country. Wife stood in the driveway and did a 360, then announced the land was ok, but they would gut the house.Husband said “I don’t give a sh**. This is her idea” Ended up renting in town.
Young family, parents and adult siblings. One liked it all, the other didn’t like the house.
Couple from NYC, husband was a professor. Wanted us to build a road to the back 40(about $100k with county/state oversight required). Wanted to do ‘prairie restoration’ (this is hill country, driftless area, not prairie.) Ended up making an offer and setting up escrow on another property, specified all new appliances and then reneged on the offer. Last heard, lawyers were involved.
Older couple looking for adult son who wanted to “grow trees”. Loved it all. Son was last heard of in Thailand. Son is ‘in the solar energy business’.
Young couple who own 2 homes in the Chicago area, came back several times and spent time on the acreage. Liked everything but cannot sell their Illinois properties.
Young couple who had a plan for a permaculture set-up. In the end, they cannot sell their Seattle property. Their financial planner told them they can’t afford this property. Their business advisor told them their plan was flawed.
BTW, their plan was to run heritage hogs in a draw that drains into a river. Who has financial planners and business managers w/o a business in their 30s? Is this common?
Young couple with kids, loved the land, wanted ‘some land’, not the house/buildings. Husband wanted to ‘restore the land for wildlife.’ It is pristine and full of deer, turkeys and other critters, apples, oaks, blackberries. Have property in Madison area, which we hear via children of friends is all very high priced/high taxed. Came back several times and requested to view the house in the evening December 30.
Hunters from Colorado who wanted hunting land and were outraged at the price, which is lower than comparable land in CO. Realtor called them on their unreasonable expectations with no real result.
3 of the above were rude and condescending. One left us with the impression that they were going to be trouble of the demanding and abrasive sort. Most seemed to be angling for a lower price.
We are listed with a nationwide realty company. Marketing is good. Realtors do their job and follow up. Several showings by other realtors.
Many people want a turnkey dream house or land only. They have unrealistic ideas of going prices (locally, .85/ac with river through it, which means it likely floods,is currently listed at $69k. Comparables are $2300-$2700/acre not including the waterfront or improvements). They have only a vague idea of rural life.
For contrast, we bought a 6-room, 63-year-old hand-built house with a few improvements like plumbing and propane heat and a tottering 1950s barn and put in over $150k of improvements with mostly our own labor over 43 years. We turned former hay and corn land into meadow, with groomed trails. It is superb hunting and fishing land. Taxes are currently low due to managed forest and the price we paid in 1975. The house needs kitchen and some floor covering upgrades we cannot afford at the moment. Our plan going forward is to further reduce the price, specify all or nothing (no separate land sale) and as-is.
Most national stats are for houses in towns. Conventional mortgages don’t cover excess land unless you use Federal Farmers Home programs and this property has not been cropped for decades.
Anyway, just the view from where I sit.