Posted: 4/2/2008 4:12:18 AM EDT
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Hello all, I and three other friends all travel to Burns/Crane every Spring for an annual get together. I found some land out there at $1000/acre. From an investment standpoint the four of us could basically chip in ~ $200/eack a month for an 80 acre place. Is 1000/acre reasonable for that area? With so much BLM land around will the land appreciate? Think it would appreciate > 5% YoY? As an investment I would need > 5% to get the idea past the wife. The are will be a base of operation for our annual shoots in the area. Two of us are in OR, one in WA and I am in NJ. Thanks. |
Has any of you looked at it yet? Does it even have access road?|
You should check with a local Realtor or Appraiser for the value (IIRC there is an appraiser in Salem that specializes in property like that (large farm/ranch)all over the state). That land is most likely not buildable. Probably zoned Exclusive Farm Use or Farm/Forest. You need to check. That being the case, it's farm land and isn't going to appreciate like you think and will also be a real PITA to sell if/when that day comes. |
+1 We are seeing record number of forclosures right now and just getting worse every day. IMO, people are scared who may be the next president. I think people investing now will have to hold onto it for 10 years to get their money back. |
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Coming in from NJ 1000 an acre is crazy cheap. The pictures looked ok in that there is some elevation, some trees, road access, and a well. In NJ a 80' x 120' lot cost $150000. Just curious since we go out there quite often and that about setting up some type of camp. Not really worth it as a vacation property since it won't appreciate and there is VERY little to do out there. Just a crazy idea since I have been cooped up all winter here in NJ and I have two rifles that I just built for my trip out to Burns next month. |
But it's apples & oranges, roptics. Even the "deep" NJ woods are closer to larger metropolises than the OR area you're describing (which means they are probably going to appreciate faster than OR land will). Also, and you didn't ask about this so I'm just tossing it out: I would strongly recommend that you & your partners draw up legal papers re: the purchase and use of the property, as well as the procedures you all agree to in the event one person doesn't hold up his payments, or dies, or wants to sell his stake, etc. Partnerships have been known to make enemies out of former friends, because these issues weren't considered in advance. /soapbox |
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Yes completely different types of place. This was more a mental exercise I guess. If someone would have come back and said "that price is a rip-off land really goes for 500/acre" then the price would be low enough that the risk and financial burden would be very small. Not worth risking friendship though as getting four guys to agree over money and resources is difficult to do. We'll all just support the local Days Inn, Apple Peddler and the nice Steak place. |
| If you're interested in the land for something other than an investment, then go for it, just don't put all of your apples in one basket expecting a 100% return over the next 5 years, because that just isn't going to happen. If you're going to use it for personal use, then buy up a few acres. I just wouldn't expect the price/ acre to come up in the next few years, it will probably fall quite a bit before recovering and that can take years. I would expect the price to come down over the next year or so, that would be the time to buy. |
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If there was any way for you to do it, I would. This is the way I look at it. You buy it now cheap. You get to hunt on it and so do all of your friends from the OR forum.. You teach your kids to hunt on it. You give to them. So on and so on. If somewhere down the line you have to sell it, oh well. It gave you a spot to hunt and camp whenever you wanted. BIGFOOT |
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Well - there is a reason it is so cheap... I don't see Burns as the next Bend or anything like that. I'm tempted my self from time to time - there seems to be a lot more inventory on the market than there has been for the last 5 - 10 years. Even in more expensive lots closer to civilization. I'd love to have 40 - 80 acres as rereational property. I guess it is all how you look at it - is it an investment? Not really, but it is probably a safer place to put your money than buying a boat. 
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I would look around Burns. You might be surprised what you could find for $80,000. You might even find something better. To let you know about values a friend and I bought 9 acres outside of burns in about 1999. It had a dirt road access, a small creek and about eight trees. Sales price was a whopping $4,000. He sold it about three years ago for $9,000 (I think). Land there is cheap. It is remote as you may well know. Good luck. |