I received a small parcel of land in an inheritance (4 acres), in South Armagh. This location is not suitable for a site. On balance I would prefer to sell this to a neighbour without a public sale. I'd be happy to sell at a small discount, but I don't want to be too soft. How are land prices moving? Opinion seem to be that they are not declining much even in present circumstances.
Where in South Armagh?
There are 4 acres for sale outside Camlough that you will never get planning on and it is valued at £50k.
I think there was a thread on here like this a few weeks earlier.
I'd say your looking at somewhere between £10-15k an acre, therefore £40 -£60k.
http://gaaboard.com/board/index.php?topic=12635.0 (http://gaaboard.com/board/index.php?topic=12635.0)
Quote from: Donagh on July 14, 2009, 11:12:47 PM
http://gaaboard.com/board/index.php?topic=12635.0 (http://gaaboard.com/board/index.php?topic=12635.0)
Those figures are the Jan 09 returns. The mid year figures are due out shortly and will reflect the current economic climate. Diary farmers are struggling massively when in previous years they would have been able to buy any neighbouring farms that came on the market. Arable farmers had a poor year last year and the price for crops in general has fallen from the peaks of 07. There was also a lot of developers buying land for tax reasons and this has definetly come to a stop.
A reasonable sized farm in good condition will still make good money but the days of £12k/acre plus are gone. A 40 acre farm was auctioned in Co Derry about 6 weeks ago. It had been on the market for a long time asking for offers over £400k. Now the ground required drainage work and reseeding but should still have made £300k easily. There where only two bidders on the day of the auction and the hammer dropped at £244k.
Quote from: oakleafgael on July 14, 2009, 11:33:50 PM
Quote from: Donagh on July 14, 2009, 11:12:47 PM
http://gaaboard.com/board/index.php?topic=12635.0 (http://gaaboard.com/board/index.php?topic=12635.0)
Those figures are the Jan 09 returns. The mid year figures are due out shortly and will reflect the current economic climate. Diary farmers are struggling massively when in previous years they would have been able to buy any neighbouring farms that came on the market. Arable farmers had a poor year last year and the price for crops in general has fallen from the peaks of 07. There was also a lot of developers buying land for tax reasons and this has definetly come to a stop.
A reasonable sized farm in good condition will still make good money but the days of £12k/acre plus are gone. A 40 acre farm was auctioned in Co Derry about 6 weeks ago. It had been on the market for a long time asking for offers over £400k. Now the ground required drainage work and reseeding but should still have made £300k easily. There where only two bidders on the day of the auction and the hammer dropped at £244k.
[/b]
Massive drop. £6k an acre ??
Quotehttp://gaaboard.com/board/index.php?topic=12635.0
Thanks for that, I missed that one as I was away then. The plot was valued about £50k in the will, two years ago. I suppose my question is whether this figure would be drifting down at this stage.
I know it is obvious, but it is only worth what someone will pay for it. In agricultural terms 4 acres is small fry so I doubt you'll get people queueing up for it at public auction unless they have other easily accessible land nearby. Get it independently valued and then approach the neighbour with a suitable price.
Why don't you hold onto it and let it out? One good lot of fencing (including for sheep) will see it right for several years with very little overheads and a bit of a return.
It all depends on the quality of the land too, though. I've never been in that part of the world so wouldn't know.
Oakleafgael, where in Co.Derry was that farm sold and who bought it do you know?
i would say to the neighbour if you asked anywhere between 10k down to and no lower than 6k you would be happy and if he required it so would he.
Quote from: Aerlik on July 15, 2009, 10:07:47 AM
Why don't you hold onto it and let it out? One good lot of fencing (including for sheep) will see it right for several years with very little overheads and a bit of a return.
It all depends on the quality of the land too, though. I've never been in that part of the world so wouldn't know.
Oakleafgael, where in Co.Derry was that farm sold and who bought it do you know?
I still can't take that in - 6k an acre.
Quote from: orangeman on July 15, 2009, 10:15:41 AM
Quote from: Aerlik on July 15, 2009, 10:07:47 AM
Why don't you hold onto it and let it out? One good lot of fencing (including for sheep) will see it right for several years with very little overheads and a bit of a return.
It all depends on the quality of the land too, though. I've never been in that part of the world so wouldn't know.
Oakleafgael, where in Co.Derry was that farm sold and who bought it do you know?
I still can't take that in - 6k an acre.
Been people paying £14k an acre not so long ago. You'd be rightly sickened hearing that if you paid way over twice the money.
Quote from: TacadoirArdMhacha on July 15, 2009, 12:08:33 PM
Quote from: orangeman on July 15, 2009, 10:15:41 AM
Quote from: Aerlik on July 15, 2009, 10:07:47 AM
Why don't you hold onto it and let it out? One good lot of fencing (including for sheep) will see it right for several years with very little overheads and a bit of a return.
It all depends on the quality of the land too, though. I've never been in that part of the world so wouldn't know.
Oakleafgael, where in Co.Derry was that farm sold and who bought it do you know?
I still can't take that in - 6k an acre.
Been people paying £14k an acre not so long ago. You'd be rightly sickened hearing that if you paid way over twice the money.
Not half - building sites that used to fetch £150k must be at least half price now as well.
Quote from: orangeman on July 15, 2009, 02:18:40 PM
Not half - building sites that used to fetch £150k must be at least half price now as well.
You'd have thought so but the vendors still aren't biting - I'd had two reasonable offers refused in the past three weeks. I think those press reports of improvement in the market has given hope to them to hold off for a while.
A boy down by Castlewellan is still holding out for £600k for 16 acres of the stoniest land you ever seen and an admittedly well designed (unfinished) house - even the agent has told him to wise-up but he's got the figure into his head. Another not to far away is looking £350k for 12 acres of hill land and a ruined house. The owner of a 1 acre site I'd jump at in the morning is also not budging from £225k, despite the place being almost flooded every time I've been down to look at it. Still time is on my side, so I'm prepared to hold out for a good while yet for the right property.
Quote from: Donagh on July 15, 2009, 02:43:10 PM
Still time is on my side, so I'm prepared to hold out for a good while yet for the right property.
Property prices have dropped 10% in the last 3 months.