Any suggestions on selling recreational property?

11 years ago

Dh and I own 20 acres in a rural area. We have tried to sell it in the past on craigslist and local classifed ads but no success. We really don't want to bring in an agent because the land is not worth that much in the first place. It is beautiful and has complete access to a road but in our area there are 20 acre parcels by the dozen!! Any ideas on how to sell this land? I know it can be done!! :)

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Comments (10)

krissie55
11 years ago
In this down market 20 acres in the middle of nowhere will be hard to sell. Is the property near a lake, maybe in horse country, etc.

Are the other small parcels for sale or have houses built on them?
What attractions are in the area?
How far is it to a town or city?
How good are the schools in the area?
Is there a water supply on the land, maybe a well, etc.?
Is electricity nearby?
How far off a main highway is the property?

All the questions above are relevant to attracting a buyer.
mojomom
11 years ago
You say it is recreational property. What type of recreation? Here recreational property usually means hunting land or, if waterfront, fishing. There are agents that specialize in that type of land and market to the target buyer pool statewide and, with larger parcels, regionally.
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3 showings in 3 months is pretty telling as is the "buts" that the viewers mentioned. Anytime a viewer says that they love it but... what they really mean is that the price would have to be lower to cancel out that but. Your new agent will need to work to give you an accurate assessment of the market and you will have to be open to what you may be told. Anyone who tells you that your home is "worth" 925K and then you have to drop it 225K to get even 3 showings is either clueless or doesn't have enough gumption to tell you the truth about the pricing that you don't want to hear. Any home priced 500K above those of it's neighbors, even if they are smaller and with less acreage, is an anomaly for the area. As such, there may be no true accurate comps. That always bodes poorly for the most expensive home surrounded by less expensive ones. In real estate, location is everything. It counts more than amenities. It counts more than acreage. A million dollar custom home in the middle of a nowhere cornfield in agricultural Iowa surrounded by modest homes that price out at less than 100K will have a very hard time even selling for 300K. Put that same house in a tony Detroit suburb where homes go for twice that price, and you might get well above the 1M because of the location and the value of it being the cheapest house in the neighborhood. You can't escape your location. All you can do is price it low enough that the location is enticing.
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Hi, I'm a realtor in Greenwich and thought I'd weigh in on the question. As with any profession, there are some agents who probably aren't the greatest, but there are lots of us who work really hard to know our markets and do the best for our clients. Having said that, my recommendation is for your sister to stick with a local Broker to market the property. A good broker will know when it's appropriate to market outside of Southbury and better yet, where that would be (NYC? Hartford?, etc.). These days most ready, willing and able buyers are working with agents. Those who aren't are most likely still in the preliminary phase of their search which means they aren't truly prepared to buy. Also, I have quite a few clients who are relocating from NYC but they almost always come to me through referrals. Truth be told, Manhattan brokers are not that focused or knowledgeable about the CT market; they tend to pass along clients to local agents and collect a referral fee once the transaction closes. Likewise, I would be doing my clients a disservice if they were interested in NYC and I did anything less than match them up with a top-notch agent. Lastly, I agree that price might be an issue. These days buyers are looking for bargains or are very picky about what they buy. The agents in Southbury are going to know the market best so make sure a couple of them weigh in on price. Sometimes it makes sense to show the Sellers a couple of comparative properties on the market so that they understand why their house should be priced competitively. Hope this helps.
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booboo60
Original Author
11 years ago
Thanks for the responses! Yes, there is a large lake nearby and it is considered prime hunting area. No well on the property and it does border a road which has power along the road so building is a possibility. I guess I will just have to "highlight" more of those features. I have pictures posted also. Thanks for the help!
mojomom
11 years ago
Google "hunting land for sale" and your state and you'll probably get some good ideas and see who the major realtors are in the area. You'll also see how the land is advertised and might get some ideas on where to post.
marie_ndcal
11 years ago
If it is prime hunting property, could you contact some of the hunting/fishing clubs in the area? They might be interested for building some sort of cabins etc.
User
11 years ago
A lake "nearby" doesn't make it recreational property. Lake access does. 20 acres is too small for any real hunting to take place unless there are reciprocal agreements with adjacent property owners. If any adjacent property owners are Posted, then that takes that bit of attraction away. True hunting property is measured in the hundreds to thousands of acres.

Think back to what made you buy the property in the first place. Why did you buy it? That's who your target market is.

However, you are not going to reach that target market without putting in on the MLS to be visible. You need a realtor, even if they are a flat fee realtor.
booboo60
Original Author
11 years ago
Thanks for the advice 'live wire oak'. It's true what you say; I was just trying to think of things to "lure" people to the property. The lake is a national recreation area and the property is only minutes away. As for the hunting we own some of the property bordering this one and there is alot of state land in this area that allows hunting on it. Not to mention a home could be built on it or a manufactured home. I suppose it should be listed with a realtor; at least I wouldn't have to deal with it!!!
azzalea
11 years ago
One thing you may want to look into is how difficult it will be for people to build on this property--if that's their inclination.

I have a friend who has some riverfront property. Her plan was to sell their house in the city, and build a home on this lovely piece of land. Well, she did sell the house, moved in with a family member in the meantime--and tried to get her plan started. Thanks to the environmental regulations imposed by the EPA, she's now up to about $50,000 that she's spent, without ever moving so much as a 'tablespoon of dirt'.

Trying to build on natural land can be VERY difficult, and extraordinarily expensive. You're going to have to consider that as you try to price this parcel. Many buyers are going to be aware of the uphill battle they're going to have.

Oh, and my friend? 4 years later, she STILL can't build, her resources are about depleted, she's trying to sell off a couple of lots from her parcel--but hasn't been able to find anyone interested. And this land is not just recreationan in itself--being riverfront property--but it's not far from some of the shore resorts. So it's a great location.

I, too, think a specialized agent, one who is enthusiastic and will know how to market this property is going to be well worth the cost of his commission. It may be the only chance you have to sell for a decent price.
booboo60
Original Author
11 years ago
azzalea,

Ah, I feel for your friend on regulations and permits, etc.!!
We built our house on exactly this same type of property that we now are selling. But, we investigated ahead of time into what it would take to build in this area. While we had no environmental issues, heck, the only permit we needed was from the county to build the house and it was cheap! However, we had to clear, excavate, put in a well, a driveway but there are no regs like that here, it is still too rural; beautiful country, untouched by politics so far :)
barbcollins
11 years ago
azzalea - Tell your friend I feel her pain. But at least she still has a chance.

We own property in a subdivision on the Severn River. Even though there are houses all around us, the county health dept has stonewalled us.

Any suggestions on selling recreational property?

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Any suggestions on selling recreational property?

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krissie55

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