Fair price for 1 acre at rear of house?

marizpan

Hi,
We rent an 8 acre field from our neighbouring farmer. We keep horses and poultry etc so this really suits us and the land is a small outfarm for the farmer. He offered to sell us a couple of acres @ 70k per acre about two yrs ago. We didnt buy! Part of this 8 acre field has planning for new roads etc which just leaves which is at the rear of our house. It is in a restricted plannin area also. So what is a fair value for one acre directly at the rear to our house? Please dont tell me 70k
Thanks

Turbury

Its difficult to say without knowing speciffics, land quality/access etc. but as a guide the average price/acre for Agricultural land for the first 9 months of 2008 was €16k.

If restricted planning then you are really talking about agricultural prices and these are dropping all the time. Certainly 70k is way too much unless the new roads are increasing the value?

irish_bob

marizpan wrote: »

Hi,
We rent an 8 acre field from our neighbouring farmer. We keep horses and poultry etc so this really suits us and the land is a small outfarm for the farmer. He offered to sell us a couple of acres @ 70k per acre about two yrs ago. We didnt buy! Part of this 8 acre field has planning for new roads etc which just leaves which is at the rear of our house. It is in a restricted plannin area also. So what is a fair value for one acre directly at the rear to our house? Please dont tell me 70k
Thanks

small parcels always command a higher price but what dictates the price of land more than anything else is how much local interest thier is , would this land be attractive for other parties

as regards the price of agricultural land , its dropping by the day and i suspect it will be well below 10 k an acre on average by the end of this year and lower within a few years , returns from farming did not drive up the price of land in the last decade , the building boom did , that is now dead and farming is not so hot either so the only thing to keep it up is irish peoples inherent obsession with land itself

land which is designated for roads never commanded the kind of money that develpment land did so he has his ****e in asking 70 k and acre , its a buyers market at the moment , i would not pay more than a 100 k in total for a parecel of land that size in the present market , id wait a while

marizpan

Thanks,
Nice to no what is a fair price. it is just a parcel behind our house, so no other interested party as no access. thanks.
If we made an offer, what would be reasonable, enough that he would consider it. he is a nice man and doesnt need the money. just isnt interested in the hassle of such a small outfarm when he has a lrg farm himself.

irish_bob

marizpan wrote: »

Thanks,
Nice to no what is a fair price. it is just a parcel behind our house, so no other interested party as no access. thanks.
If we made an offer, what would be reasonable, enough that he would consider it. he is a nice man and doesnt need the money. just isnt interested in the hassle of such a small outfarm when he has a lrg farm himself.

this is business , its irrelevant how nice a man he is , money is scarce , i would not offer him a penny more than 100 k for the entire holding but i would not make that my 1st offer , suss him out , he will most likely talk about land going for 20 k an acre as recent as the begining of 2008 , that might aswell be ancient history with whats happend in the recent economy so its irrelevant