Monday, September 21, 2009

They've stopped making it

So we live in rural Massachusetts (yes, there is such a place) on 40-someodd acres of "house lot." Basically, we bought the extra land from Love's parents and had it made part of our house lot for tax purposes. At some point we might have it become forestry land, which could be even better, if it's long-term enough.

Just recently we learned that two "house-lots" right across the "street" from us are on sale for half the price they were last time they were offered. (The house lots are probably actually buildable, but certainly not easily buildable. The street is a dirt road.) In addition, the owners are willing to sell about 19 acres of backland (past a bridge that would need serious updating before any of it is legally buildable, on a road that is drivable only by offroad vehicles) for a not-too-unreasonable price.

We'd love to buy it, but right now we have no equity. We'd basically have to take out a loan on the equity from the land itself at a much higher interest rate, which we don't want to do, and the taxes would go up too. That's if we could get a loan at all. (Our credit history is impeccable, Love's job is very safe for his industry, but can you blame the banks for being wary right now?)

I would like us to at least make some sort of lowball bid on the land, at least the backland (really the best investment; doubles the amount of house lots we could get if we ever did the road). The last two owners have had to sell the land quickly for negligible amounts due to not paying taxes, so if it happens again, why not sell to us? Not sure what we are going to do.

Right now houses aren't even moving, so house-lots are not in demand, much less backland. Our financial position is stable--we're living the American dream with our house that the bank really owns--but we don't have the kind of free cash that we'd need to do this lightly.

Don't know whether anyone is actually interested in this. If, however, someone who reads this is looking for a place to build, I could give more information, I guess.

Labels: ,


Post a Comment

<< Home