Tomorrow, 8-9-2013, there's a fellow who is auctioning off his 80 acre farm. No reserve. If a dollar is bid, that's what it will sell for. He's requiring a $20k earnest money from all bidders, but I have to say that this is either inspired or crazy.
You'll find the auction notice here.
I'm interested in seeing what this farm will sell for, as it's actually pretty comparable in size to mine; this one is 80 acres, mine is 70. This one has a house and barns, mine has a house and barns. I ended up paying around $6k/acre for mine. At the same number, this one should sell for $480k.
I'll be at the auction tomorrow. If you're there, say hello. I'll be wearing a red cabelas baseball cap.
Update: The farm sold for $815,000.00 That makes my $420k purchase look pretty darned good.
Hi,
ReplyDeleteI've followed your blog for a while, always appreciating your honesty and the matter of fact way you break things down.
With that in mind I was wondering if you had any thoughts about why the two properties were so widely different in price? With all the number crunching that goes on, ostensibly to reduce uncertainty, it seems like a huge variable.
Thanks for a very informative site,
(another) Bruce
Amazing. How did the tractors sell? Did you buy a new tractor?
ReplyDeletePrice differnce: open auction versus buying a bank owned property. The bank didn't want to be in the property management business. :-)
Jason