Pictures of our new farm in Ky, finally

Ugh, if you gotta ask you can't afford it, that's why I didn't ask, beautiful place there.

Long story short,

This farm was listed for sale in 2009 for 1.2 million, it would have never brought that in this area, no matter the economy.

Original owner spent $750K in 2006 for farm and all buildings, he over spent in this area.

2008 he went broke (Insurance salesman and financial planner, go figure!)

After foreclosure and his death (Cancer) I bid $455K at public auction, bank bid $470K (Sept 2010)

In March 2011 I purchased it directly from the bank for $355K, (100K less than I bid 6 months earlier)

The bank never lost a dime, they probably made money! (Fed mortgage insurance, tax payer rip off).

Chance of a lifetime, I'm blessed is an understatement!

Bk

BK, damn dude! I'm glad the Karma bus is going your way. You gotta be helping people or something. Good for you!
Cracker.

A 180 acre farm down the road from me just sold for $1.3M. And the only buildings on it needed (and were) torn down. The marcelous shale gas boom is making land near impossible to purchase here now.

That land was bought by an investment company with the prospect of gas wells or gas transfer station. About 3/4 of the ground was nice tillable ground, the rest old woods ready to be logged. There were alot of people interested in it, my self included, but the sticker price had everyone laughing. Now everyone thinks their land is made of gold.

I'm starting to look now in hopes that I can find something I want that I can afford in the next 5 years. I have a nice place now, but not somewhere I want to live forever.
I would have jumped on a place like that, did what ever it took to find the $ to buy it.

Great find!

bk, what do you figure for taxes & upkeep per year? Just want to compare to available land we've got around here.

What a buy! Great job. The place is beautiful.

First year taxes were $2500. this year they will be $1500. due to being based on the actual sale price of the property, as far as upkeep we cut 350 round bales of hay last year and grew 5 acres of tobbacco, that helped with taxes and insurance.

Yep, we learn to use everything including the oink to help out. Those numbers aren't at all bad.

Very nice...
That price will get you .5 acre and a 3 bed house on The Cape...
Get close to the water and the price goes way up...
Near that original asking price of your farm...
Prices hear are also getting closer to the earth...
Watching a house now that has dropped 100k in the last 6 months...
Needs to drop another 100k to reflect the current market...
Right place, right time, good karma...