Waffles, Home Buyer in Hillsboro, OR

I'm looking at buying a 5 acre lot with NO water rights. How does that impact value?

Asked by Waffles, Hillsboro, OR Wed Apr 4, 2012

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Helpful postings everyone. Thank you.
1) Our goals for the property are primarily as a view... but that doesn't dictate what it's market value is. How do I determine that?
2) We confirmed that the lot is designated as buildable, but has NO water rights whatsoever. How would I go about determining market value?
3) The lot is on a critical water area and has no water rights.
4) Anyone know a good RURAL LAND APPRAISER (or agent that specializes in rural land deals) in Washington County?
Thanks again everyone!
0 votes Thank Flag Link Wed Apr 4, 2012
It effects value period. Most people purchasing land are doing it for future profit to turn it into highest and best use. Without water it is just dirt that has limited use and its best use is as is, no dwellings, livestock, irrigation etc.

What are your goals for this property and will it fill your need as is? If it will fulfill your current needs then that is your choice. If you are looking at using the land as is and speculating on future profit then there better be some water available.

http://www.quality-real-estate-service.com


Kevin Sucher
Principal Broker
503-214-4139
ksucher@prunw.com
0 votes Thank Flag Link Wed Apr 4, 2012
That will depend on what your interest in the property is. Are you wanting a property that you can irrigate the full 5 acre lot? Then the value will not be as high for you because it is not there. If you are looking at buying it because you just want the 5 acres for the privacy or the beauty - the value will be there for you in that sense. It is difficult to give values -without know what your wants are. I can tell you that in todays market water is a serious issue.
0 votes Thank Flag Link Wed Apr 4, 2012
How are the wells in the area? Some of Washington and Yamhill counties have public water for a reason, no water when a well is drilled. So figure out from the county if that area can get water when drilled and figure on going a ways, hilly lands are 200' or more in good water areas, there it might be further, and again why public water is available in some outlining areas outside of the cities for a reason. No water, no value, or a very costly expense to get it, effects value a lot.

Best to you.

HLR
0 votes Thank Flag Link Wed Apr 4, 2012
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