Market Conditions in Ellijay>Question Details

Joann, Home Owner in Ellijay, GA

what is the going rate for land in Gilmer county GA-- no water / no road frontage/ on a ridge?

Asked by Joann, Ellijay, GA Tue Mar 1, 2011

there is some land that backs up to ours and we thought we might offer them something fair but within the market today

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3
Joene DePlancke’s answer
If it has no road frontage, i.e. is land locked, it has little value to anyone other than adjoining property owners. Only other usage could be for the timber. Do you know if it has been timbered in the last 30 or 40 years? Are the trees hardwood or pine? It also makes a difference which part of the county the land is located within. Can you give more precise location?

If the trees aren't large and it is truly land locked except for access through the owners property, it may only be worth 3 or 4 thousand an acre. But if the owner can give an easement through his property and if there are great views from the ridge, it may have a lot more value SOME DAY, but not any time soon since there are so many beautiful lots on the market with roads and utilities already established.

Hope this helps.

Joene DePlancke
Better Homes & Gardens Real Estate Metro Brokers - Ellijay
0 votes Thank Flag Link Tue Mar 1, 2011
JoAnn has given you a good perspective on the probabilities. However, you should maybe contact a real estate agent in Gilmer County to have a Comparative Market Analysis prepared which will take all those points she made into consideration and tell you what the market may bear at this time. Talking to a real estate agent does give you the most accurate information but does not tie you down to listing at this time if that is not the most practical thing to do. Banks are not inclined to lend on unimproved land at this time with so many foreclosed properties out there, but if you can afford owner financing, it might be an option.

As in any major decision, gather as much information as you can to make your decision. You seldom make money when you sell a property, but rather when you buy it.
0 votes Thank Flag Link Wed Mar 2, 2011
On these types of deals recommend to an appraiser who does land

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Tue Mar 1, 2011
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