US house prices in freefall -- redux

[DanS]

My sis follows that type of real estate in the Wayne National Forest area. She sends me links of property from time to time. If you let me know what type of land you're looking for, I can keep a look out.

In a pinch, now that the 33 bypass of Lancaster went in a couple of years ago, you could commute to Columbus from some of those areas. Because of the bypass, I doubt the land values will decrease -- sorry to say for you.

[Guynemer]

Well, we got married at an outdoor chapel about 6 miles north of Logan, and we've stayed in rental cabins in the area for hiking and whatnot several times. It's sort of our spot, you know? We talked about a wooded lot that we could build a little cabin on, but other than that, not much. We both figure the area north of Logan, with the state parks on the other side of 33, would be more affordable.

[Guynemer]

You DanSed me, you DanSing bastard.

[DanS]

I would widen your thinking to a little South of Logan too -- in the caves area. Of course, suit yourself.

In any event, there's a 130 acre plot North of Logan with a conservation easement (severe restrictions) that my sis and I were discussing. That type of thing interest you?

[Guynemer]

Depends on the restrictions. All we want is a cabin, a driveway, maybe a garage. We're not gonna get crazy or anything.

We just assumed that the land in the area around the state parks would be considerably more expensive than land north of 33... are we wrong?

[DanS]

As far as I have ever known it, yes you are very wrong (if I'm reading what you are saying correctly). The only money in that area is near Lancaster. Hide-Away Hills (gated community with couple-acre plots, lake, lodge, airport) is an example. With the Lancaster bypass, Columbus is now within reasonable striking distance of any area North of Logan.

http://maps.google.com/maps?f=q&hl=en&geocode=&q=Rockbridge,+OH&ie=UTF8&z=11

South of Logan is still dirt cheap -- it becomes increasingly less expensive as you go South on 33. This is somewhat counterintuitive, considering there are some strikingly beautiful wooded spots near Old Man's Cave and in and near the Wayne National Forest. The folks near McArthur have always lived a rather medieval existence, for instance. Not two wooden nickles to rub together among the lot of them.

[DanS]

My sis talked to the agent. You aren't allowed to have ATV trails or anything, so she wasn't interested in buying it herself. She didn't ask about bike trails, however (what I would be interested in). Plenty of places to build a house, but there are restrictions and you can only break the land into two plots. No commercial use. Timbering is restricted too... A very important consideration in valuing this type of land.

PM if interested and I'll shoot you a link. It's not for everyone, although knowing the area as well as I do, I can see why somebody might want to put these restrictions in place.

[Dinner]

Does no commercial use also exclude having orchards or something?

[DanS]

Oh yes, I would imagine so. Although in that area, the relevant restriction would be on tree farming -- a more commercial form of timbering, which is also restricted.

[notyoueither]

Can you give us a ball park of what that land would sell for, DanS?

I'm not buying, but am always interested in knowing values.

[DanS]

They're asking $2,500 an acre (i.e., E3,900 a hectare for the Euros among us). This is well below market because of the restrictions.

Near McArthur (farther away from Columbus/Lancaster and therefore less desirable although probably more beautiful), there's a 500+ acre plot available for less than $2,000 an acre, without all those restrictions.

[Kidlicious]

Originally posted by Ben Kenobi


How is renting an apartment the same as homelessness?

Rent is up and vacancy rates are down. This equates to people becoming homeless.

[Kidlicious]

Originally posted by Imran Siddiqui
[q=PLATO]Lenders today have tighted standards to the point that many otherwise qualified borrowers simply cannot get a loan.[/q]

This is quite true and something I don't see many on Ben's side actually dealing with. This is a major problem in trying to get into recovery. If lending institutions won't lend, then you are looking at a fairly lengthy recession until lending institutions feel confident actually given loans to qualified borrowers (and, of course, that'd just be the beginning of recovery).

Yep, and banks are storing up more cash than they are required to. Atleast, that's the way it stood the last I heard. That would make the claim that allowing them to hold less cash would end the credit crunch.

[Dinner]

Originally posted by DanS
Oh yes, I would imagine so. Although in that area, the relevant restriction would be on tree farming -- a more commercial form of timbering, which is also restricted.

Those are some terrible restrictions.

[Dinner]

Having a place out in the country with a pond and a couple of acres of fruit and nut orchards with few maple trees tossed in would be cool. What is the rational for these draconian restrictions? That it is forest land and so planting different types of trees would change the make up of the forest?