Hunting Property is Hot

For the past month, one of the top requests I've been getting is for hunting property --- raw land with 20 plus acres, cabins on 20 or more acres, or cabins on 5 to 10 acres that back up to state land. The price point among these buyers is remarkably consistent --- they're looking at about $100,000 for something with a cabin, or $50,000 or so for raw land. Unfortunately, it isn't that achieveable price wise here in Sullivan. Even going into the $150,000 to $200,000 range for a cabin or house with some acreage, pickings are slim.

I'm not sure how these buyers are fixing their price range, but I suspect it has something to do with a listing in Delaware County about 5 miles north of Roscoe that shows up in the MLS and online searches. It's a house on 32 acres listed for $89,900. It's on Route 7 (Rockland Road), not a back country setting, and the house needs some work. It's generated a lot of interest and multple bids.

But this is the exception rather than the rule. Something that occurs periodically in different property categories is that s single bargain priced listing can drive interest. I see it in the lakefront space all the time. Occasionally there will be a 'lakefront' listing in the $150,000 to $175,000 range, and it will spur inquiries from buyers looking for lakefront houses under $200,000. That $150,000 lakefront house may have some significant drawbacks, in terms of what many people think of as their dream lakefront getaway. It may be on a very small, shallower 'lake', be seasonal rather than winterized for year round use, or have significant structural issues. But it still sets the expectation of getting a lakefront getaway for $150,000. Until the listing drops out of the MLS, either because it sells or expires, it will generate a regular stream of inquiries for lakefront houses in that range.

That's what I think is going on with this property north of Roscoe. It's single handedly driving this interest in hunting camps in the $100,000 range. The listing came on the market on November 12th, and shortly thereafter this regular stream of inquiries started. Some reference this house, some don't. But even if they don't mention this particular house, these buyers have likely seen it online and that's generated the interest.

 

Comments

[Chris]

You are wrong David. It has nothing to do with a single listing in Delaware. Hunters will pay what they can. The buyer sets the market, not the seller. I am seeing large parcels with capitulating sellers. I made a 140k offer on a parcel listed for 275k (74 acres) in Tompson. Seller countered at 165k.....I was all excited. My wife said NO. Hunters have familial limitations. Sorry.

[Chris]

Anyway, Sullivan isn't that good for hunting.Too many pines. Better off in ulster (in the vicinity of real working farms) or Greene county. Northern Delaware is great. Pa is spectacular. Hudson valley is good too.