http://www.phillyburbs.com/pb-dyn/news/112-09112006-710612.html
Wharton just got a little bigger, and the girl scouts quite a bit richer!
Guy
Wharton just got a little bigger, and the girl scouts quite a bit richer!
Guy
Girl Scouts, DEP reach deal on Medford camp
- Thread starter Teegate
- Start date
well, I am always happy to see land preserved but isn't 2.4 million alot for a 158 acre easement? Maybe not. Property values in that area are very high. They'd have to sell a lot of cookies to make that sort of $.
Jeff
Jeff
Well I don't know whether that land would have been developable if sold on the open market. However I just sold my property in Medford, so this might offer a little insight. My house needed a lot of work, so my realtor did a little research to determine whether we should market the property as a "tear down" or actually sell the house. I had 3.2 acres, all woods right up to the house. We decided it was worth about $250,000 just for the land so we gave up on the tear-down idea as the house added value to the deal (I sold for about $300,000 in the end).
However, using the number above:
$250,000/3.2 = $78,125 per acre
And 158 acres x $78,125 = $12,343,750.
But of course that assumes you could develop the land. Even so, it seems like $2.4M isn't excessive. You couldn't even buy two "McMansions" for that price in Medford today
However, using the number above:
$250,000/3.2 = $78,125 per acre
And 158 acres x $78,125 = $12,343,750.
But of course that assumes you could develop the land. Even so, it seems like $2.4M isn't excessive. You couldn't even buy two "McMansions" for that price in Medford today
And 158 acres x $78,125 = $12,343,750.
But of course that assumes you could develop the land. Even so, it seems like $2.4M isn't excessive. You couldn't even buy two "McMansions" for that price in Medford today
Looking at it that way it appears it was a good deal. And if it saves some plants or animals, maybe even a great deal.
Guy