I have a friend that has 20 acres of land in Mount Ida, Arkansas, which he is looking to sell. He bought 20 years ago and doesn't have a good idea of what land is worth. He didn't have good experience with local broker. I have looked online and haven't found much information. I am from the East Coast and have no idea of property values in the area. The property is near intersection of route 92 and 30 in Mount Ida, part of the property is on the South Fork Ouchita River. Any thoughts or if you can point me in the direction of how to get idea of what the land is worth would be appreciated.
I would go to zillow and check the comps for recent land sales in Arkansas and make your best judgement for the land value base on similar location.
What can the land be used for? Is it open farm land, wooded or hilly? A big consideration will be if it flooded last Spring, there was major flooding along the Ouchita last year.
Some land in Arkansas is still below $1k per acre, but in that area, I am not sure about the averages.
@Elizabeth I Winnals depends on wooded or cleared, sloped or flat, utilities or not, paved road or not, fenced or not... a lot of things can play into land value so it’s hard to determine without laying eyes on it... given all the variables I’d say it’d be as cheap as $1K an acre or possibly up to $4K an acre... if it’s in the city maybe a bit more. You gotta realize too that Mt Ida is just a hair east of the middle of no where so you might not have a lot of buyers if you ever tried to unload it.
Thanks for the information.
@Elizabeth I Winnals I am messaging you.
Mt. Ida is in Montgomery County; it's about 40 miles west of Hot Springs AR and about 40 miles east of Mena AR. That general area has quartz crystal deposits. If your friend owns the mineral rights that property might actually be more valuable than "just" undeveloped land. I'd suggest your friend check realtor.com, type in Mt. Ida AR and search for "land." There's a brief summary there that shows median price and "popular neighborhoods." I live in the northwest part of state and have some familiarity with that area. Message me if you want more general information.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing