Land/Lots Sales Cherokee County 2017

How did land and lots fair during 2017 in Cherokee County?  Below you will find a report that details the sales numbers for each category.

So, why are numbers important?  It is important for consumers to understand statistics so they can be informed and make good business decisions. Land has long been considered as a speculative investment and made only by the wealthiest of investors. When Weiss Lake was first developed in the early sixties much of the land was purchased by investors hoping to see their investment increase over a period time.  Most received a handsome reward for their risk and some are still waiting for that return.

What needs to be understood about land is that unless you have a long term plan for it's use or an immediate short term use, vacant land (and I'm talking specifically about Cherokee County, Alabama) doesn't seem to have the same appeal as an "investment" as it did prior to 2007.  The building boom associated with Weiss Lake ended years ago and, while we do have buyers still wanting to build around the lake, land  is basically loosing it's investment appeal in the market place.  Hunting land and land suitable for row crops are among the top two categories of interest, but land sales in general is a tad slow.

I remember growing-up the underlying logic about investing in real estate was that you should buy land because "they are not making any more of it". Last time I visited my daughter in Atlanta I could see that the logic was in fact sound advice, land is in fact scarce in Atlanta and I am sure in other metropolitan areas as well, but the market we find ourselves in is Cherokee County.

 I recently attended a land auction where the lots that were being sold were waterfront lots 1-5 acres.  The lots were being sold by family members who inherited the land and the lake lots were part of the estate. These lots were previously marketed for sale for $75,000 and later reduced to $59,000. By any standard the lots should have sold at the market price, but years of trying to sell in the open market did not produce the intended results.

Just before the auction, the auctioneer announced that the outcome of the auction would determine the future value of land sales in Cherokee County. The majority of the lots sold for about $13,500 each, a couple for $25,000. These lots were valued for tax purposes between $30,000 and $60,000. Did this sale set the tone for future sales of lake lots around Weiss Lake? Let's hope not, but we will have to wait and see what 2018 brings.

While past sales are not an indication of future sales, they do give us a snapshot how the market is reacting to land so we can make plans for the future. While slow, the market for land is far from being dead.

While the following report does not indicate which of the properties are "water" properties, I can provide you with the following link which you can use to view each of the 33 water properties sold during 2017.  Click Here to View Listings 



2017 Land and Lot Sales by Category 

Class
Type
Price Range
No. of
Listings
Dollar
Volume
Average
Price
Median
Price
Average
DOM
Sold
LAND\LOT
S
ACREAGE
$5,000 - $9,999
2
$15,000
$7,500
$7,500
94
$15,000 - $19,999
3
$54,500
$18,167
$18,500
244
$20,000 - $24,999
3
$60,000
$20,000
$20,000
109
$30,000 - $34,999
1
$30,000
$30,000
$30,000
15
$35,000 - $39,999
1
$36,000
$36,000
$36,000
15
$45,000 - $49,999
1
$47,000
$47,000
$47,000
128
$50,000 - $54,999
1
$53,222
$53,222
$53,222
449
$55,000 - $59,999
2
$110,000
$55,000
$55,000
347
$70,000 - $74,999
1
$70,000
$70,000
$70,000
77
$90,000 - $94,999
2
$182,500
$91,250
$91,250
115
$100,000 - $104,999
1
$100,000
$100,000
$100,000
978
$110,000 - $114,999
1
$114,000
$114,000
$114,000
35
$115,000 - $119,999
1
$117,778
$117,778
$117,778
449
$125,000 - $129,999
1
$125,000
$125,000
$125,000
717
$165,000 - $169,999
1
$167,500
$167,500
$167,500
175
$200,000 - $204,999
1
$200,000
$200,000
$200,000
103
Sub Total
23
$1,482,500
$64,457
$53,222
231
LOT
$0 - $4,999
3
$12,500
$4,167
$4,000
253
$5,000 - $9,999
1
$9,000
$9,000
$9,000
20
$10,000 - $14,999
4
$49,500
$12,375
$12,000
47
$15,000 - $19,999
6
$92,400
$15,400
$15,250
72
$20,000 - $24,999
3
$66,000
$22,000
$22,000
149
$25,000 - $29,999
5
$133,250
$26,650
$26,000
125
$30,000 - $34,999
4
$123,000
$30,750
$30,500
238
$40,000 - $44,999
2
$84,500
$42,250
$42,250
118
$45,000 - $49,999
4
$186,250
$46,563
$46,250
695
$50,000 - $54,999
1
$52,500
$52,500
$52,500
80
$70,000 - $74,999
2
$143,000
$71,500
$71,500
273
$80,000 - $84,999
1
$80,000
$80,000
$80,000
994
$90,000 - $94,999
1
$90,000
$90,000
$90,000
97
$100,000 - $104,999
2
$200,000
$100,000
$100,000
405
$105,000 - $109,999
1
$107,500
$107,500
$107,500
106
$130,000 - $134,999
1
$130,000
$130,000
$130,000
132
Sub Total
41
$1,559,400
$38,034
$27,000
224
Deeded RV
Lots
$5,000 - $9,999
5
$29,100
$5,820
$5,100
38
$10,000 - $14,999
1
$14,000
$14,000
$14,000
310
$25,000 - $29,999
1
$27,000
$27,000
$27,000
9
$40,000 - $44,999
1
$41,500
$41,500
$41,500
50
$65,000 - $69,999
1
$65,000
$65,000
$65,000
26
Sub Total
9
$176,600
$19,622
$8,000
65
Grand Totals
73
$3,218,500
$44,089
$29,250
207

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