“Right now, we know there are a lot of rural properties in some financial trouble across New York, and a lot of smaller operators are going out of business,” Allen explains. “Therefore, sellers must know how to position their property for the changing real estate landscape of New York’s rural properties. They must ask themselves, ‘Are there other commodities we can promote to obtain this land’s value?’”

To help its clients navigate this evolving rural land market, New York Land for Sale by Canaan Realty has taken the lead in identifying alternate uses for their property. For instance, solar farmers have become a

favorable target audience across the state, thanks in part to some of the tax benefits that come along with harnessing the power of the sun. Operations producing hops are also eyeing real estate in New York, as well as those who maintain greenhouses.

But perhaps the biggest trend now happening in the New York rural land market is the increase of hemp companies interested in these properties. According to Allen, numerous hemp operators are currently looking for developing areas to grow, produce, process, and market their hemp products.

“Hemp can be grown in a large range of areas across New York,” says Allen. “Of course, the soil needs to be ideal for that, and having a qualified broker who can review your property and know if it would work out for a hemp operation is key. And if it’s not ideal for hemp, we can determine other types of operations that could be successful in that location.”

Avoiding Missed Opportunities

For rural land owners, however, identifying these alternate uses isn’t as simple as it may seem. There are many considerations that must be made – knowing what local zoning allows, how the sun hits the property, and the condition of the soil are just a few. But above all, it must come at the right price for buyers to make the leap.

“If you just assume the land will work for a certain use without looking into all of the aspects a buyer is considering, you could inappropriately price your property – or miss out on a sale altogether,” warns Allen. “The market has a very unique way of teaching sellers the value. If you’re overpriced, you’re going to be on the market for a long time.

“That’s why it’s so important to work with a brokerage like New York Land for Sale by Canaan Realty,” Allen continues. “We’re very comfortable with and aware of the unique diversities associated with rural land and acreage. We’ll help you understand whether your property will suit these types of alternate uses and price it appropriately.”

Those interested in selling or buying rural land can gain additional insights by watching the Ask Allen video series. For expert answers to your questions about the New York land market, send an email directly to Allen at [email protected] and suggest what he should vlog about next. For more information, contact New York Land for Sale by Canaan Realty today.