Navigating the Evolving Market of Rural Land in New York State
There was once a time when rural land was primarily purchased by dairy farmers or beef operations seeking a sustainable location to conduct their businesses. While these operations continue to be strong options across the state, New York land owners have been forced to consider how a once traditional pool of buyers has significantly changed over the past decades.
Yet for rural land owners looking to sell their property, there is good news. According to Allen Olmsted of New York Land for Sale by Canaan Realty, a leading brokerage for land sales, the uses of rural land are evolving, affording sellers opportunities to attract new kinds of buyers.
“We’ve seen several alternate uses for rural land, from alpaca farms and different types of livestock to windmill operations,” says Allen. “Sellers have to think outside the box, which is where we come in. There is good reason to use a land specialist who can identify alternate land uses that would be economically viable, as well as generate market value for the real estate.”
Identifying Alternate Uses
Across the state of New York, Allen has noticed that agricultural types of rural properties aren’t as appealing to traditional dairy and cattle farmers – especially for those who operate small businesses. Whether the industrialization of these industries or emergence of alternative products to meat and dairy are to blame, rural land sellers have been forced to change their game.
“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.