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.
New York Land for Sale Brings Recreational Properties to Lovers of the Outdoors
From the Adirondacks to the Finger Lakes region, and all the way down to the Southern Tier, an abundance of recreational opportunities can be found across New York State. This attracts avid outdoors lovers seeking the perfect piece of recreational land to call their own. And while selling to this type of buyer may sound like an easy task, property owners are learning that more goes into a sale than relying on the natural wonders of the great outdoors.
“Recreational property buyers consider several factors that sellers need to be aware of,” says Allen Olmsted of New York Land for Sale by Canaan Realty, a premier brokerage for land sales. “And these things influence the outcome of the sale.”
The Many Uses of Recreational Land
Hunting and fishing are often top of mind when it comes to the activities possible on a recreational piece of land. But according to Allen, there are many other reasons why buyers seek out this type of property, such as hiking, camping, snowmobiling, skiing, and boating. “A lot of times, we see families or groups of friends seeking out recreational land for a getaway in the woods,” says Allen. “Whether they want to hunt or use their RVs, buyers need to know the characteristics of the land to determine if that property will serve their desires.”
Sellers must take an accurate inventory of several characteristics when putting land on the market. For instance, the property’s location and physical composition are key, as the presence of water sources, hillsides, fields, and more dictate potential use of the property. Acreage, the types of wildlife, and other unique qualities can also influence the type of buyer interested in a plot of land. “The nicest type of recreational property to consider has a cabin or established structure in place,” says Allen. “It should also have clear trails, well-defined boundaries, and maybe even roadways. Easy accessibility enhances the property’s marketability and makes it easier for buyers to view.”
Special Considerations for Hunting and Fishing
While a property’s physical composition makes clear which kinds of recreational activities can be enjoyed, hunters and anglers have more to consider. For one, buyers need to know which types of hunting and fishing are permitted on the land, as well as which firearms and other hunting gear can be used.
“There are areas where you can only hunt with bows, and there are areas that can be hunted with everything – crossbows, rifles, shotguns, muzzleloaders,” says Allen. “Different areas dictate what can be hunted or fished, from whitetail deer, rabbits, and bears to salmon and trout. Daily limits are also a consideration.”
Hunters and anglers will also be curious about the concentration of their desired wildlife population, such as game birds and waterfowl, in any given area. And for the property to be especially appealing to hunters, it must have a reliable source of food and water to support the herds they’re after. “If the buyer wants to hunt whitetail deer, does the property have enough bushes, nuts, and other food sources that the deer can readily find and survive on?” says Allen. “Are there grass fields and a viable habitat for the species? These are questions buyers need answered upfront.”
Allen also mentions that buyers reach out to him regarding glamping, as well as the specific factors associated with that particular type of land purchase. Glamping refers to resort-style services offered to people interested in an experience more “glamorous” than traditional rural camping.
Rely on Allen
Whether an individual is interested in buying or selling a recreational property, it’s vital to work with an expert like Allen. With over 108,000 acres and $200,000,000 in total sales, he knows what it takes to match the perfect buyer to the right piece of land.
“It’s important they find a professional that understands the unique characteristics of each property,” says Allen,” and how it compares to other similar properties.”
For more information, watch the Ask Allen video series for additional insights or contact New York Land for Sale by Canaan Realty today. If you have additional questions about the land market, let Allen know what you’d like to hear him vlog about next by sending an email to [email protected]
How Taxes Influence the Real Estate Market
From residential properties in Buffalo, Rochester, Syracuse or Albany to commercial, recreational and agricultural sites across New York, all prospective property owners know that there will be taxes involved in their real estate transaction. However, the influence of taxes can impact more than just a buyer’s bottom line, as they also play a huge role in available inventory and how sellers are thinking.
“Taxes are inevitable in New York, but there are nuances that you should be aware of and consider as you’re buying,” says Allen Olmsted of Canaan Realty, a leading brokerage for land sales in New York State. “There are a few tricks to the trade for savings opportunities that a qualified and experienced broker can help buyers to navigate.”
The Timing of Taxes
Regardless of the type of land buyers are looking for, all property owners share a common consideration – how the timing of certain tax bills may influence their decision to sell. According to Allen, taxes at different times of the year tend to motivate a seller to list their properties on the market.
“Maybe they just received their next taxing bill, or they have a raw piece of land or asset sitting there that’s not really generating income,” Allen explains. “That would be a key time when they realize they don’t want to keep the property any longer and pay taxes on something they’re not really using.”
From mid-January to early February and mid-September to early October, Allen sees a higher level of activity in land for sale across the entire state of New York. There’s also generally an uptick around the time personal income tax and fiduciary tax returns are due each year on April 15.
“From a buyer’s standpoint, those certain seasons with a higher activity for land sale listings would mean potentially more inventory on the market for buyers to take advantage of,” says Allen.
Navigating Tax Exemptions
The timing and amount of their tax bills aren’t the only factors sellers consider when it comes to how taxes affect when they’ll sell and for how much. Buyers must be aware that certain property types may be subject to tax resolutions, which influence who the seller will sell to and may even yield savings opportunities for the right buyer.
“Depending on the composition of the property and physical location, you may be able to get some moderate to significant reductions on your taxes,” says Allen.
Allen highly recommends that buyers be informed of any tax resolutions that may apply to the type of real estate they’re seeking, whether it’s waterfront acreage or a hunting property. Deadlines vary for each type of land, something Allen helps NYLand.forsale customers navigate on a regular basis.
“With agricultural properties, for instance, if the buyer happens to be a farmer, the agricultural exemption can help reduce the taxes,” Allen explains. “There’s also a similar exemption for timber properties or land with trees that can be managed.”
Preparing for the Purchase
When it comes to taxes, New York is arguably the most difficult state for buyers to wrap their heads around. That’s why it’s so important to work with a broker like Allen, who knows how sellers think and draws on his experience of over $200,000,000 in land sales to advise clients on tax nuances for each type of land.
“Not all properties qualify, but you want to be aware of the ones that do,” says Allen.
Most importantly, buyers should be aware of how to manage the tax consequences that will impact their purchase. While most buyers won’t have this kind of knowledge at their fingertips, a broker or agent who understands the relevant timeline and all the applicable tax programs can provide a significant advantage when exploring the market.
And while taxes play a huge role in any real estate transaction, the right broker will never push clients to act on a property solely to take advantage of a tax break. Instead, their role should involve helping buyers consider the whole picture.
“When’s a good time to buy? The answer is always when the buyer is ready to buy,” says Allen. “That’s the best time to buy.”
For assistance navigating the process of purchasing any type of land in the state of New York, or to find a property, contact Allen at NYLand.forsale, a branch of Canaan Realty, today. To learn more about the New York land market, subscribe to his Ask Allen video series, which covers topics pertaining to buying and selling land in the state.
If you have additional questions about the land market, let Allen know what you’d like to hear him vlog about next by sending an email to [email protected].
If you’re considering selling a piece of land, chances are you have a lot of questions. You’re probably also hoping to sell your land fast and for the best possible price. That’s why it’s essential to list your land with an experienced broker who knows exactly what they’re doing.“Anybody can put a sign up on a piece of property,” says Allen Olmsted of Canaan Realty, which specializes in land sales across the entire state of New York. “But you need to ensure you work with a broker who has the depth of understanding to be fully competent in evaluating the property and all of its unique qualities, as well as how and where to market it.”
So what can you do to make sure you partner with the right land broker? With 30 years of experience in selling New York land and the highest volume of land sales across the state, Allen offers a few insights to help you select the best Realtor for your needs.
When choosing a land broker, one of the most important qualities they must possess is a full understanding of the four types of land: commercial, residential, recreational, and agricultural. Each type also has multiple subcategories that can change a seller’s circumstances. For example, if the land is agricultural, the agent must be well versed in its various uses, such as equine, beef cattle or dairy.
In addition, brokers must be adept in what is happening with the local zoning and tax laws that apply to the location of the land. If you’re looking to subdivide your property, each municipality has its own regulations for doing so. And then there are properties associated with wetlands, which present an entirely different set of challenges.
Needless to say, many factors must be assessed before the land is sold. “Finding somebody who is experienced with the uniqueness of the land is very important, as there are nuances in certain areas that may affect the timeline or long-term value of your asset,” says Allen. “They need to be alert to aspects of the property that may dramatically change its marketability.”
Finding the Right Buyer
After a thorough evaluation of your property, your broker should help determine a target buyer and how best to reach them. For instance, residential land is almost always sold to a residential buyer, but agricultural and commercial land can appeal to a variety of buyers, such as recreational companies or investors. These issues will influence the marketing of your property and help identify interested buyers who are most likely to make an offer.
One telltale indicator of a seasoned land broker is his or her willingness to utilize multiple listing services. However, with over 100 websites to list properties on, Allen says it’s essential for Realtors to choose the ones that would be most beneficial for your specific type of land – even if it means paying a high premium to be featured.
You may also have questions about when to sell your land. From Allen’s perspective, the answer is quite simple. “The best time to sell is when you’re ready – period,” he says.
The right broker will offer accurate advice about the current land market, how your property fits in and what to consider as a reasonable timeline. They can also help you understand the ups and downs of the market cycle. However, they can’t make you any promises. A skilled Realtor can help determine an appropriate price for the current land market and promote your property to the best of their ability, but ultimately the length of the sale will be determined by the number of interested buyers.
Ready to List Your Land?
Though listing and selling a property can be difficult, complete transparency between you and your agent will contribute to a successful sale. “The simple fact is the truth will set you free,” says Allen. “Brokers need to show buyers compassion and the understanding of value.”
NYLand.forsale, a branch of Canaan Realty, leans on Allen’s expertise to offer land and real estate listings across New York, including the Catskills, Albany, Buffalo and Rochester areas. If you’d like to learn more about buying and selling land, contactAllen today.
You can also check out his video blog series, Ask Allen, in which the latest episodeexplains how using a Land Realtor Specialist can help you buy or sell land. If you have additional questions about the land market, let Allen know what you’d like to hear him vlog about next by sending an email to [email protected]sale.
If you’re thinking about purchasing land in New York, now might just be the best time to do so. Allen Olmsted, a Syracuse-based Realtor with 30+ years experience in buying and selling land, says that market trends are looking especially good at the moment. As thousands of his clients have found success over the years, Allen and his team at Canaan Realty have seen firsthand just how smart an investment in land can be.
Buying Land Is an Excellent Investment Opportunity
According to Olmsted – who has sold over 100,000 acres of land across the state – most buyers love the simplicity of land investment. It’s stable, long-term and hands-off. Especially when compared to the stock market, owning land is far less stressful. It doesn’t wear out or depreciate with time. And most importantly, even though it’s a finite resource, there’s a lot of land available in New York right now.
Currently, Canaan Realty has more than 100 listings on their website, spanning from just outside New York City all the way to Buffalo. “In my opinion,” Olmsted says, “land is always a great investment. If purchased correctly at a fair market price, land will retain or even increase its value even if it’s never developed.”
In order to get the most value for your investment, however, it’s important to choose land with discernment. It’s all about understanding what the land has to offer and how other factors might influence its value. With that said, even if you don’t have any prior investment knowledge, you can still find success with buying land as long as you have the right guidance.
The Buying and Selling Process Is Easier than You Think
By nature, the land real estate market is fairly complicated. Not to mention, less familiar than buying and selling houses. But that doesn’t mean it’s impossible. Olmsted says all you have to do is make a few decisions about what you want, and the Realtor can take care of the rest.
One of the first things to decide is which type of land you want to purchase. There are four main types:
Next, you have to think about what you want to do with the land. Do you want to build today, or perhaps in the future? Will you use it for camping or hunting? Then it’s time to identify your top three priorities. Some examples of common features include location, size, views, school district, slope and waterfront access. At this point, you’re ready to weigh your top priorities against your budget.
Olmsted, who’s deeply passionate about land and has regularly navigated complex land sales, says that there may be additional factors to consider. For agricultural properties, you’ll want to know how much open ground is available and how much is tillable, as well as the soil composition. Additionally he says that hops, hemp and marijuana are some other emerging markets for land and present particular considerations as well.
For commercial properties, he suggests looking to see if there are any incentives, like tax breaks, to take advantage of. In addition, Olmsted says he likes to help buyers assess traffic conditions as well as navigate through different approval processes that may be required in regards to state permits or municipality approval.
If you’re looking at a residential property, it’s important to find out what utilities are already in place. For those that are missing, figuring out how to get them there is key. And finally, for waterfront properties, Olmsted encourages his customers to think about how floodplains and zoning might affect the land.
“Something new that’s been coming up more and more recently is solar,” he adds. “I’ve helped a lot of land owners navigate that process, too, issues like obtaining interconnectivity agreements from the local utility to conducting environmental studies of the land.”
Lenders Are Expanding Their Land Financing Options
In the past, buyers struggled to get financing for land. In many cases, banks simply weren’t familiar with land sales and were hesitant to lend. “Back when I first started,” Olmsted recalls, “there were very few lenders who would finance land. But that’s really changed in the last 10 to 15 years.”
Right now, it’s a lot easier to find lenders who are willing to finance larger properties at the right value, all in one piece. For example, buyers can finance a house on a 50-acre plot in a single package rather than splitting them up.
So far, Canaan Realty has had the best luck with privately held institutions, like credit unions and savings banks. They often recommend Syracuse Securities, Community Bank Farm Credit East, among others, to their buyers looking for financing help.
Learn More about Land Today
As Olmsted and his team at Canaan Realty demonstrate, the buying and selling process can go much faster and smoother if you have someone with the right industry knowledge, an intimate familiarity with the area and an understanding of the language to explain everything and walk you through the process.
If you’re interested in buying land in New York, browse the current listings available at nyland.forsale. And if you have any questions about investing, financing, marketing or selling, you’re welcome to contact Olmsted by calling 888-457-6261. As one of the leading land experts in the state, he’s happy to lend a hand wherever he can.