EAGLESTAR.NET LAND AND PROPERTY REVIEW
http://www.eaglestar.net
Issue #72
July 10, 2009

IN THIS ISSUE:
Properties of the Week:
- CA, FL, HI, KY, SC, & WA
Real Estate Roundup
- What Makes Land Valuable?
Auction News:
- CA, FL, IN, KY, MO, OK, OR, SC, & TN
Sponsor's Corner:
- Chadwick Shores, NC
LandTerms.com Term of the Week:
- Tenancy by the entirety


"Land of our birth, we pledge to thee
Our love and toil in the years to be;
When we are grown and take our place,
As men and women with our race."
- Rudyard Kipling (English poet and author, b. 1865 - d. 1936), from "The
Children's Song" in 'Puck of Pook's Hill' (1906)


PROPERTIES OF THE WEEK
4 Lime Rock Mines on 177 Acres
Perry, Taylor County, Florida
177 Acres - $1,700,000
Rock mining opportunity, 80 million tons of quality lime rock, paved road
frontage, reports upon request. Four mines located around the property.
Property consists of quality lime rock, high and dry. Property consists of two
tracts, one 75 acres and the other 102 acres. Will sell one or both. Listing
ID: 18618. Photos, map, and seller contact information at
http://www.eaglestar.net/hale.html

Recreation Land or Home Site
Ephrata, Douglas County, Washington
0.96 Acre - $6,500
This lot is located in Rimrock Meadows about 16 miles northwest of Ephrata in
Eastern Washington. Moses Lake is about 35 miles away to the southeast and it
is a 40 minute drive to Wenatchee to the west. Rimrock is a great getaway spot
for families looking for a place to stay and play. Listing ID: 24528. Photos,
map, and seller contact information at http://www.eaglestar.net/hpr.html

Peaceful Redwood Forest Home
Fortuna, Humboldt County, California
28 Acres - $1,500,000
Private redwood ranch property 7 minutes from Fortuna, CA. Private drive to
property. Secluded, with views. No traffic. Fenced pool, pool house, Japanese
garden with koi pond, manicured landscaping. Timber harvest plan transfers with
sale. Listing ID: 24680. Photos, maps, and seller contact information at
http://www.eaglestar.net/bchm.html

Secluded Land Near Hilo
near Hilo, Hawaii County, Hawaii
20 Acres - $115,000
Very secluded, 20 acres of land, located in the Mountain View area on the east
side of the big island of Hawaii, not far from the town of Hilo. Listing ID:
24408. Photos, map, and seller contact information at
http://www.eaglestar.net/jhh1-.html

3 Spring Branches and Partially Finished Home
Columbia, Adair County, Kentucky
69 Acres - $149,500
This property offers 69 acres of rolling pasture and woodlands with 3 spring
branches, and fronts on a nice creek in the back. Property also features an
unfinished house. Property is approx. half cleared and half wooded and has
small garden shed, mostly perimeter fence and some interior fencing. Listing
ID: 24689. Photos, map, and seller contact information at
http://www.eaglestar.net/slr1-.html

Commercial Land with Creek, Highway Frontage, and Timber
Wallace, Marlboro County, South Carolina
40 Acres - $180,000
Commercial property with nice creek, some timber, and 2,000 feet of frontage on
Highway 1. Near Hwy. 9, Hwy 52, Hwy. 74, and future I-73. Great for RV park,
country store, auto sales, RV sales, mobile home sales, restaurant, etc. Short
distance to Cheraw, Rockingham, and Bennittsville. Listing ID: 24842. Photos,
map, and seller contact information at http://www.eaglestar.net/osv1-.html


REAL ESTATE ROUNDUP:
What Makes Land Valuable?
By Curtis Seltzer

Blue Grass, VA.­ - "Value" is a word that everyone uses, but what does it mean
and how is it measured? What makes some real estate valuable and some not? What
makes land, in particular, valuable to buyers? This question has more than one
answer, and "location, location, location" is often in the chorus, not the
spotlight. Start with the idea of a merchantable asset, which is something that
someone in his right mind will pay you a fair price for right now. (More
technical definitions are available but don’t add anything useful.)

Some buyers look for - and value - properties that contain one or more
merchantable assets that can be sold quickly to reduce the purchase cost. These
might include an unwanted extra house, back acreage or mature timber ready to
harvest. The buyer’s objective is to keep a core piece of the property and pay
for as much of it as possible by selling unwanted, peripheral assets. Retained
assets that add value in a buyer’s calculation are items that can be leased
(pasture and crop land, storage space, hunting rights, trails for horseback
riding), rented (vacation homes, equipment), producing something for sale
(crops) or used immediately by the new owner (house, outbuildings).

Property with all environmental rights retained and conveying should be
considered a financial asset if it lends itself to a conservation easement.
Property that bears a conservation easement should be discounted in value,
because one or more important uses have been severed or limited. The value of
property adjacent to property with a conservation easement usually rises owing
to the adjoining restrictions on development. Most buyers value assets that are
tangible keepers - a usable house, well-maintained fences, functioning
utilities and other infrastructure. Specialized buyers will value specialized
keeper assets, such as a year-round trout stream in the front yard or a
developed horse operation.

Less tangible assets but no less important are "things" like compatible
neighbors, quiet, privacy, an absence of boundary disputes and proximity to
whatever most people like to be close to and away from what most people want to
be out of sight, sound and smell. Developers of rural land usually add value by
packaging lots with natural and man-made amenities, such as recreational water
(lake, river, stream), views, woods, clubhouse, trails and an appropriate level
of infrastructure.

Buyers should pay more for land whose various assets can be used compatibly and
simultaneously. Where using one asset precludes using others, value usually
falls. A forest with an endangered species in residence is a high environmental
asset, which, however, is likely to prohibit many other uses such as farming,
timbering, road building and construction. The more diverse a property's assets
and the more ways property can be used and enjoyed, the more market value and
marketability it has, at least in my experience.

One buyer I know appraises property using what he calls "opportunity analysis".
As an investor, he values parcels that provide the most opportunities to do the
most number of different activities, from making money to kicking back in a
pretty spot and watching the breeze blow through the leaves. Since assets can
appreciate, depreciate and change over time, their future values need to be
considered when figuring their current worth. The commercial value of many
woodland tracts will increase as trees add girth and height, but overgrazed,
eroding hillside pasture will deteriorate into a bigger economic and aesthetic
liability. A good fishing stream can become polluted, turning an asset into a
liability.

Property acquires value in terms of how it fits with a buyer’s multiple needs
and wants. And the more "as is" the fit - that is, no additional investment
required - the stronger the property’s appeal. When property meets the needs
and wants of many buyers, particularly "as is", its value rises as does its
marketability. Property has no value to a buyer whose needs it doesn’t fit,
though it may be very valuable to a different buyer.

It's generally more cost efficient to buy an existing asset (assuming it's in
good shape and does what you want it to do) than build it from scratch. I would
value a 50-acre tract with a nice home site and view that's accessed by a
well-constructed mile-long road much higher than a comparable 50 acres with a
marginally nicer home site and marginally nicer view that requires the
construction of a one-mile road. When I was younger, I was more taken with
views; at 63, I balance long views against the short view of the balance in my
check book.

I've often seen buyers take their eyes off the ball. They develop a smart,
reasonable set of search criteria, and then discard it when, for example,
they’re shown a mint-julep house with two-story white columns on property that
does not fit their needs. They saddle up on a runaway team of impulse and
emotion. It's often easy to assume that all buyers value property in the same
way. While many do, others don't. Most buyers might pay a high price for a
lake-front house that features a water view and private dock, but some won’t
touch it owing to boat noise and lack of privacy, preferring instead an
interior lot with water privileges. A timber investor would value 100 acres of
scrub woods at no more than $500 an acre while a protectionist who plans to put
a do-nothing-ever conservation easement on it and use it exclusively for bird
habitat might pay $1,000.

Infrastructure in place - roads, water, sewerage, phone, electricity,
high-speed Internet, cell service and so on - has more monetary value than it’s
usually accorded. When infrastructure is done conscientiously, it makes
everything else easier.

Calmness on a property's periphery and in the general vicinity is worth paying
for. Sellers rarely disclose nuisance, trespass and annoyance, which are often
not obvious to a visiting buyer. Peace and quiet is worth a lot over time,
though it may not be monetized by either seller or buyer. Large acreages are
subject to the same boundary disturbances as small ones. Buying peace and quiet
is the value that buyers seek; don’t assume that buying bigger automatically
inoculates you from commotion.

If a buyer is looking for an investment property or second home in the country,
less travel time is a factor that translates into a willingness to pay a higher
price. A closer place will be used more frequently and taken better care of
than one more distant. Weekend use maxes out at three to four hours one-way
driving for most of us. Buyers discount the value of assets that are burdened
with negatives, those running with an individual asset or with the property as
a whole. A charming old house in bad shape is worth less to someone in his
right mind than the same house in good shape; I know this opinion is considered
a minority view in some circles. A nice place that’s too hot, too inaccessible
or too near a zone of repugnance deserves to sell for less.

Too often, value is found in the fluttering heart of the beholder. A sharp
pencil is useful in bringing a buyer with the pitty-pats back to his senses,
even if it’s only applied to paper.

Curtis Seltzer is a land consultant who works with buyers and helps sellers
with marketing plans. He is author of 'How To Be a DIRT-SMART Buyer of Country
Property' available at www.curtis-seltzer.com where his columns are posted. He
also contributes to www.landthink.com.


AUCTION NEWS
Browse thumbnail photos and short property descriptions at
http://www.eaglestar.net/Land_Auction_Calendar/index.html

Brand New Brick Home on 1/2 Acre
Auction: Saturday, July 18, 2009
Russell Springs, Russell County, Kentucky
0.5 Acre
This low maintenance, one-level brick home has never been lived in, and the
owners are relocating to Michigan- giving you this excellent buying
opportunity. This house offers a well-designed floor plan offering easy
accessibility, and it could even be considered as handicapped accessible with
wide hallway and doorways. Listing ID: 24828. Photos, map, and seller contact
information at http://www.eaglestar.net/crch4-.html

7 Commercial Properties in 2 Back-to-Back Auction Events
Auction: Monday, July 20, 2009
Sedalia (Petty County) and Clinton (Henry County), Missouri
7 properties for sale in 2 auctions. Acreage, industrial, retail and office
space, commercial buildings, and commercial/industrial lots with highway
access. Listing ID: 24827. Photos, map, property and seller contact information
at http://www.eaglestar.net/ww1.html

Views of the 3rd Green at The Dunes in Pebble Beach
Auction: Tuesday, July 21, 2009
Pebble Beach, Monterey County, California
0.24 Acre
Casually elegant home with 4BR, 3.5BA and 4,037+/- sf, offering views of the
3rd green at The Dunes in Pebble Beach. Designed for entertaining with a formal
entry, open kitchen, separate dining room with hand-crafted built-ins and a
double sided fireplace. Relaxing master suite with a sunken tub and a gas-start
fireplace. Listing ID: 24834. Photos, map, and seller contact information at
http://www.eaglestar.net/ww5.html

5 BR Home Adjacent to Burr Oak Woods State Forest
Auction: Tuesday, July 21, 2009
Blue Springs, Jackson County, Missouri
Extraordinary property on a secluded street in premiere Indian Hills Estates,
backing to the Burr Oak Woods State Forest and close to all amenities. Easy
commute into Kansas City, less than 20 miles away. 5BR 5.5BA, 6,240sf. Built in
1994. Listing ID: 24835. Photos, map, and seller contact information at
http://www.eaglestar.net/ww6.html

Tranquil Living Minutes from Downtown
Auction: Tuesday, July 21, 2009
Bend, Deschutes County, Oregon
0.77 Acre
Gorgeous traditional 4BR 2BA home in the heart of NW Bend on .77+/- acres.
Wrap-around deck and a water feature in the back yard provide a tranquil
outdoor living space that is perfect for relaxing or entertaining. Old
Mill/City views add to the ambiance. Listing ID: 24837. Photos, map, and seller
contact information at http://www.eaglestar.net/ww7.html

Superb Amenities and Fabulous Views
Auction: Tuesday, July 21, 2009
Bend, Deschutes County, Oregon
Beautiful custom home with quality features and finishes throughout. Amazing
mountain views, perfect for entertaining, open great room with soaring
ceilings, gourmet kitchen with granite and stainless steel appliances. Daylight
basement creates more room for entertaining, and has a bar and a great spot for
a wine cellar. Upstairs has a bonus room plus another room perfect for a home
theater. 4BR 3.5BA, 2,910+/- sf, built in 2005. Listing ID: 24840. Photos, map,
and seller contact information at http://www.eaglestar.net/ww8.html

Agricultural or Development Land
Auction: Thursday, July 23, 2009
Wildwood, Sumter County, Florida
359 Acres
This auction sale of Florida land features a super agricultural tract, paved
road frontage on four roads. It also offers wonderful development and
investment potential with growing commercial activity in the area. Listing ID:
24604. Photos, map, and seller contact information at
http://www.eaglestar.net/tsr.html

Wooded Home Sites Minutes from Tulsa
Tulsa, Tulsa County, Oklahoma
50 Acres
50 acres selling in two parcels located north west of Tulsa in the Osage Hills.
Parcel 1 and 2: 30+/-ac and 20+/-ac respectively. Both parcels are wooded
offering privacy and seclusion yet minutes from downtown Tulsa. Parcels offer
opportunity for recreational use. Listing ID: 24829. Photos, map, and seller
contact information at http://www.eaglestar.net/ww2.html

Vacant Commercial Land For Sale
Auction: Thursday, July 23, 2009
Easley, Pickens County, South Carolina
1.99 Acres
Vacant Land - approx 1.99+/- acres - located on the Southwest side of Cardinal
Dr, between Bobbie Ln and Lake Forest Circle. Located near a busy commercial
area. Listing ID: 24830. Photos, map, and seller contact information at
http://www.eaglestar.net/ww3.html

Exceptional Tulsa Home For Sale
Auction: Thursday, July 23, 2009
Tulsa, Tulsa County, Oklahoma
4BR 3.5BA hidden gem in South Tulsa, tucked away on a winding residential
street. The location is convenient to all South Tulsa amenities and within
walking distance of Jenks East Elementary. Listing ID: 24831. Photos, map, and
seller contact information at http://www.eaglestar.net/ww4.html

Tennessee Recreational Land Auction
Auction: Monday, July 27, 2009
Van Buren County, Tennessee
464 Acres
* Adjacent to Fall Creek Falls State Park * 464 Acres in 10 Tracts *
Breathtaking Natural Scenery * Endless Recreational Activities * Land
Conservation Opportunity * Listing ID: 24767. Photos, map, and seller contact
information at http://www.eaglestar.net/bsn.html

Quality Farm and Recreation Land
Auction: Tuesday, July 28, 2009
Warrick County, Indiana
422 Acres
The real estate consists of 422+/- acres of high quality tillable farmland and
recreation land with a nice cabin on a beautiful strip pit lake, in the
Stevenson Station area & north east of Boonville, Warrick County, IN. Listing
ID: 24833. Photos, map, and seller contact information at
http://www.eaglestar.net/mdvs.html

Agriculture, Country Homes, Peace and Quiet
Auction: Saturday, August 8, 2009
Live Oak, Suwannee County, Florida
115 Acres
Florida land auctions and land for sale rapidly approaching for 115 acres
Suwannee County, FL. Investment, retirement, homes, home sites, cattle, or
recreational real estate potential. Listing ID: 24606. Photos, map, and seller
contact information at http://www.eaglestar.net/ddsn.html

Some of the Best Hunting Anywhere
Auction: Saturday, August 8, 2009
Crofton, Christian County, Kentucky
433 Acres
The secret is out! Western Kentucky is a top producer for monster bucks. Don’t
miss your chance to invest in a prime 433 acre farm near Crofton, Kentucky, in
Christian County. Just 90 miles from Nashville, this tract has great turkey
hunting, too. Christian County is noted for having an annual whitetail harvest
that is 25 percent higher than its neighboring counties. Listing ID: 24917.
Photos, map, and seller contact information at
http://www.eaglestar.net/hcg.html


SPONSOR'S CORNER
9 Acres in Chadwick Shores
Newport, Carteret County, North Carolina
9 Acres - $99,900
You'll never be left with "nothing to do" at Chadwick Shores. You can kick back
and get away from it all, or you can jump into the middle of it all. It's your
choice. The kayaking, jet skiing and bird-watching are great right on the
property. And the fishing in Alligator Creek and Harlowe Creek is fabulous!
Listing ID: 24867. Photos, map, and seller contact information at
http://www.eaglestar.net/Detailed/24867.html


LANDTERMS.COM TERM OF THE WEEK
http://landterms.com
Each issue we feature a real estate, forestry, natural sciences or other
land-related term from our partner site, LandTerms.com.

This week's term: Tenancy by the entirety
A form of property ownership reserved for a married couple, used in some states
of the Unites States. The husband and wife together are viewed as one legal
person, with each possessing an equal, undivided interest in the entire
property.

Find thousands of land-related terms, definitions, articles, abbreviations,
quotations, and more at Landterms.com! Click on the "Categories" button at the
top of each page to see the list of over 35 categories.


Get the most bang for your buck. Advertise with EagleStar.net.

FOLLOW US ON TWITTER
http://twitter.com/EagleStarNet

SUGGESTIONS
We welcome reader suggestions, comments, and questions.
Email: newsletter@eaglestar.net

ARCHIVES
See archived issues of the Eaglestar.net Land and Property Review at
http://eaglestar.net/newsletter.

CONTACT
American Eagle Star
Tel: +1 702-471-0077 Toll Free 800-239-3448
Web: www.eaglestar.net
Email: info@eaglestar.net

All land areas (acreages) and other area measurements listed in the Land and Property Review are approximate.

Copyright 2009 All Rights Reserved