How best to sell house on 40 acres in NJ

16 years ago

My husband and his three siblings have inherited a house in New Jersey, and they plan to sell it. The house is a 2500-square foot, two-story, five-bedroom, two-bath home built in 1951 on 40-plus acres. They have some questions about how to proceed, so I am hoping I can get some advice here to help them.

The property is located midway between Philadelphia and New York. Neighbors are a mix of old farmhouses and, because you can be in Manhattan in an hour, McMansions. According to an agreement made with the local town government, the acreage cannot be subdivided. It can be sold only as farmland with a single residence.

Their primary question is Â what is the best way to find a buyer? They realize that a broker is called for, but how does one locate a broker who specializes in this kind of property? If they list with a commercial broker, would that make it difficult for an individual, private buyer to even learn about the property? Based on what they know about local real estate (one sister is a realtor), they estimate the market value to be somewhere between one and two million. For someone who wants a residence with more than 40 acres of woodland within commuting distance of NYC, itÂs ideal. The farmland stipulation could be satisfied easily by keeping horses, or cutting a few trees every year, or raising ostriches or llamas, or growing sod, or whatever. Are there listing agents who work exclusively with properties like this?

Not knowing if the potential buyers would tear down the house and build new, or use the house as a caretakers residence, for example, or for an office, my in-laws are unsure what kind of work they should do on the house. The structure itself is sound, the roof is new, and all the systems (heating, plumbing, electric) are fine. On the plus side, the walls are plaster, the floors are hardwood, the baths and kitchens are tiled, the trim is oak, there is a full basement, and there are 17 closets. On the minus side, the ceilings are only standard eight-foot height, the kitchen (except for new appliances) is dated, the windows are aluminum sash and frame with storm and screen windows, and thereÂs no AC.

At this point, they plan to refinish the floors, paint walls and ceilings, make minor repairs, clean everything up inside and out, and show a vacant house. Are they wasting their time and money? Or are they missing an opportunity by not doing more updating or staging?

Thanks for any advice.

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Comments (7)

qdognj
16 years ago
My guess, is it might appeal to someone who wants to build a "family compound", with the proximity to NYC and Philly job markets..Can the exisiting home be knocked down and replaced, or is there a deed restriction to prevent this?
logic
16 years ago
The area you describe is where we reside...western, rural NJ.

Most of the local realtors have experience in marketing such properties, as so many properties in this area fit that description.

FYI, if it is farmland that has been preserved in the state farmland preservation program, it does not need to be actively "farmed" (even in a minor respect) at all..however, if one does not do so, one probably loses the huge tax break that comes with such activity. There are various preservation programs...so you may want to make sure which one applies to this property, and determine the exact rules.

That said, I would first focus perhaps on those real estate brokers who tend to list many properties such as the one you describe. However, these properties are indeed those that remain on the market the longest, as they are fast becoming "niche" properties....as the cost of farming in NJ has become so expensive, most NJ farmers can no longer afford to farm.

In addition, you may want to contact the organizations for those who keep Alpacas and Llamas (aka "gentleman" farmers), as more and more landowers are keeping those animals in this area...and some may be looking for more space upon which to expand the herd.

Some real estate brokerages in the Hunterdon County/Mercer County areas that seem to list many large farm properties include Lisa James Otto, Kurfiss and NT Calloway. I'm not sure if they deal heavily in Warren and Sussex as well..but it can't hurt to ask.

Last but not least, if you wish to investigate auctions, the Max Spann company handles auctions of this nature in this area all of the time.

Hope this helps.
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theroselvr
16 years ago
You might also post what town it's in since we have a few NJ people here that may be able to give you advice for that specific area.
pink_overalls
Original Author
16 years ago
Thanks for the helpful comments. The property is in the Freehold area. The home can be taken down as long as only one dwelling replaces it.
likesivy
16 years ago
Most established, national real estate companies will have one person who specializes in niche properties like this. I would look for the big ones in the area and interview the persons who handle estate sales and large properties.
PRO
Kate Marchesini for Ethan Allen Somerville, NJ
3 years ago
We have a similar property without the added benefit of being close to a train.

I also worked in advertising in NYC for 15 years. First thing I would do is get an realtor used to selling similar properties. By us it's Bucks county real-estate.They do similar properties all the time.

You can advertise it several ways.First I would do an ad in the NYtimes as Gentlman farmers estate , close to train or 1 hour by train from NYC.

Second: Advertise it as a future horse farm. It wouldn't be a bad idea to go to the local township to find out what you would need to do and maybe do it.

Third I would play the tax angle or target builders who can build a whole development . Your probably looking at 5 acre minimum, but its still desirable to a builder.

Lastly don't overdo the house if the property is the valuable part. Like you said, someone may look at it as a tear down.
Stax
3 years ago
The listing expired 12 years ago.

How best to sell house on 40 acres in NJ

Comments (7)

qdognj

logic

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How best to sell house on 40 acres in NJ

Comments (7)

qdognj

logic

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