The following post addresses a question concerning Idaho Power wanting to avoid "more expensive" land in Idaho, or in fact, having a rationale for expanding its power grid. See for example: http://www.foreclosure.com/search/ID_027.html where you can find 1724 Canyon County properties in active foreclosure, preforeclosure, or bankruptcy (there are 35 in Malheur County). Also read the recent article in the Argus Observer: http://argusobserver.com/articles/2008/12/01/news/doc493424ea15d9b266492964.txt
Regarding land prices, the major farm selling real estate agents don't necessarily subscribe/participate to the Multiple Listing Service. The designation "Realtor" and the MLS are more oriented to the buying and selling of houses and residential property, although there are those of us who don't want to specialize in just one area of the real estate business. Moral of this story is that the MLS is going to give a somewhat slanted view of property values.
But here's what I found on the MLS. Time prohibits me from doing extensive research. From June 1, 2007 to Dec 2, 2007 there were 30 farm & ranch properties sold. They sold with an average price of $1,610,431. 28 of the 30 were Idaho properties, from as far east as Richfield, Rupert, and Buhl. The median price was $733,750.
Now, in 2008, from June 1 to Dec 2, 19 properties have sold, with the average sales price $868,299 and median $531,250, and of those 19 properties, 5 were in Oregon. I did not calculate the per acre price for 2007, but the 2008 price per acre is $3468.57. Also, upon reviewing the 19, the Idaho properties were in Murphy, Indian Valley, Rupert, Deary, Buhl, Twin Falls, Richfield. None were farms which sold around Caldwell, Nampa, Boise, Kuna, or Meridian.
We have HEARD, and it is only rumor, that farms from Boise, Caldwell, Nampa were selling in 2007 for $50,000, $75,000 even $100,000 per acre, all to developers who now are in dire straits. But, as I said before, the big farm-selling real estate agents around Caldwell, Nampa, and Meridian do not even participate in the MLS, and Idaho does not require that the sale price be put on the deed, so unless you are personally involved in the sale, there is no way to research the sale price of a property.
I did not research the price of small acreages, only properties over 80 acres. I did not give any consideration to "irrigated" vs "non-irrigated". Remember also, Idaho properties which haven't been split since late 1970's can be split, and it varies by county and even by town in the county. And also, the first acre is the most expensive, and the 2nd and the rest get a whole lot cheaper.
-Pat P.
