Land in Prescott, Arizona?

Do you think that this is a good time to buy land in Prescott, AZ? There seem to be some good deals out there right now, and I love the area very much! I live on the east coast, and can't move right away. For this reason, owning an already built home would not be quite as feasible. I plan to build a small to mid size home in the next few years to come. Any ideas on the long term value of buying land in this area, with future intentions of building a home? Your advice would be greatly appreciated.

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Prescott is a good retirement area, and I suspect prices on land are down. Find yourself a vacant lot, in a nice area that is being developed – and buy it. Of course you’re gonna have to pay taxes on your property once you buy it.

Ya think this is a wise decision – buy now, & build later??

I work as a Realtor in Prescott and yes, if you are looking to move now would be a good time to contact someone. Median Home price is up 16% in 86301for the past 6 months land won’t be far behind due to builder demand. Keep in mind prices are still low due to years of decline.

Prescott is a beautiful town and anyone who visits can pick up on the community’s sense of pride. Although it is a popular place for people looking for a place to retire, it is definitely not a sleepy town. They have a ton of community festivals, boasts the world’s oldest rodeo, and hosts the popular Frontier Days annually. On top of that, it has a great climate for being in Arizona and goes through all four seasons, rather than just hot and hotter down here in Phoenix. It receives light snow in winter, rain during the summer monsoon, along with a beautiful fall and spring.
Being that there is such a sense of pride and community in the general population, the entire place is well kept, has a lot of historic properties and is generally a desired area, at least by everyone I know. The people I know with property in Prescott, have not ever given it up…even those that have moved to another location. Up in the mountains just outside of the main town area, you’ll find a lot of groupings of homes and cabins tucked away with both year-round and seasonal residents. Real estate up there fluctuates the same as everywhere else, but overall it has been better at holding it’s value than the average for the state.
Land itself would hold it’s value, but if down the road you change your mind and decide to sell, it’s generally harder to offload an undeveloped plot. Quite a few have had the same idea and then found the cost higher than expected and didn’t move forward. In reality, what I would focus on is what expenses you’ll incur down the road to develop the land and run services to the plot rather than the value of the land itself. If you find something in a developed area, you’ll find the expenses for services much less than something way out in the middle of nowhere.

If you’re set on Prescott (and I don’t blame you if you are), since you have some years I would try to work on a general estimate on building down the road overall, and then add in any extra expenses for the specific area you are looking at, and then weigh your options with a solid footing on what lies ahead. By then, maybe a historic Victorian home down one of the quaint streets would seem like a better option…you just never know.

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