Lots, land, and acreages will generally come in one of two classifications - improved and unimproved. It is easier to describe these classifications by defining what "improved" means first. As used in real estate, improved land is defined as land whose value has been enhanced by the addition of such on-site "improvements" as access roads, sewer or septic systems, water supply or a well, utilities - gas, electric, telephone, and buildings or structures which distinguish the property from raw land. Thus, "unimproved land" would be "raw land", or land that does not contain any of the improvements just listed for "improved land".
As you can see, the above definitions and descriptions attempt to provide a clear delineation between what you might expect when looking for an improved lot, land, or acreage property, however, in practice it is not always clear since most properties will have some improvements but not all mentioned improvements. For instance, most properties (but not all) will have road access, but perhaps no other improvements. In this case, the property will generally be listed as an "unimproved" property. But if a property has some of the other improvements, but not necessarily every listed improvement, it may be listed as either "improved" or "unimproved". The bottom line is that every property should be thoroughly examined prior to purchase to gain a full understanding of what improvements do or do not exist on or near the property.
Another main consideration in a lot, land, or acreage purchase is the intended use. For any use, you will want to know the zoning of the property to ensure that it will be acceptable for your intended use. You will also want to know if there are any restrictive or protective covenants attached to the property which might limit your use of the property. Additionally, in order to comply with New Mexico septic system regulations, lots under 3/4-acre in size will not be permitted for standard leach-field septic systems, but will require either septic holding tanks, or gray and black water split flow septic systems, or expensive advanced waste water treatment systems. So again, it is imperative that you fully research and understand exactly what you are buying in your lot or land or acreage purchase and that you know exactly how you can and cannot use the property toward your intended use.
In the Taos New Mexico area, there are numerous lot, land, and acreage properties. The following table gives some statistics for the immediate Taos area for improved and unimproved land properties.
Taos New Mexico Lots, Land, and Acreages Real Estate Market Stats - Jan thru Dec 2007 |
|
Highest Price |
Lowest Price |
Median Price |
Average Price |
Land Properties Sold |
Land Properties Available on Jan 1 2008 |
Area: |
Taos New Mexico |
| Improved Land |
| Sold Price: |
$ 240,000 (for 0.72-acre) |
$ 43,350 (for 1-acre) |
$ 85,450 |
$ 101,119 |
16 |
60 |
| Sold $/Acre: |
$ 486,667 (based on 0.15-acre) |
$ 36,099 (based on 2.23-acres) |
$ 67,110 |
$ 147,911 |
|
| Unimproved Land |
| Sold Price: |
$ 350,000 (for 4.73-acres) |
$ 19,000 (for 2.34-acres) |
$ 100,000 |
$ 129,626 |
57 |
162 |
| Sold $/Acre: |
$ 300,000 (based on 0.6-acre) |
$ 4,292 (based on 11.65-acres) |
$ 38,600 |
$ 54,346 |
|
The above data was compiled from the TCAR MLS system. While the data is believed to be accurate, it is not guaranteed.
|
|
|
|
Click here for additional Taos Real Estate Market Statistics and Trends information.
|
If you are interested in looking at any of the lots, land, or acreage properties available in the Taos New Mexico area, you can click here to perform a Taos MLS Search on your own, and then scroll down to the "Land Listings" section, and enter any other criteria pertinent to your search. Then if you see anything you would like more information on, contact me and I will try to answer your questions or get you the information you request.
Or if you prefer, contact me with your search criteria and I will search the Taos MLS for you, and then email you the full listing details and photos for any lots, land, or acreages matching your criteria.