Hello all, I'm pretty new to here, and have a question....I think it belongs in this section

This is especially for anyone who knows anything about real estate in Colorado (or frankly, real estate in general).

My dh and I own some land (5 acres) in SE Colorado, high desert, by the rio grande (an area called "Melby Ranch"). We fell into this a few years ago when a friend was defaulting and we took it over and paid it off (we didn't pay more than $2500 for it). We do not own a house here in CA, this is the only property we own.

We are currently receiving offers for $16-22k for the property from developers. My BIL says we shouldn't sell, he hopes the value will double in the next 5 years (he also owns some of this land), however he already owns property here and doesn't have the same money concens as us so he can afford the risk. I have concerns about the real estate market in Colorado, I have heard that the state has been in a recession for a number of years. I'm also not so sure about living where the land is and that it's very appealing.

My question is....do I take the offer now and invest it or do I sit on it and hope we will receive better offers in the years to come? This is the money that we hope to use toward a house in 5 years or so when I go back to work. I don't want to sell if the Colorado market is good and it will increase in value, but I don't want to keep it if the value won't increase and could gain more as an investment.

We are going to talk to our business accountant, otherwise HELP! Any advice is greatly appreciated

I am absolutely no expert, but just by gut feel, I would ask if this land is costing you anything. Are you losing money by taxes and any maintenance? Take that into account. But if you are saying you are getting offers from developerS as in plural, I would hold out and see. But you really need to see what is going on around the land. If it's getting built up quickly, it's probably good to hold on. There are a lot of factors to take into account. I don't know that I would hold on for 5 years, though. You really need to take a look at neighboring properties and see what kind of development is planned. Are these commercial developers? Or home developers? Commercial could mean that land could become very valuable, and the population is encroaching. Homes could mean there is simply speculation and they are hoping to build out away from the city - in a slow market, that could be an issue and the offers will slow down. If the property isn't costing you much and you really think it's going to appreciate by doing the research, I'd hold onto it. If it's becoming an albatross, and you need the money, wanting to unload it, then you can take the offer(s).

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My mom is a real estate broker in Colorado (and I'm also in N. Ca!!)

She said for you just to keep in mind that just because they are offering you a certain amount, doesn't mean you have to take it. You can always negotiate and see how badly they want your land.

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~Vicki~
Mama to Hailey, 4 and Ella, 2