Checking the county, which is not far out of Tulsa, but very rural. There were 131 tracts of land over 40 acres that sold in the past 3 years. There are 18 houses over 4000 SF with 35 or more acres in the same period. There is a monstrosity listed in an adjacent county and in that period I know of several near $1 million. None sold over $2.5 million alright. But some larger vacant tracts...yep. The region from Tulsa to Arkansas/Kansas/Missouri has many large homes, many were retreats for Businessmen from Tulsa - often oil men. Lake Frances in Arkansas south of Siloam Springs was owned by an oil man and it was over 1000 acres at one time, built a dam on the Illinois River, for example. Two of the sales below- were part of the old Skelly Estate. Skelly was a Tulsa oil man. Both sold for about $1.4 mil. I appraised a 6500 SF house years ago that was on 400 acres with its own lake, horse pens, etc. Retired track coach at the U of A owned several ranches over the years, in both AR and OK. Million dollar properties. On and on. These are not common, but they are not rare either. And typically vacant ranch land will sell from $2,500 to $4,000 an acre. Exception. Below the Arkansas river in the SW corner of the county is more Tulsa than rural NE OK. Land there will bring up to $10k per acre or more in smaller parcels. Otherwise some large tracts might bring less, but there are a number of larger ranches in the multimillion dollar range and many have large homes. It is a niche market
Yes, I do not understand how one concludes a large parcel be subdivided - it isn't like valuing surplus lots in town and there doesn't seem any basis for breaking it out as excess to improve the price and deflate the normal amount of functional obsolescence found on such properties. I did some calculations on some comps on one I did using the actual age - straight line depreciation as a basis. Ran Costs for it, then depreciation. The difference in contribution was often 20%-40%...that's lots of functional/slash otherwise Economic External market obsolescence...but measurable without resorting to subdividing a property that wasn't going to be subdivided. As for the appraisal, I am confident it was over-valued, but not for the reasons the state said. BTW "Hi Don"...how's SE MO?
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