On October 12th a 1,919 acre parcel in Chester, VT listed for $14.5 million went under contract. While this includes an old farm house and outbuildings, it is listed in the MLS as a land listing. Building values aside, this implies a price of $7,550 per acre. Generally, the larger the parcel, the lower the price per acre. While the property still has to close, it would appear that this is not the case here. Hundred acre parcels rarely trade above this level on a per acre basis. Clearly this must be very special land! It is also interesting to note that 1,655 acres or 86% of the land is enrolled in Vermont’s Land Use program. As a result, this will be good tax shield for the buyer assuming that the taxable value per acre for Vermont Woodlands continues to be $122 per acre.
Also of note this week, a 143 acre parcel in Tunbridge listed for $595,000 went under contract. This property includes a nice restored barn and had only been on the market for 39 days. Once again, large parcels continue to be attractive to land buyers in Vermont.