Putting A Value On A Camp - The HuntingPA.com Outdoor Community
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post #1 of 24 (permalink) Old 05-14-2012, 09:04 PM Thread Starter
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Putting A Value On A Camp

Well, unfortunately, it looks like our camp is going to come to an end, one way or the other. 3 of the 5 members want out. It looks like my dad and I will be buying them out, providing they are not unreasonable with their $ demands.

Any idea on how to place a fair market value on a camp? The last comp in our area sold in Castle Garden for $30,000. It was much larger and on an acre and a half, but I don't believe it was in as good of condition.

Our camp is right on what I call "Front Street", which is what is actually 2nd street in Driftwood, Cameron County. We are waterfront to the Driftwood branch of the Sinnemahoning, so there is excellent river access. We even have steps down the bank to the stream.

Any idea how to determine a realistic market value? Any idea how long it would take to sell if we could not reach an agreement and have to put it on the market?

Some property details:
2 stories
3 bedrooms
1 bath
2 large rooms downstairs
Full kitchen
@ 1200 square feet
New paint in 2010, 2 sides vinyl sided
Propane heater new in @ 2008

Here are a couple of pics

A view from the front door (water was really low!)
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post #2 of 24 (permalink) Old 05-14-2012, 09:22 PM
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Re: Putting A Value On A Camp

Your best bet is to get a local appraiser to give you the fair market value after conducting an official appraisal. It'll be fair to each party then you can go from there on negotiations. I'm willing to bet the three wantng to sell have a value in their minds that is higher than you're thinking so it's best to go with a neutral party. An appraisal will cost you a couple hunded bucks but will be worth it in the long run.

Good luck.

Mark
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post #3 of 24 (permalink) Old 05-14-2012, 09:22 PM
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Re: Putting A Value On A Camp

Without paying an appraiser, the website " Zillow" will get you in the ball park. To sell hassle free, you need a cash buyer, otherwise financing will include mandatory flood insurance which is expensive. I am no expert, but have bought and sold a few properties. It looks to me like you have alot more than 30K there. I would encourage your dad to keep it at any reasonable cost, thats a sweet spot.

"Be nice, until its time to not be nice" (Patrick Swayze...Roadhouse)
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post #4 of 24 (permalink) Old 05-14-2012, 09:24 PM Thread Starter
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Re: Putting A Value On A Camp

There is only one appraiser operating in Cameron County unfortunately......

If they agree on our number, it would be a cash deal. Me, dad and I think my sister from Canada wants in with her family....

Kinda sad it won't be as much of a hunting camp as it would be a cottage......But, it would be in the family, and my sister and I would be the two listed on the deed if anything ever happened to dad. Just have to come to an agreement now.
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post #5 of 24 (permalink) Old 05-14-2012, 09:28 PM
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Re: Putting A Value On A Camp

Check with the local banks for an appraiser. They have to have more than one to do their work.

Mark
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post #6 of 24 (permalink) Old 05-14-2012, 09:28 PM
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Re: Putting A Value On A Camp

buy it yourself to save future headaches like this one for you and your kids.
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post #7 of 24 (permalink) Old 05-14-2012, 10:09 PM
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Re: Putting A Value On A Camp

Quote:
Originally Posted by pumpgun
buy it yourself to save future headaches like this one for you and your kids.
I 2nd that!

Are we at camp yet?
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post #8 of 24 (permalink) Old 05-14-2012, 10:13 PM
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Re: Putting A Value On A Camp

Appraisers are not county specific. If you want the dead-on undisputable value, hire an appraiser who is an SRA, that is the highest level in their business. Nobody can argue thier number except a judge or another SRA. They are worth the money when it counts.

"Be nice, until its time to not be nice" (Patrick Swayze...Roadhouse)
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post #9 of 24 (permalink) Old 05-14-2012, 10:18 PM
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Re: Putting A Value On A Camp

if the guys that are selling out are decent, save yourself some $$$ by attempting to pull comp's from surrounding camps....that's all an appraisal is. Sit em down and talk it out.

Are we at camp yet?
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post #10 of 24 (permalink) Old 05-14-2012, 10:29 PM
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Re: Putting A Value On A Camp

It's too bad you didn't have an agreement in place for just this situation. Or maybe you did?
Depending on nthe circumstances surrounding the establishment of the camp I'm an advocate of there not being any financial reward for wanting to sell out. The members should get out what they initially invested plus capital improvements, not to include maintenance activities.
If you are inclined it would be great if you would share the journey of getting to this point. There are often folks who are searching for what camp agreements should contain.

I miss my hunting partner
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