Published on Tuesday, November 03, 2015 by Land Century
Formerly known as Dorris Bridge, the towns first post office opened in 1871. The town would change its name from Dorris Bridge to Dorrisville in 1874 before finally settling on the name of Alturas in 1876. The city was officially incorporated in 1901 and is considered a county seat, despite it being smaller than other towns in the area, such as Cedarville.
Exceptional weather conditions are present in the area. Locals enjoy July temperatures of 88° and January temperatures between 41° and 16°. There are 36.2 days each year when the temperatures reach 90°. There over 203 days of the year when temperatures reach 32° or lower. Precipitation levels reach 12.43 inches annually. The weather is much cooler than the hotter areas of California, and draws and a lot of people that want to get out of the hustle and bustle of bigger cities.
As a result, land and acreage for sale, especially on the Pit River, are in high demand. If youre planning on investing in land in California, you know that land prices have skyrocketed since the 70s, and they're only projected to get worse. But, Alturas California offers a once-in-a-lifetime opportunity to own prime land in one of the most beautiful states in the country.
Current Land Sales
So, you want to buy land in Alturas, CA? You need to know what the average land price is right now (as of October 27, 2015). Weve pulled recent listings from the top realtors in the area to find you these statistics.
* A 1.47 acre lot is selling on Possum Lane for $3,000.
* A 3 acre lot is for sale on Jaguar Lane for $6,000.
* A 5.16 acre lot is selling on Raccoon Lane for $8,000.
But, many of these lots are heavily treed, so the land to be cleared and prepared before building can start. Digging deeper into what is available in the current marketplace, lets take a look at properties that are cleared and have a potential to have houses built faster.
* One lot on Pinetail Road is offering 2.94 acres for $28,000. This lot is cleared and offers spectacular views.
* An undisclosed address is for sale by owner and offers 11 acres of beautiful land that is semi-cleared for $29,900.
* A lot located on County Road 60 features 20 acres of land for $38,000.
If youre looking for a lot of land, several hundred acres, we also have a few statistics that are very interesting.
* Two 400 acre lots are for sale for $195,000 each. When buying in bulk, this comes out to just $487 per acre of land. This the absolute worth value one can find.
* A massive 160 acre lot is selling on W. Bass Ln. for $99,500. This comes out to just $621 per acre.
Imagine what a real estate developer can do with this amount of land. You have the potential to build dozens or even hundreds of houses with acreage and sell them. Investors can use this land for farming, cattle or even divide the land up into lots and sell them individually for far more than selling a lot as a whole. Its an exceptional market, and one that investors took advantage of in the 70s.
Alturas, CA Real Estate Statistics
Weve already provided the land and acreage statistics that we've come across, but this does not paint a clear picture of the market value in the area. Are home sales going up or down in the area? This is very important if you plan on developing the land and adding a structure before selling it.
Lets take a look at the recent statistics from Q3 2015 to determine how the land value is moving in the area.
Year-on-year growth in the area is exceptional. Home prices have risen by 13.1% and are up $8,250 on the year. But, the median sale price is $71,250. Since sale prices are much lower than in other areas of the nation, youll be able to build houses for cheaper and sell them for a great profit in the future or at the current market rate.
What's disappointing is that three bedroom homes have seen their prices drop by 24.7% in the last year. Just a year ago, these same homes were selling for $131,500 on average, but these prices have now lowered to $99,000. However, five years ago, the prices were just $60,000.
Not surprisingly, the data was from July to October when sales slowed down as the new school year began. What this shows us is that the current prices are 22.6% lower than the previous quarter despite being 13% higher than the previous year. Its not uncommon for this data to fluctuate during these months, so the market is probably performing stronger than what is suggested at the current moment.
But, being in a market where housing prices are lower allows an investor to reap the profits of growth. In a city that has been around for as long as Alturas, growth is expected and home prices will continue to rise going into 2016.
The good news is as of the end of the week of September 30th, the average cost per square foot has increased by 8.6% compared to just a year earlier. Imagine the investment potential of an 8.6% gain on your portfolio. These are hefty profits, and the price for land is perfectly set for investors and developers.
Another perk of the area is that you dont have to deal with the hustle and bustle of the city. Many local say that if there was a big airport nearby, Alturas would be a tourist hotspot and see immense growth. The city experiences all four seasons with a mild winter. You may find snow in the area, and there is a ski hill on Cedar Pass. Lakes and reservoirs in Modoc make it a popular destination for campers, and hunting is also an abundance in the area as well as biking due to the beautiful scenery. Make sure you also check other California land listings as well.