Sampson Farm

Posted on September 9, 2016 • Last updated 2 weeks ago

The Land

Property Owner:

Land trust or other conservation organization

Property Location:

300 Middle Road, North Haven, ME 04853

Total number of acres available with this property:

151-300

Acres of cropland or tillable land:

21-50

Acres of pasture:

21-50

Acres of forested land:

51-100
Farm Information

Water sources present

Available

Water sources details

Well on site; 1,100 ft of frontage on Fresh Pond

Barns and sheds

Available

Farm infrastructure details

Two story barn in good condition (40 feet x 25 feet)

Farmer housing

Available

Farmer housing details

Two-story, 2,252-square-foot farmhouse with four bedrooms in need of total renovation.

Equipment and machinery

None available
Tenure Arrangement

Tenure arrangement

Property for sale

Property for sale

Priced at 744,000 - see MLS 1281623 for more pricing details

Sale Price

$600,000-$1,000,000
Additional Information

Description

UNDER CONTRACT

The 178-acre Sampson Farm is located on both sides of Middle Road on North Haven, a small island (accessible by ferry) approximately 12 miles east of Rockland. The open land (about 40 acres) has been minimally maintained, and consists of land suited for pasture and hay production, with some potential for crops. The balance of the property is forested. The farm has been inactive for some time, but in the past has been used for hay production as well as pasturing sheep. The farm consists of about 40 acres of open land (much of which is prime farmland or agricultural soils of statewide significance), and approximately 140 acres of woodland (mixed hard and softwood, with some being wooded wetlands and swamp). There is over 1000 feet of water frontage on Fresh Pond, a fresh water pond that is North Haven's water supply. The farm includes the following buildings: • Two-story, 2,252-square-foot farmhouse with four bedrooms in need of total renovation. • Two story barn in good condition (40 feet x 25 feet) • Additional small shed The Sampson Farm will be sold subject to a perpetual agricultural conservation easement restricting non-agricultural development of the property and granting an “option to purchase at agricultural value” (OPAV). This option will allow MFT to re-purchase the farm at its agricultural value should the buyer (or a future owner) contract to sell the farm to a non-farmer. The OPAV is included in the conservation easement to ensure the long-term affordability of the property to future farm owner-operators. The conservation easement will designate a “farmstead area” (including the area of the current residence and barn) where existing structures can be repaired and replaced and additional agricultural structures may be constructed. An additional building area for farm structures may be permitted. The conservation easement will prohibit any future division of the property. A large amount of funding toward the conservation easement for this property is coming from the federal government through the Agricultural Conservation Easement Program of the Natural Resources Conservation Service. This funding, along with additional private money MFT has raised for this purpose, is what will make it possible for MFT to sell the property for its value as land protected for farming. Though we have listed the property at $744,000, the actual net price to the qualified buyer for Sampson farm will be $295,000. Due to constraints imposed by realty sales regulations, our "listing price" is set at the appraised value of the property. However, this price does not take into account the reduction in value due to the restrictions on use imposed by the Agricultural Conservation Easement that will be placed on the farm at closing. The appraised value of the farm when restricted by the conservation easement is $285,000, to which we have added the value of repairs/renovations being undertaken by MFT as described below, for a total net sales price to the qualified buyer of $295,000. 744,000 listing price, appraised value of unrestricted property -459,000 credit to buyer for appraised value of Agricultural Conservation Easement + $10,000 estimated value of MFT repairs to the house $295,000 NET PRICE

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