$50 an acre.

Property at Woodside was recently put up for sale.  Actually it has been on the market for years but recently it was touted as a ghost town up for sale.  The price was still the same.  The price is about $5500 an acre.  Way too much.  When I told an old childhood friend of mine about it he said it was only worth about $50 an acre.  I pretty much agree.  I would say from 50-70% of this property is in the flood plain of the Price River.  That makes it worthless or maybe worth $25 an acre.  Some of it is zoned commercial.  That might be worth the asking price but only for the part that is zoned commercial.  In all these years it has not sold.  I would say maybe 5 years. 

They try to justify the price by the many different speculative uses of the property.  These include truck stop, campground, hotel, farming and speculation about what might happen in the neighboring area such as a nuclear plant, CO2 sequestration or even an oil refinery.  They also justify it by the supposed value of water rights and mineral rights.  In all these years all these speculations have been worthless.  Hence the $50 price tag I suggest. 

Recently I found some water rights for sale for $2000 a share.  It takes 4 shares per acre.  I reason that if the $5500 property is only worth $50 then the $2000 water shares are only worth $20, or thereabouts.