Subject: Re: [Homestead] Rural Land Prices and Conditions
Date: Wed, 23 Jan 2008 21:42:01 +0000
we bought our land in 03' and even then it was considered too high by the
locals. then it was a little over $500/acre. Now land here is selling for
$1000-2000/acre and even though it's not a good time to sell, people are just
holding on to it rather than drop prices. The ones who sell out here aren't
really selling because they 'need' to, they sell because they see an
opportunity to make some cash on land they don't really need or use any more.
most of it is inherited from parents or grandparents who have died. i don't
think the land prices prices will go back to what we paid. but that's not a
house, it's just land. buying houses are a lot riskier than land, imo, if you
are wanting assurances that the prices won't drop below what you paid. the
land prices may drop to a more reasonable figure, but i doubt they'll go to
$500/acre again. there are too many people with lots of money waiting to snap
up the large chunks of land that go on the market out here, they use it for
hunting leases mainly.