Posted by Rick Kr on December 18, 2012 at 06:09:36 from (198.105.227.109):
In Reply to: Farm land bubble posted by Jon L on December 17, 2012 at 22:29:56:
400+ acres next to me went through the 1990s bubble here in Michigan, last sold for 12,500/acre. Guy thought he was going to build apartments and a subdivision in the middle of nowhere. He started to sue the township because they wouldnt rezone it out of Ag. Things slowed in 2004-06 then crash, my buddy bought it all for $965K (2400/acre). Dont know if he would have won, luckily in this case the 2007 depression solved the problem.
I am looking at 2 separate 10 acre parcels, each are asking 4k/acre. Big parcels around here are now 2800-3000/acre.
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