Re: land prices

Posted by Indydirtfarmer on February 03, 2004 at 02:59:57 from (204.255.236.128):

In Reply to: land prices posted by Dan on February 02, 2004 at 18:38:19:

Land prices are going out of control around here. The Louisville Metro area is expanding way too fast.
Farm land is "worth" around $3500 per acre, on the average.
Land to be developed, that is currently AG land, is selling for $10,000 an acre, in large tract's (100 acres plus)
1 to 5 acre "building lots" are going for $10000 to 50000 an acre.
Some "prime acreage" is going for $75000+.
We have several acres overlooking the Ohio River, on our farm. My sister, when she challenged my parents will, got a couple appraisals on these acres. A real estate agent she "hired" to apprais them, told her that he could easily get $100,000 an acre for this ground.
ABSOLUTELY NUTS!
It's impossible to compete with those values, when trying to buy land to farm.
It's also impossible to argue with some one when they sell a farm to be "sub-divided" at those prices. You could farm for a thousand years, and not make that kind of cash.
Last summer, I bought 194 acres, 2 counties away from the family farm. I paid less than $2000 an acre.
We also farm in Grayson county Kentucky.It was inherited from my father-in-law. It's just about as good for farmland, as the Indiana farms, but you'd be hard pressed to get $1750 an acre for it. John

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