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Re: land prices
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Posted by jf on February 03, 2004 at 03:27:13 from (67.232.144.50):
In Reply to: land prices posted by Dan on February 02, 2004 at 18:38:19:
currently would like to expand my operation. Older gent that joins me has expressed an interest to sell. Looking at 1000-1500 an acre. It is good pasture land that is rolling-the only setback it is landlocked-after he gave his front to his son to build a house, plus grown up and neglected for 15 years. If I bought I would be within another road at 1000 feet that I could never get access to. I would be a good mile from my house to the back of my property. The problem is the uninformed guy who bought some in the spring. 1500 an acre at auction too high? maybe maybe not-the interesting thing is 1 week before the auction he could have bought the whole 185 acres for 1000 and acre and they would have called off the auction. So basically he gave 92000 extra and bid against himself. Then he tried to sell it to me for 1700 an acre. Now he established the price in the area. I hate idiots! But if he sits on it long enough through appreciation he will sell it and make a profit. As indydirtfarmer said at some prices you can never farm it long enough to pay for it. The guys I know who are buying the expensive land in agriculture use-farm it to make the payment if possible and set on it for 20 years where it doubles in value then they resale for a profit. They do not farm it for profit on a yearly basis. Of course they do not take into account that over 20 years they have paid the same in interest for the farm as the land itself so in essence they made nothing but the banks did well. Around here with residential demands, hunters, dope growers, and land speculators its only going to get higher.
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