Hungry?? Just Wait
This increase in land values back in the cornfield is dramatic the biggest one year increase in over three decades. Increases such as this cannot be sustained and there will be consequences similar to inflated home prices. These guys get dollar signs rolling in their eyes at times and this is one of them. The economy crashed before in the 70’s when farmers encouraged by the feds to expand their operations with easy money. They did and many went bust forever changing who owned what. It is a bit different this time in that some of these guys are paying cash for land.
On 4/07 wrote this about how much land values had jumped and that an acre of land was selling for $4000 an acre and we thought that was an amazing number.
The part of the cornfield I come from land now sells for at least $8000 an acre and sometimes more. Friends who own land say and this is not a stretch at all that if they told someone in the morning they were going to sell land when they come in the afternoon they wouldn’t be able to get in their driveway because so many want it. I think my one friends land would sell for 9K an acre and maybe more.
Eventually this will all come crashing down as numbers such as this cannot be sustained. The linked to article is a wealth of information.
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Trying to sell off a couple wooded dog legs of land on my farm here in WV. . . $2k/acre and no takers.
I grew up in farm country too, it’s unbelievable what is going on. Everything is becoming corporate, even dirt.
Tempting for the small farmers to cash in and get out and maybe move to Florida and give the slumping housing market a boost. But,it also puts tillable land in the hands of the corporate farmers, they don’t give a toss about what they do to the earth.
Eight thousand an acre is a lot of money for that part of the world Tom. It is still around 6K per, depending on how much you buy, here in the Heart of Darkness. I think that’s too much!!
These guys get greedy out there I tell you!