Columbia Basin, Ephrata, WA | jd-driver - 9/12/2015 20:39
So can someone explain why land is so high vs the price it was years ago like has been stated? Is it because there are that many more people in the world and there is that much more competition? Years ago guys would have said I can't afford it and not have pursued it. Today it seems some pull all the stops out and leverage themselves so high just to own land?
It's not all leverage, a good bit of today's land values are driven by cash looking for a home. Our banker made the remark that his biggest competition is cash. I can't help but think that some sales of land at these prices will change that, but it hasn't happened here yet.
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When can land "pay for itself"?
