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West Ky | Uncle sold some bottom ground a couple miles from me for 800 an acre in 2000.
Another farm sold for 1200 an acre in 2004 and this last fall the fsrm across the road sold for over 6000.
Auctions this past month had several farms all in the 5800-6000 range that had a good chunk of the property in woods.
The ground here has gone up just as fast as anywhere in the country. Look at that list of rents. Says that the state of ky rents have gone up on average as high as anybodies.
The weather here is not like it is up north. It can easily turn into Kansas in the summer...hot and dry.
What's a big driver of the ground skyrocketing in price is farmers who are now farming that did not used to farm but made fortunes elsewhere and decided to take up farming. They have an unlimited supply of money thus far I know one guy flipped a piece of property he invested in and made 75 million off it In a years time. I guess he likes to buy all the fsrm ground and farm is to get by on taxes.
He was bragging to the car salesman I know he farms 45,000 acres now. I don't know if that's bluster but I do know he farms a lot and owns most all of it. | |
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Where did farmland values soar?
