20 miles west of Indianapolis Indiana | I’m just giving an example of how we can be right about a sizable pullback being a reality but that reality may not happen for another X amount of dollars or percent up. Then that pullback isn’t much lower than we are today.
Land is $15,000-16,500’in my area per the last auctions. I was out of the game at $11-12,000 but I was able to just barely justify it. Since then I’ve been beyond baffled. But a fair amount of 1031 buyers in my area too. Seems to be 1/2 or more of the buyers are 1031 or buyers who have other 1031’ed ground prior.
That 16,500 land I was told by a reliable source someone offered them $375 an acre for it. $325 would probably be more realistic even for the aggressive ones today to be honest. But that may give you an idea what rents are in reference.
Stocks & commodities have blown off tops many times before a reckoning. Are we in the middle of the bull run blowoff top in land? Or do we just march higher as we devalue the dollar? |
Land rich and cash poor
