NEMO | IN555 - 9/24/2023 13:54
So a house is worth a million should they pay 2 million? Go to the Ferrari dealer and offer double because you want it? People spend their money on what they want all the time but I don't see many people paying way over market for something just to own it very often.
So did this buyer pay double the going price for land? No. He paid what it took to own it on that day. It may or may not bring the same price today or tomorrow. Completely different than paying double the asking price for something that can be built (house or car) every month or day of the week.
From what I've gathered, land very rarely comes up for sale publicly in this area. About a month ago a local real estate agent told me that he had recently sold an expensive farm. He got a call from a guy wanting to sell his farm around the Malta Bend area. He did not want it to go to auction. Agent quickly went to see him and sold the farm setting in his driveway in about 2 hours. Seemed like a record price at the time (over 20k/acre) but apparently they left money on the table. Not sure why the farmer didn't want an auction, maybe he wanted to control who ended up with his ground. But the point is land is hard to come by in that area, so when it is for sale that is when you buy it.
I agree land prices are nuts and there may be better investments. But if you got the money and want to buy land at that price, congratulations!!!
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Comments on the record Missouri Land Sale
