Sometimes it can. But the times are rare and most people are not in a position to take advantage of it. My current wife and I bought a quarter section right before the land bust of the 80's. We did not buy at the very peak but close to it. Made those payments for 25 years till it was finally paid off. A few years after we purchased that land my dad bought at auction the adjoining property for basically one third of what we paid and paid cash for it. That was at about the bottom. Things were starting to turn around shortly after that. He grossed enough income in the next two crop years to pay for that farm. Combination of a little better crop prices and very good yields. Not net profit enough, but gross sales enough to cover what he had wrote a check for the property.

So it happens. But not very often. And very few people are in a position to take advantage of it.

We have ground adjoining us right now that is for sale for three times the amount it is actually "worth" for a farming income standpoint. We made a lowball offer that will not be accepted. Someone will come along and buy it eventually. But me at 71 and already retired from active farming need it like I need a hole in the head. And the daughter that will inherit this home farm already lives out of state so not like I have someone to take it over. I could pay cash without borrowing money but would have to sell stocks and pay some pretty good capital gains on at least part of it. So I think I like the more liquid assets more than I would like to own the ground next door. If they take my low ball offer I will buy it (maybe a 1% chance). Otherwise I will keep what I already got and not have to do the work the place really needs. It is a once in a lifetime opportunity that I don't think I want.

Or maybe if land goes in the crapper again (unlikely) I will be ready. I'm in a position to do ok in either scenario. I have maybe ten years of good living left if I am lucky. Why do I need a next door headache and work? I don't think I do.

If I was 30 years younger and actively farming I would probably look at it differently.