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| $5000 farm land has a $250 per acre interest charge alone. Plus $20 real estate taxes. So investors looking for return require appreciation in the asset to justify the investment. Investors of that sort are almost vacant from the market so they tell me.. Yet the market remains strong.
However, those fellows that bought $2000 land are getting $200 plus rent and their land is worth twice what they gave for it. Mine in 6 short years. However, there is much land for sale as some folks must be cashing in. The 5 grand is about like having land with development potential just a few years ago. I have a friend that gave $2600 and has folks nibbling at $10k today. Sometimes pure luck is a factor. But then the 80's could return and a 2/3s downturn. But is that likely with the ethanol phenomenon along with a voracious appetite in china and india coming on? | |
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Farm Land Prices--UP OR DOWN next few months?
