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Missouri | From a community that has about been destroyed due to urban sprawl, new construction stopped in its track. Empty homes in foreclosure matching the unemployment rate 1 out of 10, this is papers in the front window, easy to spot, maybe even the price tag painted on the front picture window. Development value is being taken out of land values fast. What would have been 5000-10,000, now has $3,500 on the sign that is one of the few tracts left 78 acres. 15 acres few years ago bought at $4,000 cannot get a nibble, which would split into 3) 5 acres, on black top road. Change is happening fast. Head are swimming trying to keep up with a free fall from inflated values that were not justified by ag related reasons. So many repos that a solid seller does not have a chance of a sale. Lots of for sale by owner. Difficult to really set a value on anything at this time. See some cash buyer waiting for the bargains. Been a 30 year ride straight up, for real estate. Early signs of a mess when I look around.
Edited by MU1979 7/27/2010 13:34
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Land Values
