Land Prices - down?

[foggy]

Last night I was perusing a couple of websites.....looking at recreational land for sale in NC MN. Appears that land prices continue to go down and this has been the trend for a few years.

Not sure about other parts of the US when it comes to recreational land? I don't think there is enough "new wealth" to support higher prices any time soon.

But.....I am so out of touch with the work-a-day world and what is really taking place. All I know is what I read in the papers.....or on a website. ;)

Ideas on land values?

 

[bwoods11]

I think land without income from CRP or cash rent will continue to go down or stay flat. Unless of course, it sits in a prime location for development or you can build a house on it.

 

[BJE80]

Not much is selling in our area. The ones that are selling seem to be cheap. There are a lot of places still asking top dollar but they are not selling. You can read into that however you want.

My take is the sellers still want top dollar but the buyers don't want to pay it. So it just sits on the market for top dollar.

 

[biglakeba$$]

120 acres was for sale by owner by us a few weeks ago for 250k. Signs are all down, and a neighbor to the place said he heard it sold. No idea what sale price was though.

My Dad got a cold call last week from someone asking if he would sell our farm.... Dad said the guy was persistent as hell and would not let up on it.

 

[wiscwhip]

Your dad should have made the buyer an offer that the seller couldn't refuse. Would $10 million have covered it?

 

[biglakeba$$]

 

[wiscwhip]

blb, that is EXACTLY what I was thinking! Too funny!

 

[Freeborn]

Last night I was perusing a couple of websites.....looking at recreational land for sale in NC MN. Appears that land prices continue to go down and this has been the trend for a few years.

Not sure about other parts of the US when it comes to recreational land? I don't think there is enough "new wealth" to support higher prices any time soon.

But.....I am so out of touch with the work-a-day world and what is really taking place. All I know is what I read in the papers.....or on a website. ;)

Ideas on land values?

Agree on the wealth factor and I have some doubts about future prices on many things. In the long run the markets must follow the economy and I am concerned the market wants to re-price. This won't help the wealth effect and I do believe the general public is starting to realize this uncertainty is not going to end well. Where there is smoke there is fire and there seems to be smoke everywhere.

Discretionary land values, unless they produce income I don't see them going anywhere. In the long run unless there is a change in fiscal policy and positive economics I think allot of people will come to the realization their land is not worth what they think it is.

 

[Freeborn]

I know a way to make deer hunting land in MN worth more than its currently worth

OK, I'll bite. How?

 

[j-bird]

I was asked once if I would sell some land. "Yep - 10K an acre!"

The fella was still rather interested, which sort of surprised me so I then started figuring......out loud, "10 grand an acre at 155 acres is.....ummmm....oh hell, I'll just round it to an even million and a half."

He wasn't as interested then! Turns out wasn't planning on spending that much.......

 

[wiscwhip]

I was asked once if I would sell some land. "Yep - 10K an acre!"

The fella was still rather interested, which sort of surprised me so I then started figuring......out loud, "10 grand an acre at 155 acres is.....ummmm....oh hell, I'll just round it to an even million and a half."

He wasn't as interested then! Turns out wasn't planning on spending that much.......

They go away quick when you talk numbers like that.

 

[Ojibwa]

bought a 100 ac in west TN a few years ago it was a great hunting tract but not good for much else, we paid $875 an ac for it 5 years later we we sold it for $900 lol It's all about location and our wasn't good...

 

[bat man]

Recreational land around me that sold $1500 in 2006 wont get $900 now. It just sits on the market for years.

 

[foggy]

^ Kinda what I've seen too. Now I see they reduced Potlatch timberland prices some more. But I wonder......if the sales of that land "dry up" (after its all sold) where is the new hunting land gonna come from?

Land tends to stay in families for a long time.

 

[wiscwhip]

Everything is for sale for the right price. Land may stay in families for a long time, but the private sector is where 90% of recreational land sales come from in areas with no timber/paper company lands, it won't be any different where you are at that point.

 

[foggy]

^ Perhaps another point for the MDDI cause?

I've got a situation where I could perhaps buy some land adjacent to mine. Just not sure this is the time to pony-up the money. .......and I feel I'm getting to old and tired to develop more land for hunting. Then again....some of this activity keeps you young.

 

[Freeborn]

I'm not sure there will be much demand for new hunting land in the next few decades

100% agree. I also think the future cost of ownership (taxes) will start to accelerate. You don't need a crystal ball to see the direction we are headed. With the coming future social costs and what some are saying is a permanent lowering of GDP (wealth growth) the costs have to come from somewhere.

On the other hand, income producing land will increase in value similar to inflation.

 

[foggy]

Same boat here Foggy...I am going to pass.... too many other good options out of state.

Yep.....let's diversify our losses. ;)

 

[bat man]

I spoke with a development coordinator in Mille Lacs county on the topic and never made any progress. Deer and Mille Lacs walleye are the recreational draws for my area.

Ooops.

 

[Freeborn]

Unless the rec land could support another type of outdoor activity that outdoorsmen find value in. I wonder what that could be? ;)

Growing Marijuana, could be a possibility in Minnesota. :)