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<blockquote data-quote="Brandonm22" data-source="post: 634682" data-attributes="member: 7645"><p>Here the great housing speculative boom has finally crashed. The speculators who need to get out are having great difficulty in extracting themselves. A real estate broker/developer in my home county has two tracts for sale. 120 acres and 100 acres respectively (both good ground; but fences and barns are in very poor states). He listed both at $5000 per acre. I have looked at both and the agent says they will take ~$4000 per acre. I kinda think that is still too rich. Both have been on the market (to my knowledge) for over a year and no takers. I looked at another 209 acres in a poor section of a much less desirable county. Awfully hilly but good grasses and fair fences. They are asking $3500 an acre. I could be wrong but I think THAT is way too high. It is hard to say what anything is worth because there aren't many good comparables from the last 12 months. 2003 - 2007 was such a speculative time that I don't think you can draw anything from those comps.</p></blockquote><p></p>
[QUOTE="Brandonm22, post: 634682, member: 7645"] Here the great housing speculative boom has finally crashed. The speculators who need to get out are having great difficulty in extracting themselves. A real estate broker/developer in my home county has two tracts for sale. 120 acres and 100 acres respectively (both good ground; but fences and barns are in very poor states). He listed both at $5000 per acre. I have looked at both and the agent says they will take ~$4000 per acre. I kinda think that is still too rich. Both have been on the market (to my knowledge) for over a year and no takers. I looked at another 209 acres in a poor section of a much less desirable county. Awfully hilly but good grasses and fair fences. They are asking $3500 an acre. I could be wrong but I think THAT is way too high. It is hard to say what anything is worth because there aren't many good comparables from the last 12 months. 2003 - 2007 was such a speculative time that I don't think you can draw anything from those comps. [/QUOTE]
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