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Part of this topic should also include discussion about expectations. Properties are no doubt sitting on the market longer now than they were 2 years ago. I doubt there are many more or less properties with "issues" on the market now, as a percentage, than there were 2 years ago. That means...

I was incorrect about that and posted to that effect in another post above. But you're right, even if it sold for $5,500/acre (it went for more than that), that is not a low price. And even if there is a correction, I don't know if we're ever seeing sub-$4k/acre prices on hunting land in...

There's some people that have made some stupid money buying and selling in southern Iowa in the last couple years, no doubt about it.

To use a blanket statement of farms in southern Iowa are sitting is general. I'm on Landwatch every day. There's a lot of farms that have been sitting for months. Still "available". I'm not just pulling it out of a hat or drawing on my own experience, though I have been involved in 25 sales...

Quite a bit different market when you're talking about a small acreage that is a nice spot for a home or already has one. Definitely a better chance they go for higher $/acre.

I talked to 2 different lenders last week, both of whom loan a lot of money for both hunting land & tillable land purchases and they both said new loan applications for hunting/rec land have been pretty dead for months. No, they're not the only 2 banks lending for hunting land in southern Iowa...

Much income or just pure hunting land?

I stand corrected, I was wrong. I know the buyer's agent on that deal and he confirmed the property was held by seller in 2 llc's so data on Van Buren tax site was a little misleading. That does not change my original point that list price and sale price frequently are nowhere close to the same...

Just look at Landwatch for a bunch of different southern Iowa counties. Lots of properties just sitting. Some obvious good hunting properties, some marginal ones. Glad you brought up that 1306 acre property in Van Buren County because it actually goes to the point I was trying to make, which is...

"Want big money for" is not the same thing as "Get big money for". Not right now anyway. It's easy to think that because a property got listed for $6,500/acre that it must have sold at close to that price. In some rare cases that may be true, but for the majority...no. There's a number of...

High quality tillable land is still going very strong. Hunting/Rec land is not. There hasn't been much of a "correction" (yet) in Hunting/Rec land prices, but there isn't much moving because of prices. High Prices + High Interest Rates + Lower ROI + Fewer Buyers = slow.

Southern Iowa land market is still way above 2020 prices, even with the market cooling off. Lack of inventory is key. I think there would be a correction to some degree if there was more inventory. As you say, still plenty of cash buyers, but not a lot of financed buyers in the market right now...

From a "fundamentals" standpoint, is southern Iowa land worth what it's selling for? My opinion doesn't really matter because the *market* says southern Iowa land is worth what someone is willing to pay for it. And if people are willing to pay $4,500-$5,500/acre for it right now on average, it...

Agree with you here very much. That first line is what Warren Buffett has always said about stock market investing. I try to follow that principle in stock market investing myself. I love when the market is down big 3 or 4 days in a row and the average investor is selling hand over fist. I look...

I'm not referring to a certain few properties - there are many -, and I'm certainly aware that there are always other considerations in addition to price, but there are always properties on the market that have some negatives, don't think it's any different or more right now than usual in that...

I agree with you there. A lot of people see just the "list price" of the neighbor's piece or the county average in the ISU land survey and think that's what their land is worth. Frequently that is way off the mark. Their land might be worth a lot less. Or it might be worth a lot more...

Definitely getting pretty deep out there.

Depending on *where* in southern Iowa, that is high for sure but there are pieces listed a lot higher. I saw a raw land 80 (small amount of crp income) listing that had a "price improvement" the other day. It has been listed for months already. The "improved" price: $8k/acre! That is pure...

Not sure this can be true given how many properties are languishing on the market for many months currently in southern Iowa. I'd say it was true for part of 2021 and most of 2022, but things changed dramatically once interest rates started really getting up there. When demand outstrips supply...

Lots of variables and it certainly does happen even in the current market that buyers reach for something at an above market price, though you didn't mention what was "high". Right now it is definitely the exception rather than the rule, though. There are plenty of cash buyers out there still no...