I could take an open pasture farm with a FEW trees and turn it into deer paradise in 6 years (switchgrass, pines/christmas trees, tree spade, tree planter, food plots, etc). BUT....
See, I would NEVER buy a farm WITHOUT lots of timber BECAUSE I'm a bowhunter and I need lots of stands to hunt. If I buy a 500 with only a few tree rows, I MAY be able to get 5 good treestands up?!?!? If I buy 500 acres with 350 acres of TIMBER, I probably can get 30 treestands up. Both might have equal food/cover BUT I'll ruin the property with few stand locations no major break-ups of the fields. If I was a weekend hunter from out-of-state AND I only gun hunted, SURE, I'd just save some money and buy some cheap pasture land & convert it to cover. I need TIMBER though for my circumstance.
Once economy comes back, who knows what will happen- it'll go up for sure. Then, you have interest rates, OBAMA, grain prices, inflation, subsidies, etc, etc. Some of which no one can know what will happen. One thing I KNOW for sure, if you are willing to hold the ground for 10 or 20 years, GEESH, it's at a discount right NOW and the stars have aligned to set yourself up for a RARE opportunity. When economy, ground prices and interest rates go up- the guys will be kicking themselves they didn't buy right now.
"Be Greedy when others are cautious and be cautious when others are greedy".