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Land prices / insane!!!

jlwdvm

Member
Here is an example of a piece that is up for sale right now. This literally just sold a little over a year ago in winter of 2021 and prior to that in September of 2020. In 19 months the asking price has gone up in price by $386,750, more than double what it just sold for in September of 2020. This is mindblowing!!!! Madness!!!! A pole barn and some blinds were just added to it, but still.....

And I bet you it sales at this asking price!!

Reason I have noticed this one is because last winter when it was for sale and I saw the listing I was really interested in it, I even messaged the prior owner about it. But, I felt the asking price was a little to high. I'm kicking myself a little now as what I bought was more $, is a little smaller, and twice the distance from home as this. Live and learn I guess.



Its public record, but out of respect I blurred names.

View attachment 122293
I would sell my piece in Washington County for double what I paid in January 2020 if anyone is interested!
 

Daver

PMA Member
I would sell my piece in Washington County for double what I paid in January 2020 if anyone is interested!
Ya know...you probably could do that right now, things are that "hot". I am not a buyer at these prices, but I continue to be amazed at the prices that are being paid. Crazy.
 

Sligh1

Administrator
Staff member
Land report that’s pretty well done.

One thing I’d be watching with popcorn…. Rec ground with rising interest rates!! Going up 1-2% is a big deal to folks getting loans on low income ground.
Ag on other hand is crazy what commodities keep doing. I dont think it will last forever. It’s gonna be strong “for a while here”. Who knows when it retreats. My gut is- some folks are digging their graves right now with cash rents & debt on land that’s currently producing good income at the moment. Just 2015-ish we watched corn go from $7 to $3.25 & beans $15 to $8. Who knows how this shakes out….. but if it retreats hard- portion of folks are gonna get wiped out. Crazy times!!!!!

***side note…. Folks, I got a crp quote today- Geesh!!!! Time to lock some in if u thinking about it!!! Doubled since last year!!
 

hesseu

Active Member
Most people buy based on what they can afford at the moment per month. So, with interest rates rising, the reduces the amount they can afford per month.
 

IowaBowHunter1983

Super Moderator
Staff member
Most people buy based on what they can afford at the moment per month. So, with interest rates rising, the reduces the amount they can afford per month.
100% true, however, there is a large portion of the market that is currently paying cash, especially the investor side of things. Not so much on the rec dirt.
 

BJohnson

Well-Known Member
Maybe a bit off-topic but increasing CRP rates at a time when world grain supplies are being constrained by the war seems counter-productive. It sounds like low-income countries are in for a very tough period in the next 24 mths as it pertains to food supplies for their populations.

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IowaBowHunter1983

Super Moderator
Staff member
Maybe a bit off-topic but increasing CRP rates at a time when world grain supplies are being constrained by the war seems counter-productive. It sounds like low-income countries are in for a very tough period in the next 24 mths as it pertains to food supplies for their populations.

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I think its still the same decision for land owners. They designed CRP rates to move with cash rents. So folks would still have to take less money to go into CRP than they can get with cash rent. Cash rents have gone up, alot. What ya think?
 

BJohnson

Well-Known Member
Agreed, it was my understanding that CRP rates move in a delayed manner with rent rates. Financially, it may in fact be a good time to lock in some marginal acres at decent/higher CRP rates in the near future.

Again off topic, just stating that from a global perspective in the next 24+ mths, this crazy fanatic in Moscow may end up killing as many people (if not more) from starvation as he does from the direct military battles (due to decreased food - fertilizer production). Unfortunate times for sure.

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Sligh1

Administrator
Staff member
Interesting changes….. if Fed keeps these increases going like they are saying…. We will be around 2%-ish higher on rates. That’s a BIG deal to a lot of folks. Might take out a portion of folks who are getting loans to buy land.

Big picture I like to remind folks about…. YOU WILL NEVER LOSE $ ON LAND AS LONG AS YOU DON’T SELL WHEN PRICES DOWN!! Impossible to lose if u simply hold during rough times. If you have a comfy way to buy land, even in a high market - again, I think it’s still the best place to put funds.

All in all….. this year could get really interesting. Rising rates, reasonably likely recession, out of control government & inflation, crazy input costs, etc. My personal opinion is 2 solid impacts to land will likely come if I guessed- substantially higher interest (almost a given) & IMO- likely a recession. Maybe I’m wrong but those 2 alone could make this interesting. I personally want it to slow for health of the market. Eating popcorn watching this play out….
 

IowaBowHunter1983

Super Moderator
Staff member
I paid CASH for my land,and paying CASH for my build.Its not much,only 3 acres and a 750 sq ft cabin.People this day and time dont mind being in debt or having something paid off,not me,I want to be debt free.
That's awesome!

You an outlier in that regard.

Nothing wrong with either approach if done sensibly
 

Hardwood11

It is going to be a good fall!
I paid CASH for my land,and paying CASH for my build.Its not much,only 3 acres and a 750 sq ft cabin.People this day and time dont mind being in debt or having something paid off,not me,I want to be debt free.
If you can pay cash I think that is great! I used debt to accumulate farms. There is some risk involved in that approach, but I calculated the risk and it’s working out well.

In most cases I put a good chunk down to avoid any stress.
 

Bucksnbears

Well-Known Member
You guys in Iowa. If you knew of a 160 acre piece for sale in an area that is whitetail heaven and had the $ to just plop down n write a check, how much would you spend?
This scenario is in front of ,e now.
It's mostly swampy and not much place to plant any plots.
The specific area (about 4000 acres) is incredible and the 160 is about in the middle.
 

deerhunter93

Well-Known Member
You guys in Iowa. If you knew of a 160 acre piece for sale in an area that is whitetail heaven and had the $ to just plop down n write a check, how much would you spend?
This scenario is in front of ,e now.
It's mostly swampy and not much place to plant any plots.
The specific area (about 4000 acres) is incredible and the 160 is about in the middle.
There are lots of variables here but a 160 in a great hunting area right now appears to be around the $6,000 per acre mark. Blows my mind but that seems to be where we're at with land prices in Iowa now.

Me personally, I don't want to spend over 5k/acre and can't afford more than a 40 acre piece now but that scenario wont happen through a realtor. 40s seem to be going for 240k+ right now.
 

Bucksnbears

Well-Known Member
No realtor involved. Just a phone call from a guy that is handling the estate.
Asking 1000 per acre.
Smack dab in the middle or an area that is known for BIG deer. Good access to it also.
These deer can easily die of old age.
VERY LITTLE hunting pressure! unheard of nowadays.
Wont/can't discuss anymore details yet.
I'm personally not interested for 2 reasons, I'm to old for that now and Biden has effed up things so bad, I couldn't afford it but, I called a buddy and he about did backflips.
Should know more next few days.
 

Sligh1

Administrator
Staff member
ASKING $1000/acre!?!?!?!?! What you described above is a dream farm at dream price!!!! I hope you find a way if u did have any wishes to own it. But if it’s not the right thing for you …. Thats ok too. Owning land is not for everyone & timing is important. It sure does sound cool though!!!
No realtor involved. Just a phone call from a guy that is handling the estate.
Asking 1000 per acre.
Smack dab in the middle or an area that is known for BIG deer. Good access to it also.
These deer can easily die of old age.
VERY LITTLE hunting pressure! unheard of nowadays.
Wont/can't discuss anymore details yet.
I'm personally not interested for 2 reasons, I'm to old for that now and Biden has effed up things so bad, I couldn't afford it but, I called a buddy and he about did backflips.
Should know more next few days.
 
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