Re: land prices

Posted by Larry NE IL on February 03, 2004 at 21:30:45 from (205.188.208.73):

In Reply to: land prices posted by Dan on February 02, 2004 at 18:38:19:

In our area (Chicago) if you take a pencil and a string, draw a 90 mile circle around O'hare airport you can expect to pay from about $5000.00 per acre to well over $100K. Nearing retirement, I've been looking, and every time I got the itch to buy the prices went way up. I attribute this rise to two main sources. 1) 1031 exchange is working overtime with all the farms being bought out for big bucks by the homebuilders. When a guy sells his 1/4 section for $20K an acre, he dosen't mind paying $5K-$7K for another farm fairly close in, just might sell that one in a few years for double the money.
2) In recent years the stock market took most for a wild ride. There are people out there with more $ than most of us could even imagine. In the Chicago tribune about a month ago, there was a farmer in central IL advertising that He wanted to expand and would pay 6% of the purchase price in rent. Good black ground is going $3.5K to $4K per acre. The money people see the return (avg. 5%), beats losing in the stock market, plus the the land will probably will appreciate also. I don't have a clue as to how a young person can get started without inheriting...that is a shame.
I also think that it's a shame that so many farmers are being forced to rape the land to make a living. I may be getting older, but it seems to me that things are changing...and not for the better. Best wishes, Larry NE IL

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