Re: Real Estate Value?

Posted by rrlund on August 12, 2007 at 09:22:17 from (216.46.212.195):

In Reply to: Real Estate Value? posted by Spook on August 11, 2007 at 08:07:48:

I'm going to get in trouble for saying this. I'm chairman of a township board of review here in the county with about the highest unemployment rate in Michigan. For all intent and purposes,the development value of this land is GONE. It's worth what it's worth to farm or log. We lowered farm land assesments by $100 per acre last year,expect we'll have to do that again or more so this year.Speaking for myself,I stopped buying farm land when the price went over $1000 per acre years ago. You just can't pay for it farming it if you have to pay anymore than that. So as long as it stays higher than that, I personally haven't lost anything. I don't know where the bottom is,but I don't think we are anywhere near it yet. I was just thinking this morning about all of the farmsteads that used to exist,that have center pivots running over them now where the buildings used to be. We can do it with plenty more buildings and convert this state back to farm land.I heard it said once about California,it doesn't take that many people to load the ships,cut the trees and farm the central valley,the rest of those people have no business being there. That's Michigan to a T. Manufacturing started here because of the rivers for power and transportation,but take a look at the map. We are sorrounded by water,everything has to come in or out from the south,the rail roads are nearly gone,we're backed up against Canada,not an ideal location to locate a new business.
So how low will land values go? Lower than they are now,no doubt about it.

Replies:

• Re: Real Estate Value? Ray 12:16:36 08/12/07 (1)
  • Re: Real Estate Value? rrlund 12:30:03 08/12/07 (0)

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