Posted by Foghorn Leghorn on August 20, 2010 at 07:31:42 from (66.170.11.2):
In Reply to: land auction posted by billonthefarm on August 19, 2010 at 18:09:57:
Bill, I am also in Wisconsin and this just leaves me shaking my head. I spent a lot of time looking at this and running the numbers and I can't see how someone can earn enough off the land to justify paying more than about $2,500/ acre for it, (assuming of course one wants to farm it.)
There is just no way you can generate enough of anything there to service that kind of debt assuming one didn't pay cash. If you do have cash, I can't understand why you would spend it on something like this and have to work so hard to maybe break even.
The only possible positive outcome is to develop the land. That would effect the taxes of everyone else in a big negative way. Moreover, I just don't see it happening in this economy.
Who bought this, how are they financing it, and what are their intentions?
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