Letter Re: Comments on Farm Land Versus Coastal Land

Regarding the recent comments in SurvivalBlog, I have no experience with coastal land. I do have experience with farm / rural land.

In my part of the Midwest, "junk" land (rough land not really fit for farming or pasture…and not holding valuable timber) could be purchased all day long 10-12 years ago for $500-$750 per acre. I recently attended a sale of several parcels good only for hunting and the price was $3,000+ per acre. Top quality tillable land—great for corn, soybeans, wheat? Within the last 90 days a 1,500 acre parcel sold for $6,500 per acre. 10-12 years ago, I have no doubt it would have brought $2,500 if the right bidders wanted it. Five years ago? Maybe $3,000 per acre.

I personally believe we may be seeing a bubble developing in farm ground—but if commodity prices stay on the trend they are on now? We have a lot further to go in price increase.
Thanks, – Straightblast