Too high for me, Your neighborhood?

Mennonites here keep running it up.

$10,000 plus in Iowa. Think it will come down?

~$15,000 per around here, give or take.

One of my friends sold off the last of his at 14.5 last year, and he moved it the first day it was up on the market.

One Mennonite sold out to another Mennonite for $25,000 an acre, a 30 acre plot. I'm sure it had several buildings, although nothing fancy, and was set up as a produce farm. They'd have to sell a lot of tomatoes to pay for it.

8,000 in North east Ohio.

Too much for me.

-Jake

Most recent auction near town here with for over $25K/acre for a 158ac piece. Gonna be used for farm ground, but the buyer is not a farmer. Runs a plactics shop/company. It's good ground (silt loam soil, relatively flat, tiled in places, etc) but not nearly the best around.

Be interesting to see how that affects the next sales.

There's no telling if someone wants a piece of ground more than you. Two of us wanted a farm close by ours and I said the he'll with it first. It's hard to out bid a farmer who's number 3 on the welfare (subsidies) list in county. From the prices posted farming is a lot more profitable in the Midwest.

Maybe 10 years ago,, currently in my part of iowa running from $18-22k for farm land hunting land say 30% junk land 70% timber $6k plus and 10 acre tracts to build on $12-15k

Does a farmer honestly believe that they can ever pay off farmland at current prices?

I recall in the 70s in west central Ks land prices went crazy. My dad wanted to buy some. He kept saying, “what am I missing, the average production of this land won’t make the interest payment.” He lost out on a couple land purchases. Several years later, some of the buyers of this expensive land filed bankruptcy and had to take a job in town to survive. I guess the math doesn’t lie.
Having said that, if someone can pay cash and get a decent cash flow and appreciation on land over many years, these high prices might work for the wealthy people.

several 80 ac tracts sold this past fall for 23,000 an acre here