I've heard some people speculating that the lending institutions in my area are going to start to tighten up on loaning money on this high dollar land............but, I've not seen any evidence of that, yet. As I've written about before, the Mennonites and Amish are responsible for the high prices here, especially the Mennonites. They buy anything and everything that comes up for sale, and don't seem to mind paying whatever it takes to buy it. With their population growing, they must have a place to live or else move elsewhere, so price is whatever they are willing to pay.
Sounds like they are setting the market there.
Two things...
1) Are they paying cash, or financing?
2) With inflated land sales like that, higher tax values will follow the comps. They aren't doing their neighbors any favors at the tax office.
