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| land in southern MN was selling for $3500/ac. In 1986 some land sold near me (so. MN) for $850/ac. I call that a crash. No banker was willing to lend money for land unless your balance sheet said a debt to asset of 1 to 5 or less. It took from 1973 to 1983 for land to become over priced (rapid yearly increases). I would say that we are 5 years into this land cycle of rapid yearly increases. No one thinks land will be cheaper next year. It may take 5 (or less) years to top, then look out below. IMO we are half way out on the plank, and maybe we have the other half yet to travel.........or the plank could break?
Edited by cynic 9/25/2010 15:33
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Let's Step Back 5 x 5.
