Posted by RockyMO on October 15, 2008 at 12:58:42 from (24.216.122.188):
In Reply to: OT land prices posted by MoMike on October 15, 2008 at 09:33:15:
It seems to me like when the stock market goes down people start investing in land. I bought some ground in Macon Mo in 1993 for $273 per acre and all my coworkers told me I was nuts, said that land will never be worth anything. Land close to me now regularly seems to bring $2,000 to $2,500 for rough timber ground like mine. I heard the other day that a couple of doctors from St. Louis were in the area buying every piece of ground they could get their hands on and paying big money. I guess they feel safer investing that way than the market. Someone once said, "invest in land, they are not making anymore of it" or something like that. A couple years or so ago the St. Andrews golf course in St. Charles Mo sold to a developer for $80,000 per acre, that one caused me to do a double take but others have said it should have brought $100,000 per acre. I guess it all depends on location.
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