Coming from a lifelong resident of West Texas, I've recently investigated a 26 acre piece of abandoned land. It's all brush, full of mesquite, some native grass, no fence, probably no water well, and in a flood zone. County appraisal paperwork showed it appraised for just under $400,000 in 2017. I don't even know where to start on my rant...
Better to lease the land. Lots of money looking for inflation resistant investments like farm land so the price is artificially high. Also if a serious financial crises settles in, you already know that your state government will increase property taxes to unreasonable levels. There are millions of acres of abandoned farm land in New York already.
You know how poor government plans work out, so the answer is not an ag land reserve or something of the sort. I've seen many schemes worldwide where the true purpose is to drive up the price of urban development land(the scheme supported by big investors and fronted by politicians claiming to help the farmer). Later only the same well connected investors are able to make use of the fine print to convert more farm land to urban.(notice how the farmer is taken. He sells at the ag reserve, the developer sells at inflated urban rates, the politician gets a cut.) After living with the paperwork of farm land (no shop building permit on ag land, that's classified as industrial!), the price of land usually doesn't go down because it is still an inflation safe investment.
We're in between Victoria and San Antonio
Around here we have to compete with the farmers that already own hundreds or even thousands of acres. They can afford to pay more for the land than it will return.
Land prices used to be based on what it would rent for × 10. Now it's closer to ×25 or 30.
I am lucky to have the 22 acres that I do.
I agree with you whole heartedly bro, I'm down in Texas and land prices are the same.
Some of the most remote, non-improved, brush covered land averages $6-8 thousand and during the oil boom it was up to $10,000 an acre.
I don't know what to do! I am lucky to have leased 80 acres that butts up to my 12 acres.
It is heavy brush 75% and open 25%. We got it fair priced but I've put a lot of time on s skidsteer clearing and cutting senderos.
One pond in a bad location so I can't gravity feed water. I've had to run 1000 ft of black pipe so far with more to come.
The caveat they would only lease it for a 1 year term.
It's tough but me and my family are all in and will keep putting in the work and praying to the good Lord!
Great point and I really enjoy and get a lot from your videos!