Largest Drop in Rural Land Prices Worldwide? The Ukraine
April 16, 2009 by Grant Gannon
Filed under Cattle, Developers, Farming, Feature, Grant Gannon, International
According to this ABC Australia report, land values around the world are plummeting. The hardest hit country? The Ukraine.
The value of rural land in the Ukraine has plummeted a staggering 75 percent. The Australian news report indicates that the basics of the problem are the same there as everywhere else: thanks to the credit crisis the previously well-lined pockets of investors are no more. The report also references, but does not detail, a 5 percent drop in land values for the United States and Great Britain.
Florida: “It’s Almost Like a Fire Sale”
April 13, 2009 by Grant Gannon
Filed under Developers, Farming, Feature, Federal Policy, Florida, Grant Gannon, Recreation, Residential Property, South, Taxes, Texas
A University of Florida study has put a staggering number on just how badly the economic crisis has impacted rural land values in the Sunshine State. The study concludes that land values plummeted upwards of 55 percent in 2008 from highs just one year previously.
The study focused exclusively on rural land, mostly those outside of urban areas that would have been hot spots for development just prior to the worldwide economic collapse.
“In some cases, it’s almost like a fire sale,” said Rodney Clouser, the UF professor of food and resource economics who led the survey.
The study found the northern part of the state most affected with values dropping the aforementioned 55 percent.
Farmland, that which traditionally would be the main focus of The Land Report readers, saw declines that reached as much as 26 percent.
What’s worse is the predicted continued decline in 2009.
Land prices are expected to continue their drop through 2009 — although not as dramatically as in 2008. Survey responses from individuals involved in the Florida real estate market predict an overall drop between 5 and 17 percent.
The full UF report is available here.
Not Your Typical Water Hazard
October 9, 2008 by Eric OKeefe
Filed under Eric OKeefe, Feature, Residential Property
What story broke yesterday and continues to dominate the business press today? Begin by asking yourself which feature adds the most value to a piece of rural or recreational land. As we all know the answer is almost always water. Unfortunately that same valuation strategy doesn’t hold for residential properties, as the Wall Street Journal pointed out in this article titled “Housing Pain Gauge: Nearly 1 in 6 Owners ‘Under Water.’”
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