Land market continues to ease

[ajl]

Latest CLH sale at Innisfree AB resulted in a fairly nice cropped quarter bring $650K. Land in this area was $1M+ the past couple of years. Still crazy but not as absurd as some of the other sales. Would likely have been less had it not been for the emergency rate cuts recently.

[Hamloc]

Latest CLH sale at Innisfail AB resulted in a fairly nice cropped quarter bring $650K. Land in this area was $1M+ the past couple of years. Still crazy but not as absurd as some of the other sales. Would likely have been less had it not been for the emergency rate cuts recently.

Close, at Innisfree, farther north and probably about what it has been recently would be my guess. Certainly correct about Innisfail area, $1 million plus for sure, no moderation in land prices in Red Deer area to my knowledge.

[ajl]

I meant Innisfree not Innisfail in the post above. The land was between Ranfurly and Innisfree in the sale today. Land had been in the $1M range in that area in the last two years.

[Taiga]

Sad reality is the only thing making money on this farm is the land appreciation.

[blackpowder]

Figured Innisfail a typo.
No reduction in Camrose east.
1.2M last known sale. Small quarter.

[farmaholic]

Wow, how does $1M+ pencil? How much appreciation in value could possibly be left? And I'm not talking in the next 10-20 years. I wouldn't have enough time for a 25 year mortgage so I would have to insure the loan.

I think the only way this works is to pay it down a schwack of cash or have a bunch of paid for dirt to subsidize it.

[blackpowder]

Been that way here for quite a while.
Definitely has me thinking.

[fjlip]

Hearing nearly $6 million for 6 quarters around Spalding...

[shtferbrains]

Local buyers?

Many South Africans near there?

[AlbertaFarmer5]

On a positive note, at least there is land coming up for sale in this area finally.
Multiple quarters coming up for auction this spring. Some of it decent cropland.
Some land for sale by realtor currently, and have been on the market for quite a while so far. A quarter sold by realtor here this fall. Sold very soon to an adjacent neighbor. Price didn't seem unreasonable.
There literally hasn't been anything resembling farmland for sale by realtor in this area for years. The only land for sale locally has been either muskeg or land with mansions.

Supply and demand might have some effect.

Last quarter that sold half way between here and Red Deer last fall was $1.35 million. Bare land. No revenue.

[JoeyJeremiah]

Local buyers?

Many South Africans near there?

Yes, that is in the heart of a few South Africans trying to break in with what seems like an endless supply of money and a few larger guys who have an insatiable appetite for more land. But this is the first I've heard of the million dollar figure.

[fjlip]

Local buyers?

Many South Africans near there?

Local was winner, but SA I would bet tried second hardest!