Can you guess what it is???
Farmland is hot property these days. Nationwide, it is up nearly 9 percent from a year ago.
Iowa farmland has increased in value 18 percent. South Dakota’s value has risen 21 percent.
The rise reflects rising profits from agriculture. The use of corn to create ethanol has driven up the price of corn and beef cattle that feed on corn.
The U.S. Department of Agriculture estimates that farmers will earn a record $95.7 billion this year, 10.3 percent more than last year and 57 percent more than the 10- year average of $61.1 billion.
While some wealthy landowners celebrate this, average farmers and young people who want to own their farms are shut out.
"There are a whole lot of young people wanting to farm – both children of farm families and young people from cities and suburban towns who want to farm," says Teresa Opheim, executive director of Practical Farmers of Iowa. "The price of land is making it very, very difficult for them to get started, even to come up with a business plan that's viable."
Source: The Christian Science Monitor, Richard Mertens (11/18/08)
Tuesday, November 18, 2008
Top 10 Priciest Real Estate Markets
More than 43 percent of sellers of luxury homes have had to reduce their prices, according to one study of high-end home sales.
The Institute for Luxury Home Marketing’s newly launched Luxury Housing Report says that homes in ZIP codes at the top end of the housing market are selling more slowly, up from 110 days on the market in May to 130 days in September.
Median prices have remained stable at a $1.154 million, or $336 a square foot, about the same as September.
Here’s the situation in the top 10 priciest markets and the average days on the market:
1. Atlanta: Median price, $788,062. Average days on market: 123
2. Boston: $1.45 million, 125
3. Chicago: $1.48 million, 153
4. Dallas: $844,036, 120
5. Honolulu: $1.15 million, 110
6. Las Vegas: $482,197. Inventory, 137
7. Miami: $1.96 million, 220
8. New York: $3.6 million, 186
9. San Diego: $2.1 million, 83
10. Seattle: $1.1 million, 113
Source: The Wall Street Journal, Robert Frank (11/11/08)
The Institute for Luxury Home Marketing’s newly launched Luxury Housing Report says that homes in ZIP codes at the top end of the housing market are selling more slowly, up from 110 days on the market in May to 130 days in September.
Median prices have remained stable at a $1.154 million, or $336 a square foot, about the same as September.
Here’s the situation in the top 10 priciest markets and the average days on the market:
1. Atlanta: Median price, $788,062. Average days on market: 123
2. Boston: $1.45 million, 125
3. Chicago: $1.48 million, 153
4. Dallas: $844,036, 120
5. Honolulu: $1.15 million, 110
6. Las Vegas: $482,197. Inventory, 137
7. Miami: $1.96 million, 220
8. New York: $3.6 million, 186
9. San Diego: $2.1 million, 83
10. Seattle: $1.1 million, 113
Source: The Wall Street Journal, Robert Frank (11/11/08)
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