coup - 2/28/2025 07:28
SIU1990 - 2/27/2025 20:46
128 acres just outside of Greenville sold this evening. I didn’t watch but a buddy of mine told me it brought around $16,400 on average including the buyer’s premium. 106 PI. Crazy to me how resilient land prices are in this neck of the woods.
$16,400 acre @ 6.5% 2 20 years = $1488 acre year Int and principal payment+ Re tax + income tax .
Using $300 rent, going to take $1200 acre + subsidy x 128 acres = $153,600 plus yearly subsidy to make the purchase cash flow.
Add 40-50% to purchase price for required income tax = around $6500- $8000 an acre income tax to pay for the purchase.
Way things look to be shaping up going to be some folks in a cash flow crunch over the next 2-3 years.
Always appreciate you insight coop but the fact is that people have old money and simply don’t care. They can pay for it and they want it. No logical reasoning with these people.
Bond Co IL Land Sale
