South Georgia land values plummet - WALB.com, Albany News, Weather, Sports

South Georgia land values plummet

Posted: Updated:
  • More WALB News10 HeadlinesMore News HeadlinesMore>>

  • USA Track star killed in Crisp County crash

    USA Track star killed in Crisp County crash

    Monday, July 28 2014 7:30 AM EDT2014-07-28 11:30:31 GMT
    Track and field field star killed after semi slammed into a stalled car on I-75 in Cordele.More >>
    Track and field field star killed after semi slammed into a stalled car on I-75 in Cordele.More >>
  • PCA faces judge Monday for salmonella outbreak

    PCA faces judge Monday for salmonella outbreak

    Monday, July 28 2014 4:03 AM EDT2014-07-28 08:03:54 GMT
     Happening today jury selection set to get underway in one of the largest food recall cases in our nation's history. It comes nearly 5 years after a deadly salmonella outbreak was linked to a south Georgia peanut manufacture and three people, including it's former owner are set to stand trial. More >>
     Happening today jury selection set to get underway in one of the largest food recall cases in our nation's history. It comes nearly 5 years after a deadly salmonella outbreak was linked to a south Georgia peanut manufacture and three people, including it's former owner are set to stand trial. More >>
  • UPDATE: Police search for man who shot up two vehicles

    UPDATE: Police search for man who shot up two vehicles

    Sunday, July 27 2014 11:38 PM EDT2014-07-28 03:38:04 GMT
    Albany police say several shots were fired into an unoccupied vehicle Sunday evening at a restaurant parking lot.More >>
    Albany police say several shots were fired into an unoccupied vehicle Sunday evening at a restaurant parking lot.More >>

By Jim Wallace - bio | email

ALBANY, GA (WALB) –The price of South Georgia undeveloped rural land has dropped to only about half it's value of two years ago, when land prices peaked. Real estate experts say the prices for what's called recreational property will continue to drop, and a lot of land owners could be losing their property to foreclosures in 2010. Undeveloped recreational property like this was a red hot commodity in the fall of 2007. Pushed by Florida investors, land like this was bringing 3000 dollars an acre, or more.

But with the collapse of the economy, land values have also sank to only about 50 percent from just two years ago. Many of those investors are now unable to make the payments on their property.

Southern Plantations Group President Dr. Joe Marshall said "Some of these are in an upside down position now, meaning they owe more than the current market value of the property."

Even if the landowner decides to sell, finding a buyer, at any price, is difficult.

Dr. Marshall said "Good ole South Georgia land. There is a lot more for sale than there are buyers out there. And there in is the weakness of the market."

On the other hand, first quality irrigated farmland is holding it's value, but not increasing. But there is almost no demand for non irrigated farmland, and Marshall says the values will probably continue to spiral.

Dr. Marshall said "as the current situation continues, we could see more and more people that owe significant amounts on their property being forced into a sale. An involuntary sale."

Marshall says foreclosures will increase in early 2010, as property taxes have typically increased, and money making opportunities like hunting rights and timber prices have also dropped with the economic troubles.

Timber prices have dropped significantly along with the housing market. Marshall says the price for pine saw timber is only about $28 a ton.

©2009 WALB News. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.  Feedback