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

South Georgia land values plummet

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 This material may not be published, broadcast, rewritten, or redistributed.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

  • More WALB News10 HeadlinesMore News HeadlinesMore>>

  • Valdosta Fire Dept. welcomes 10 new recruits

    Valdosta Fire Dept. welcomes 10 new recruits

    Monday, June 25 2018 11:55 AM EDT2018-06-25 15:55:25 GMT
    VFD has 10 new recruits to add to the fire department team. (Source: Ashlyn Becton)VFD has 10 new recruits to add to the fire department team. (Source: Ashlyn Becton)
    VFD has 10 new recruits to add to the fire department team. (Source: Ashlyn Becton)VFD has 10 new recruits to add to the fire department team. (Source: Ashlyn Becton)

    The Valdosta Fire Department held a family and friends day Saturday welcoming 10 new recruits to the team.  The event allowed the community to come out and welcome the new firefighters and their families to the Valdosta Fire Department family.  

    More >>

    The Valdosta Fire Department held a family and friends day Saturday welcoming 10 new recruits to the team.  The event allowed the community to come out and welcome the new firefighters and their families to the Valdosta Fire Department family.  

    More >>
  • breaking

    Breaking: Four face new charges in elder exploitation case

    Breaking: Four face new charges in elder exploitation case

    Monday, June 25 2018 11:32 AM EDT2018-06-25 15:32:53 GMT
    (Source: WALB)(Source: WALB)
    (Source: WALB)(Source: WALB)

    A new person has been charged in an elder exploitation case and three more are facing additional charges, according to the Dougherty County District Attorney.

    More >>

    A new person has been charged in an elder exploitation case and three more are facing additional charges, according to the Dougherty County District Attorney.

    More >>
  • Bainbridge council to consider allowing backyard chickens

    Bainbridge council to consider allowing backyard chickens

    Monday, June 25 2018 11:22 AM EDT2018-06-25 15:22:07 GMT
    With the increased interest in having backyard chickens in Bainbridge, Councilwoman Roslyn Palmer proposed a new ordinance to allow this. (Source: WALB)With the increased interest in having backyard chickens in Bainbridge, Councilwoman Roslyn Palmer proposed a new ordinance to allow this. (Source: WALB)

    With the increased interest in having backyard chickens in Bainbridge, Councilwoman Roslyn Palmer proposed a new ordinance to allow this.

    More >>

    With the increased interest in having backyard chickens in Bainbridge, Councilwoman Roslyn Palmer proposed a new ordinance to allow this.

    More >>
Powered by Frankly