13 acre parcel near me went up for sale, asking price $66k.
I consider it fairly unbuildable - access is via a more or less vertical cliff face, and it's adjacent to a working quarry.
I offered 50% and was laughed at.
Today I saw that it's under contract.

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4/ Yep. And some new ~ 3,000 ft^2 houses have gone up in town and sold for $600k, so it's a plausible thought. Personally, I'd like that. Couldn't hurt our own property values.https://twitter.com/sirgawain2100/status/1278677012928958469 …
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Colloquial term for “the marginal bid greatly exceeds the the median bid, and return on investment is very low”
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Easy access to unlimited debt causes prices to inflate. Yes, it is worth whatever people are willing to pay, but you get into funny business around supply and demand when debt is involved.
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