Sounds like they forgot that local prices tend to rise and fall relative to the neighborhood - to cash in they would have needed to relocate to a lower-priced area.
Correct. That wasn't their plan; in fact they didn't have one.
...to relocate to a lower-priced area.
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Exactly what we did.
In our former area, 12’x20’cabins w/no well or septic on 35 acres sell for $55k. The land is taxed at the recreational (highest) rate for unimproved acreage. Same is true way further North in tourist (Great Lakes access) areas. Larger towns up there are abandoning manufacturing to sell off/develop Lake frontage/access.
Would take $25k (includes interior remodeling costs) to add utilities, IF you could pass the strict sanitary codes; if not, you might be relegated to a holding tank ($75/month-6 weeks for pumping). More for a well if the property was on highest available elevations (means a deeper drilling). These businesses are swamped. Anyone needing modern conveniences is going to wait now through winter.
Could be fire sales on rural, less-improved—unimproved parcels coming later. Or, there could be a construction boom if Trump wins.
Can’t decide if progs will stay rural after a Trump win or skeddadle back to the cities and ‘burbs. Leaning toward another mass relocation as they see cities opening up with what they perceive as more attractive options for spare time. Would mean rural property price decreases if a lot of inventory hits the market at once.
It’s really difficult to determine what’s going to happen in a world full of lemmings and sheep.