![]() "We have buyers from surrounding states, particularly Florida, who are looking to relocate to an area where they can have a larger acreage base." "The farming is pretty much status quo in this area, and we're seeing buyers of recreational land becoming the main drivers of land values," says Jeff Lott, senior vice president of credit operations for the FLBA of South Alabama. That price surge is the largest single-year percentage increase since 1974. The price of an acre of rural Texas soared 16 percent last year, rising from $1,097 in 2003 to $1,274 per acre in 2004, according to the Texas A&M Real Estate Center. ![]() That enthusiasm is translating into higher prices. Charles Gilliland, "a general lack of lucrative investment alternatives makes the decision to acquire land less costly than when stocks are booming." It seems even high oil prices and the threat of interestrate hikes have done little in recent months to slow the enthusiasm for land across the South. In addition, says Texas A&M University's Dr.
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