16 Nov '11, 1pm

Back to the farm: subdivision land now reverting to agriculture

Back to the farm: subdivision land now reverting to agriculture

How the times have changed: while residential land prices in the US have fallen by a staggering 70 percent since 2006, the value of cropland has actually risen some 20 percent, according to a story by Robbie Whelan in the Wall Street Journal . This is causing a shift in land use away from the once-dominant trend of conversion of agricultural land to suburban sprawl and toward reversion of land held for suburban development back to farming: “Now, with crop prices soaring and housing in a deep slump, the economics of land investment have turned upside down. Farmers and investors are buying land that had been slated for development and using it for agriculture. And they are paying a small fraction of what housing developers paid for the same land before the recession. “The trend, if it continues, could represent a historic shift away from development in the far reaches of met...

Full article: http://switchboard.nrdc.org/blogs/kbenfield/back_to_the_f...

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