I have decided to push back release of my upcoming book, “Land: For Love and Money”©, and accompanying workbook. The culprit is Force Majeure. Force Majeure is the term afforded to those myriad of events far beyond the control of the parties that conspire to delay the best laid plans of mice and men.
Obviously, the economy has been in a sorry state of disrepair. While one can argue as to the potential efficacy (or lack thereof) of government’s attempts to fix the problem, reasonable minds would likely agree that the results have been disappointing.
Land, farms, and ranches have become more difficult to sell and purchase. Many banks have raised the bar on credit worthiness. Financial institution requirements for down payment as a percentage of purchase price has risen.
Fine ranch, recreation, rural properties and farms have generally held their value far more consistently than urban, exurban, residential, and commercial properties. There are other causes, but the primary reason for this relative stability is simple. There is a finite supply of good rural acreage. One can always build another apartment, house, develop another lot, or throw up another shopping center. Supply is infinite. It is impossible to manufacture a mountain, a view, a river, or a lake.
Pent up demand is definitely building. There is more interest and showings. These have not yet evolved into contracts, but more and more folks are beginning to grasp that this unusual state of economic affairs is an opportunity to change life style. Many others are coming to realize good land is a tangible financial and physical safe haven. Funds sitting on the sidelines, anxiously awaiting the opportunity to buy rural lands are increasing, but general uncertainty does not spur decision. It is for these reasons that we have delayed the release of “For Love and Money” until this winter, back from the original anticipated release date of May/June 2009.
I have taken the opportunity to beef up the already hefty finance, tax consideration, conservation easement related, and acquisition portions of the book and work book. Government policies are sure to create inflation. Demand for real assets including well located rural lands will increase. Inevitable increases in taxes could likewise make the tax advantages of rural land ownership more attractive. Conservation easements are likely to become even more popular.
In a nut shell the release of the book has been postponed. My apologies to the many of you who have inquired and are anxious to get your copies. On the other hand, the delay has allowed fine tuning of the work, so that upon its release the information, tips, and real life experiences will be even more meaningful, useful, and applicable to the unusual risks and unprecedented opportunities of today’s environment. I will keep you posted (no pun).