The new LandsofTexas magazine is being delivered today. Check your local newsstand for a copy!
Here is an excerpt from Dr. Gilliland's page 17 article:
"Texas land markets continued to endure challenges during the first three quarters of 2011. While statewide prices inched upward 4 percent over 2010 prices, the volume of sales reported to the Real Estate Center at Texas A&M University slipped to 2009 levels. Given current numbers of reported sales by year's end Texas markets in 2009, 2010 and 2011 will have transferred fewer acres annual than any other year since 1966. These facts suggest that current Texas markets continue to face historically low levels of demand as Texans struggle to cope with the fallout from the continuing financial crisis. The persistently high level of unemployment weighs heavily in the thinking of many potential land buyers. The continuing crisis in housing markets and stubborn unemployment woes, lead many potential buyers to foresee a substantial risk of land price declines in the future as landowners strive to retire outstanding debt. With this gloomy prospect in mind, many with the means to purchase continue to make low offers often adopting a take it or leave it attitutde. Potential sellers, many with little or no debt on the land, continue to refuse the offers leading to the slowdown in activity.
Despite this dearth of buyers, some land market segments exhibit robust activity at historically high prices. Small properties composed of the bulk of the market changing hands at stable to higher prices. Buoyerd by expanding oil production, buyers continued to seek out scenic land. Buyers west of Houston and in south Texas overcame misgivings about the future to purchase...."