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What effect will Toyota's arrival have on our land prices?


This is a very exciting time for us here in North Mississippi, and we have received a much-needed shot in the arm. Toyota's arrival will have an incredible impact on our area with our current unemployment rate around 10%. Now that Toyota has announced that they are going to be rolling off cars by the fall of 2011, what can we expect with the value of land?

First, we have not seen as many out of town developers calling like we did with the previous announcement. One reason for this is there are not as many developers as there were a year and a half ago. Secondly, the banks are reluctant to loan any money on real estate investment right now. The recession that this country is trying to come out of has put several developers and banks out of business and the ones that are left are being very conservative on what they are buying and making sure that it is the right decision.

When Toyota previously announced their arrival to our area, we saw a little bit of land sold for what I thought was very high prices. Unfortunately, the people who bought these properties are still sitting on it. I do not see this trend repeating itself with our economy in its present condition. Developers are much wiser now from surviving the recession and not apt to make rash decisions.

With the first news of Toyota's arrival, I took the opportunity to visit Georgetown, Kentucky the home of another Toyota plant. One of the reasons for this trip was to do a little investigating on what to expect out of our land prices. One of the people I met with was John Conner, Executive Director of the Chamber of Commerce of Georgetown, Kentucky. John said that the land that the first land to be sold was land that had realistic pricing. He also mentioned that there is still land for sale in his area that has been for sale since Toyota originally announced. He also told me that the growth has been steady but they did not see a big boom. This is exactly what we need and want for our area.

In conclusion, if you want to sell your land at a time that is optimal with big industry arriving, you need to know two things. You should have a good idea of what your land is worth. You should also know what the current market looks like so that you can put a realistic price on your property. We are just coming out of what I hope is the worst recession we will ever see. Amazingly, land did not lose any in value, but people buying it are more aware of what it is worth now.

Until next time,
May God Bless.

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