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When I purchased property here, I started with 2.5 acres. We had no neighbors around so I thought I could eventually work my way up to 10 to 20 acres. That was four years ago. We've worked our way up to 6.25 and have use of a relative's adjacent 1.25 acres which we will use as pasture. Anyway. My neighbor is thinking about selling and offered me 2.5 acres adjacent to my property. Curious as to what it is worth, I called an agent and was told lots here (1.25 ) are going for up to 25K now
. I purchased all my lots at $3500 or less. Fifteen years ago, this area was part of a land scam- you've heard of the Florida land scams? This was one of them. Lots 15 years ago went for $15K and a lot of people lost a lot of money. Tax foreclosures sold lots for back taxes. In the past two years there has been a lot of activity out here. It is surreal. If you saw this area, you wouldn't pay $5K an acres let alone $25K. It really seems suspicious to me and I think perhaps the market will bottom out and lots will go back down to a more reasonable price. At any rate, I can't afford to expand at current prices unless my financial situation drastically improves quickly. Instead of expanding, I am thinking of selling my furthest lot. If I could get $20K for it, I could pay off a few debts. In three years I could sell the house and additional property and pay cash for more land somewhere else. But if the market bottoms out; I won't be wanting to sell my house and I will be having to put up with neighbor's even closer than I do now. I'm really torn about this. I don't want to sell anything if I won't be able to buy something in a few years that is reasonable. BTW, I also own 5 acres further north in Florida but to my knowledge that is still the same value as when I purchased it five years ago. That is an investment- I don't want to live there. The lot is too narrow but it is on a river. Sell one lot at these high prices? Don't sell but wait to see what happens in three years?