Absolutely correct Dennis. What we bought early last year for $1500/ac could supposedly bring $2300-2500/ac today. I told the guy I bought the land with that we should ask $3000/ac and see what happens. Granted, most growers are doing indoor operations so really don't need 300 acres. Easy access. Electricity. Building(s) or places to put them. Driving down Hwy27 from Okemah and noticed SEVERAL new building being built and all seemed to have lots of exhaust fans and electric boxes.
20 acres of all wooded land with easement road access(2 gates and probably 1/2 mile from the main road) is for sale adjacent to ours. Owner was asking $60K and got a full offer but the guy ended up backing out(probably when I met him and explained he had only 20 acres and no access to river, no access to hunting, and we have cameras up for trespassing). Well, the land owner was getting so much attention he raised the prices to $70K($3500/ac). Talked to the listing realtor and while it hasn't sold yet he did say it's getting attention and it's the cheapest 20 acres around. I've got an email out to the Oklahoma Medical Marijuana Authority questioning about water and soil waste management. While I'm okay with someone doing a legal activity, I do NOT want their grow chemicals flushed out into our aquifer. If they do buy it for this purpose, I can honestly say we are NOT going to be good neighbors!
I looked on whitetail properties which is where we bought our land through. They have 0 listings for land in Okfuskee county when generally there's at least 10-15. Hughes county which is adjacent only has 3 properties listed that aren't sold or pending and they're all over $1M.
On a positive note, there are almost 7,000 licensed growers. WAY too many for all to stay profitable at the level it's at right now. Trust me, I lived in CO for most of the last 25 years and have first hand knowledge the direction this is headed. Prices go down, some growers bail and cut their losses, most find black market sources to keep revenue stream coming.
