The Political Insider blog is on hiatus until the new year.
Here’s something to ask yourself today: Is your house, and the land it sits on, worth twice as much today as it was in 2004? Probably not.
In fact, odds are that your little slice of heaven is worth a good deal less. No matter what your mortgage says.
But the real estate market can be a tricky thing.
On Wednesday, the Board of Natural Resources agreed to pay $28.7 million for 10,015 acres of Oaky Woods wilderness in middle Georgia. Six years ago, the price was roughly the same — for the entire 20,000-acre tract.
By passing on the property in 2004, over the protests of environmentalists, the state allowed the pristine black bear habitat to pass into the hands of Houston County developers — whose plans to build a private city did wonders for local land prices.
The assessed value of 101 acres adjacent to the Oaky Woods property, purchased by Gov. Sonny Perdue a year or so earlier, more than doubled to $750,100.