Prudence and patience pay off as market turns
WHILE some of the big money paid to farmers in the boom was burned in the inferno that was the bank shares crash, more than a few wise men held their heads, sat on their acquired wealth and waited for the market to turn.
One farming family -- the Brennans who farm on the edge of Kilkenny -- sold around 40 acres of development land at the height of the boom for close to €20m.
However, they opted to stay out of the market until earlier this summer when they bought a 286-acre residential farm on the opposite side of Kilkenny for €2.45m.
Prudence and patience are clearly virtues that pay off.
Another farmer in Laois recently paid €330,000 to buy back his 61-acre residential farm, which he had originally sold for €740,000 in 2005.