Prudence and patience pay off as market turns
Published 27/08/2011 | 05:00
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.