Nebraska’s farm real estate value rose sharply during 2007, extending a trend that began in 1993, according to the USDA. Farm real estate value on January 1, 2008, averaged $1,460 per acre, a record high. This is up $230 per acre or 19% higher than last year’s level.
Cropland value increased 20% from last year to $2,270 per acre, with dryland acreage averaging $1,950 per acre and irrigated cropland at $2,900. Pastureland, at $530 per acre, was 23% above a year ago. Cash rents paid to landlords for cropland increased from last year and were also a new record high. Irrigated cropland rent averaged $155 per acre, an increase of $16.
Dryland rent increased to $95 per acre, also up $16 from a year earlier. Pasture rented for cash, which averaged $14.20 per acre, rose $.20 from 2007. Find agricultural statistics for your county at www.nass.usda.gov.
Angela Graham has led the way in downtown Hastings in converting space in upstairs buildings to residences. Graham, an art gallery owner, today lives in a colorful and eclectic loft, surrounded by art, exposed brick walls and other historic touches.
Her loft was the first of more than a dozen rehabilitation projects in downtown Hastings that have turned vacant and forgotten upper-story spaces into condos and apartments.
While such conversions have become common in cities like Omaha and Lincoln, they’re a rarity in smaller communities like Hastings, population 24,000.
According to Graham and Randy Chick, director of Hastings’ Community Redevelopment Authority, not only do such renovation projects rehabilitate unused space and increase property values, they re-energize struggling downtown business districts and provide an “urban pioneer” lifestyle close to theaters, coffee shops and restaurants.
Utilizing the upper stories for housing also provides a way for entrepreneurs to save expenses by living above a shop — like small-town storekeepers of old.