Interest rates are rising, but prices of buildable land in the Sunbelt aren’t cooling down. “It’s a literal land grab.”
Land-use restrictions and lack of infrastructure have made it harder for developers to find sites to build homes; ‘almost across the board, you’re fighting for land’/ Photographs by Angela Owens/The Wall Street JournalIn the Sunbelt, the hottest commodity isn’t oil, copper or gold. It is land. And rancher Robert Thomas has plenty of it.
Mr. Thomas’s family owns about 11,000 acres of ranchland northeast of Tampa, Fla. His grandfather, who owned newspapers and ran a minerals-exploration business, bought much of it for 10 cents an acre in 1932. Since then, the population of the Tampa metropolitan area has exploded to more than 3 million. The Thomas family’s ranch is now surrounded by communities of single-family homes.
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