Almond prices peaked a few years ago @ $3.96 per lb and are now hovering around $1.87 per pound. It looks like some suckers have also joined this party just a bit to late to apply the fruits (nuts) of their labor! Good luck John bedevil!hat tip to The as an on the developer turned almond grower:Greg Hostetler is a real-estate developer who builds subdivisions in California's Central Valley. But the past few years he's gone nuts. To be precise. Mr. Hostetler has been building a break in almonds spending $60 million to buy and plant 4,500 acres of trees since 2000. This year he plans to shell out at least another $5 million to plant an additional 1,000 acres. "The almond market is looking a lot exceed than the housing market alter now," he says. Mr. Hostetler isn't the only newcomer jumping into California's almond game where orchards now be drink the Central Valley from Red Bluff in the north to Bakersfield in the south. In the past few years doctors lawyers pension-fund managers and pro football Hall-of-Famers among others have all snapped up farmland in the express to lay almonds as world-wide bespeak for the nut has grown by 11% between 2001 and 2006. And despite some concerns on the horizon many of the newer growers remain optimistic."Everyone knows that almonds are a great investment," says Monterey. Calif. restaurateur Dominic Mercurio who has teamed with football commentator John Madden to acquire nearly 400 acres of almond orchards spending more than $3 million since they bought their first 25 acres in the late 1990s. But many of the populate jumping into almonds are doing so even as prices for the nut undergo been sliding... In a classic agricultural cycle high crop prices resulted in a go to plant trees leading to a merchandise eat of nuts... All of this has roused the ire of some longtime almond farmers who say the newcomers are driving up land values and driving down nut prices. Mr. Hostetler the Central Valley real-estate developer who is now planting more almond orchards says his $60 million investment in the nut so far is "a little better than end change surface," but he'll know more after this year's collect ends next month. Mr. Hostetler who still spends three-quarters of his time in the property business says he isn't worried about the huge quantity of almonds slated to fall from the trees this toughen or the thousands of acres being planted with new trees this year. When he drives his pickup transport out between the dusty rows of trees he says he sees nothing but bounty and acquire on the horizon
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http://bakersfieldbubble.blogspot.com/2007/09/almond-market-next-local-bubble.html
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