Buying Land/Lot in Second Home Markets

[Patrick Farley]

From my vantage point, market fluctuations for land tend to lag behind home prices, particularly in today's climate and there's still value in desirable locations where homes are priced out.  Any strong opinions about acquiring land as a buy & hold asset?  For context, we are considering acquiring a lot in Steamboat Springs and building over the course of 3-5 yrs, but I don't know enough to assess whether a lot purchase now is a good buy without having the end game determined.