If you pick the right lot - it is well worth it. 3 years ago, I paid $65K for my 3.33 acres - I just did an evaluation and it is now worth $50k an acre($166k total) and as soon as I get water to the lot line (another $10k at most) it will ad $20k an acre for a total of about $233k - not bad for a $75k investment. I will probably sell within the next two years. Not to mention the fact they are going to incorporate a new city out here and it will go up even more then.
I knew the area was growing like mad but I did not think that it would explode like this - within six months they started major sub-divisions and built everything out here. I could not have bought at a more perfect time. Keep in mind I happened upon an ideal situation
I have known MANY that make fortunes with land - it is usually a wise investment. At least, it is around here in Arizona. My Grandparents bought 120 acres when they moved here in the 50's now part of that land is the Phoenician resort (sp). They sold for millions.
My Uncle Les Whitfill started a nursery in Phoenix in the 70's. He built where (at the time) was the sticks and spent I think it was 80,000 for like 40 acres - and said "I'll let the city build to me". He was offered something like 4.5 mil for it before he passed away several years ago. He never would sell though - that was the original family adobe house and he lived there till he passed.
That brings back alot of good memories. That adobe house never had A/C - it would never get hotter than high 70's inside - even if it was 115 outside. It would get a little chilly in the winter though and there was a great fireplace...
Sorry, I'm rambling... If you do your homework, like the others have said - it can be a good investment.
Vic