Would you purchase land for buy-and-hold? ("Land Banking")

[Jim D.]

We have an opportunity to buy (off-market) just over seven acres of rural land at what I believe to be a pretty decent price.  It has possibilities - there is electric available and a house or cabin could be built.  This is certainly something we may consider long term, but short term our only use would be for occasional camping on the land.

So, does it ever make sense to buy non-income-producing land as an asset that may appreciate or we might further develop later?  I've occasionally heard of investors "land banking" and find some interesting articles about it, I'm just wondering if any BP folks pursue this as part of a well-rounded investment strategy.

I'm sure there are pros and cons, but for us, one of the key considerations is whether it is at least as good as leaving cash sit in the bank, only to be continually devalued by inflation.