San Joaquin Valley farmland values seem to center around whether or not they are recipients of an irrigation district's water allotment.  This valuation model lays fallow valuable land which can produce a useful crop and return a profit to its owner.  It just requires one to think, think about alternative crops which thrive on available well water.  There is more water under the San Joaquin Valley than what people want you to believe.  Stanford University published a study which determined there is three (3) times the amount of subsurface water than what was previously thought.  Then one also needs to recalculate the amount subsidence by factoring in the "cause-effect" of the San Andres Fault.  Things are not always what they appear.