SUCCESSFUL LAND SALE: $9,400 IS TOP PRICE IN CASS COUNTY (IN) AUCTION
A 622-ACRE AUCTION IN CASS COUNTY, IN, BROUGHT $7,800 PER ACRE. PLUS, SALES IN IOWA AND ILLINOIS.
One of these weeks, we are going to have a Successful Land Sale that has less-than-stellar selling prices. This week isn't that week.
Halderman Farm Management and Real Estate sold 622 acres of farmland and timber near Walton in Cass County on March 30. When the last gavel fell, the sale totaled $4.884 million, or $7,824.13 per acre. "The farms sold a little stronger than what we expected for the current market," says A.J. Hordan, broker with the company. "We had a good crowd in attendance, a good crowd of bidders, and a mix of farmers and investors who bought the property."
Here's how the individual tracts sold:
- Tract 1: 78 acres, including 76 tillable featuring Cyclone and Fincastle soils. It sold for $670,000 ($8,590 per acre).
- Tracts 2-3: 143 acres nearly all tillable, with Cyclone and Fincastle soils. These were adjoining tracts. Combined, they brought $1.355 million ($9,476 per acre).
- Tract 4: 42.911 acres, with 41.83 tillable, featuring Cyclone and Fincastle soils. It brought $405,000 ($9,438 per acre).
- Tract 5: 13.1 acres, with 5.82 tillable and the rest in woods. It has mostly Fincastle soils. It sold for $45,000 ($3,191 per acre).
- Tract 6: 55.9 acres, nearly all tillable, featuring Fincastle, Cyclone, and Riddles soils. It brought $465,000 ($8,318 per acre).
- Tracts 7-9: 280 acres, with mostly Fincastle, Cyclone, and Riddles soils. They sold for $1.92 million ($6,860 per acre).
- Tract 10: 9 acres, all wooded. It sold for $24,000 ($2,667 per acre).
Jordan says the selling prices are off quite a bit from the market highs 18 months ago. For example, in December 2014, a 40-acre tract not far from Tracts 2-4 sold for $12,000 per acre. In September of the same year, similar land sold for $11,000 to 12,000 per acre.
The average price for average farmland in northern Indiana in 2015 was $7,279, according to Purdue University. Cash rent averaged $227 per acre in 2015. The 10-year average corn yield for Cass County is 163 bushels per acre; soybean yield averages 51.8 bushels per acre. For more, log ontoHalderman.com.
BEST OF THE REST
Iowa, north central: 351 acres near Titonka in Kossuth County sold March 30. There were four tracts. Tract 1, 80 acres, has 78.87 acres tillable with a Corn Suitability Rating 2 of 76.8 (based on a 5-to-100 scale). It brought $696,000 ($8,700 per acre). Tract 2, 80 acres adjacent to Tract 1, has 76 tillable acres and a CSR 2 of 77. It sold for $672,000 ($8,400 per acre). Tract 3, 111 acres, has 109 tillable with a CSR 2 of 80.5. It brought $888,000 ($8,000 per acre). Tract 4, 80 acres, has 78 tillable and a 62.2 CSR 2. It brought $520,000 ($6,500 per acre). In all, the sale totaled $2.776 million, or $7,908 per acre. "The sale was stronger than I thought it would be," says auctioneer Leroy Hoffman. "The land brought about what it would have sold for two years ago." All the farmland sold to local farmers. Farm and Home Services had the sale.
Iowa, north central: 120 acres north of Alden in Franklin County sold as one tract March 31. The land is level and features Harps clay loam, Okoboji silty clay loam, and Webster-Nicollet soils with a CSR 2 of 75. Anhydrous was applied last fall, at no cost to the buyer. Possession transfers at closing. The tract sold for $1.02 million. "That was better than we expected," says auctioneer Jason Smith. "It's actually an interesting story. The buyer's grandfather had this farm until the 1970s. The buyer lived next door on his grandfather's old homestead and wound up as the successful bidder." DreamDirt had the sale.
Illinois, west central: 162.26 acres near Camp Point in Adams County sold April 2. There were three tracts. Tract 1, 48 acres, has Biggsville and Wakenda soils and a Productivity Index of 139.7 (based on a scale from 61 to 147). The tract is all tillable and includes farming rights for 2016. It sold for $787,200 ($16,400 per acre). Tract 2, 87 acres, has 79.71 acres tillable with Timewell and Osco soils, and a PI of 130.5. The rest of the tract has waterways and woods. It sold for $643,800 ($7,400 per acre). Tract 3, 26 acres adjacent to Tract 2, has 26.44 acres of rolling ground with 17.47 acres tillable. Soil types are Coatsburg, Keller, and Lawson. It sold for $71,388 ($2,700 per acre). Combined, the sale netted $1.508 million, or $6,523 per acre. Sullivan Auctioneers had the sale.