04-10-2014 08:41 AM
**This note came across my desk this morning. I thought I would share with you folks. It would be interesting to know if this type of land sale is going on in your state or county. What do you know? Thanks. Mike
Tuesday's auction of approximately 833 acres of productive tillable farmland near Muncie drew a capacity crowd and resulted in the sale to an investor for $7.9 million, according to a press release by Schrader Real Estate and Auction Company, which marketed the property and conducted the sale.
The land, which was 97 percent tillable, was offered in 15 tracts but ultimately sold as an entirety for $9,482 per acre.
“We had 77 registered bidders, representing all types of prospective buyers. But as the auction progressed, it came down to those seeking to buy various combinations of tracts and those seeking the entirety. In this case, the one bidder was able to get all of the land,” said R.D. Schrader, president of the auction company.
“Buyers are continuing to pay close attention to quality and bid accordingly. In this case, bidders focused on the high percentage of contiguous tillable land, the quality soils and the drainage. The price per acre reflects that. When you look at the number of bidders, the competition and the sale price, it's clear that demand for farmland of this quality remains strong,” said Schrader.
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