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01-05-2013 12:20 PM
Yes, Faust, now up to $17,000/acre in North-Central Iowa. This farm is a little south of my farms. Story County does have some high-quality farmland. It had a CSR Rating of 90 which equals around $189 per CSR Point. $189 per CSR Point is $16,065/acre for 85 CSR Dirt. I don't know Faust, but it would be darn tempting to let just a 160 acres go for sale, 1/4 section of land would go for $2.8 Million dollars. Considering we bought a 160 acres for only $165,000 in 1986, or roughly just $11 per CSR Point, boy Faust, tell me again why I shouldn't sell any of my Iowa farmland now that we have hit $17,000/acre. $2.8 Million dollars for just a small 1/4 section of Iowa farmland would allow me to buy that Over/Under Shotgun I have my eye one!!!!!!!!
Article is below, Faust:
Iowa farmland goes for $17,000 per acre
The sale of the 375 acres near Nevada illustrates a rebound in confidence after the 'fiscal cliff' fiasco
NEVADA, IA. — A $17,000-per-acre sale of Story County farmland Friday shows that Iowa land reached the other side of the fiscal cliff as strong as ever.
The sale of the 375.26 acres north of Nevada to neighboring farmer Dale Swanson and his son Richard will generate $6.38 million to the Board of Pensions of the Annual Conference of the United Methodist Church, which had owned the land since 1978.
“We’re very pleased,” said the Rev. Beverly Bell, spokeswoman for the conference. “This is the last parcel of land we have to sell, and the time was right.”
Swanson acknowledged that he was “not happy” with the price, but considered the investment worthwhile.
“This is very good land,” said Swanson, who plans to farm it with his son.
More than 150 farmers and others interested in the sale packed into the Nevada Senior Citizens Center on Friday afternoon.
The sale generated heavy interest, not only because of the land quality. It’s also due to curiosity about any aftereffects from the “fiscal cliff” deal, which extended the capital gains tax at 15 percent and the estate tax exemption at $5 million.
Farmland Realtors had reported a record rush of sales in the final weeks of 2012 on fears that Congress might let the tax breaks lapse, possibly dampening the attractiveness of farmland.
Had Congress not passed the bill, the estate tax exemption would have dropped to $1 million and the capital gains tax could have risen to as high as 23.8 percent.
(It will rise to 20 percent for families with income above $450,000 and individuals above $400,000.)
“There was more confidence after Congress extended the tax laws, even if it was just for a year,” said attorney Rick Lynch of Bloomfield, who represented the sellers.
Auctioneer Dan Sullivan needed scarcely more than 15 minutes to coax the price up from a start of $7,500 per acre.
“Get those hands up,” he exhorted the crowd, which needed little prompting.
Last October, Iowa broke its old record with a $21,000-per-acre sale in Sioux County. Sales of $15,000 or more have been common.
“This was my highest sale, but I had one a few weeks ago at $13,000 per acre,” Lynch said.
The sale Friday was expected to attract strong bidding, considering the land bore a corn suitability rating near 90. A rating above 70 generally indicates good quality land.
“This is exceptionally good land,” said farm manager Randy Hertz of Nevada, who attended the sale. “Land around here still yielded 200 bushels per acre for corn last year, even with the drought.”
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