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Honored Advisor
Posts: 7,318
Registered: ‎07-18-2011
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Re: Midwest Farmland Value Up 1%

[ Edited ]

That alone makes the government source worthless....

 

For example in the last 3 weeks locally ............ marginal dry land sold here .....

1   auction quarter where two money buyers drove it up to $1200 per acre..... has a 40 bpa county yield milo or 30 wheat..... not crp and not in production the last 3 years while the tenant struggled financially.......  poor quality.

 

2   4 tracts at another auction the same week about the same quality of dry land  

           160 acres sold first and sold for $740 per acre  after the final bidder had it bought at $625 per acre, the auctioneer stopped the sale and threateded to no sale the quarter twice asking the same guy to raise his bid twice.  He did and it sold

           The other three tracts were farmland and CRP grass.   The auction for them ended with a lower price and the auctioneer "no saled them".   

 

 

It is highly likely that the only sale of those that recognized as a true sale will be number one, or $1200 per acre..

 

yet private sales in that same area brought 650 in the last few months....... similar ground.

 

There is a fair amount of ground ending up on the "no sale" list....   We're kind of getting in trouble when we have to demand the bidder bid against himself.   

It is not an auction if It is has a minimum bid....  seems silly........ just list it in the paper or with a realtor with a price on it.