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Farmland Sale: Schrader Auction Releases Results From 85-Tract Land Sale

Huge Illinois sale nets $13.05 million. Also, sales in Illinois, Indiana, Iowa, and South Dakota.

Land sales don’t get much more epic than the October 17 auction of Illinois farm and hunting ground. It was epic in every way: size (4,396 acres), volume (85 tracts), and proceeds ($13,056,280).  

R.D. Schrader, president of  Schrader Real Estate and Auction Company, which conducted the event, says the property featured 43 different buyers, with 176 registered bidders from 10 states. “Competition was intense for the tillable land, with both farmers and investors emerging as the high bidders on tracts,” he says.

The October 17 auction included 2,503 tillable acres, the rest in pasture and wooded recreational land in Franklin, Williamson, Hamilton, and Saline counties. Originally, 4,810 acres were slated to sell, but 414 acres were withheld from the auction. The owners are taking offers on those properties.  

Schrader said the end of the growing season marks a good time for landowners to sell land. “Tillable land prices are still strong relative to the current commodity prices, so there’s a good window of opportunity for farmers and investors alike,” he says.   

BEST OF THE REST

Iowa, O’Brien County: Three tracts totaling 273.03 acres sold October 23. The land is located west of Petersen (northwest Iowa). Tract 1, 79.93 acres total, has 76.94 acres tillable, featuring Terril, Ocheydedan, and Galva soils with a CSR2 of 90.5. It sold for $759,335 ($9,500 per acre). Tract 2 is 115.47 acres, with 113.42 tillable featuring Galva, Marcus, and Primghar soils, with a CSR2 of  94.7. It sold for $1.374 million ($11,900 per acre). Tract 3, 77.63 acres, has 23.33 acres tillable, with the rest in timber, grass, and roadway. There also is a small home, two older hog buildings, and a garage. It sold for $407,557 ($5,250 per acre). All three tracts were adjacent and located just off Highway 10. Vander Werff and Associates had the sale.

Illinois, McDonough County: A 150-acre tract southeast of Macomb (west-central Illinois) sold at auction October 19. The land has 145.69 acres of tillable land, with Greenbush, Ipava, and Fishhook soils and a Productivity Index of 124.2 (on a scale of 100 to 147). Field tile and dry dams have been installed on the farm. This farm sold as one part of a 1031-exchange, according to Sullivan Auctioneers, which had the sale. The farm sold for $1.275 million ($8,500 per acre).

Indiana, Miami County: Halderman Real Estate and Farm Management auctioned two tracts of land totaling 169 acres on October 25. The farms are located south of Peru. Tract 1, 76.68 acres, is all tillable, featuring mostly Blount and Pelamo silty loam soils. It is considered Class II land and sold for $500,000 ($6,521 per acre). Tract 2, 93.01 acres, has 92.52 tillable acres and the rest nontillable. Soil types are Blount and Pelamo, and this property also is considered Class II land. It sold for $465,000 ($4,999 per acre).

South Dakota, Kingsbury County: Wieman Land and Auction conducted the sale of 160 acres 2 miles southwest of Lake Preston on October 23. The tract has 156.73 tillable acres, with mostly Hetland silty clay loam soils. Averaged, the tract ranks as Class 2 farmland and has a 76.2 Productivity Index (based on a scale of 0 to 100). It sold for $880,000 ($5,500 per acre).

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