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Successful Land Sale: Allen County, IN, Sale Averages $9,125 per Acre
Local bidders dominated the auction of approximately 705 acres in Allen County, Indiana, with the land selling to five different buyers for a total of $6.435 million. Schrader Real Estate and Auction Company marketed the property and conducted the auction.
“Overall, the land averaged $9,125 per acre. The highest price was on 117 acres, which sold for $1.2 million, or $10,256 per acre. Close behind were another 172 acres, selling for $1.75 million, or $10,174 per acre,” said Jerry Ehle, who managed the auction for Schrader.
Local farmers bought the property, although investors also bid on the land, he added.
Here’s more information about the tract combinations that sold:
- Tracts 1-3: 117 acres less than 10 miles southeast of Fort Wayne, featuring mostly Hoytville soils. It sold for $1.2 million ($10,256 per acre).
- Tracts 4-6, plus 10: 168 acres less than 10 miles southeast of Ft. Wayne. Tracts 4-6 are contiguous, with the 40-acre tract just across the road. Soils are mostly Hoytville with some Nappanee. It sold for $1.75 million ($10,174 per acre).
- Tracts 7-9, plus 11-13, plus 16: 315 acres, including tracts less than 10 miles southeast of Ft. Wayne and just west of Woodburn. The soil types are mostly Hoytville. Tracts 7-8 have some tile. It sold for $2.52 million ($8,064 per acre).
- Tract 14: 21 acres about 10 miles southeast of Ft. Wayne, featuring Hoytville soils. It sold for $190,000 ($9,047 per acre).
- Tract 15: 82.5 acres east of New Haven, the tract features Hoytville soils. It sold for $775,000 ($9,393 per acre).
R.D. Schrader, president of the auction company, said the result shows continuing demand for quality land.
“These prices were strong. While farmland values have declined some, it’s just been a few years ago that land values would have been half that. Despite concerns about low commodity prices, landowners can still get a good price for quality land that is marketed well,” said Schrader. “I can’t say what the future will bring, but we’re still seeing vibrant demand, especially among farmers who are in a position to acquire land for the long run."
Best of the Rest
Illinois, Sangamon County: A 35-acre tract a few miles southeast of Rochester sold at an online-only auction that ended August 16. The tract has Sable, Ipava, and Harsburg soils. The buyer gets $200 per acre cash rent income. It sold for $315,000 ($9,000 per acre), with a 4% buyer’s premium added. Aumann Auction had the sale (aumannauctions.com).
Iowa, Franklin County: 80 acres northeast of Hampton sold August 16. The tract has 79.35 acres of cropland. Soil types include Dinsdale, Rockton, and Judson with an average Corn Suitability Rating 2 of 70.5 (based on a 5-to-100 scale). The parcel has some tile. It sold for $612,000 ($7,650 per acre). Peoples Company had the sale (peoplescompany.com).
Iowa, Pocahontas County: Two tracts totaling 354.69 acres sold August 17. Both tracts feature natural drainage plus tile. Tract 1, 154.69 acres just north of Pocahontas, has 150.14 acres of cropland, with Webster and Nicollet soils and a CSR2 is 85.7. There are 2.81 acres enrolled in the Conservation Reserve Program, paying $735 each year through 2024. Tract 1 sold for $1.423 million ($9,200 per acre). Tract 2, 200 acres north of Havelock, has 192 acres of cropland with a CSR2 of 84.3. Soil types include mostly Clarion and Canisteo. Tract 2 sold for $1.75 million ($8,750 per acre). Hertz Real Estate Services had the sale (Hertz.ag).