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Successful Land Sale: Central Illinois Land Tops $12,400
The prospect of $3 corn did not scare off the buyers of 200.53 acres just east of New Berlin in Sangamon County, Illinois, on August 20.
The sale featured high-quality soils – the kind you wait years to acquire, says Dan Sullivan, co-owner of Sullivan Auctioneers, which had the sale.
Here’s more information about the tract combinations that sold.
- Tract 1: 35 acres, nearly all tillable with Ipava, Sable, and Osco soils with a 140.7 Productivity Index (based on a 61-to-147 scale). It sold for $423,500 ($12,100 per acre).
- Tract 2: 85 acres adjacent to Tract 1, with 84.5 acres tillable featuring Ipava, Sable, and Osco soils and a 138.5 PI. It sold for $1.0285 million ($12,100 per acre). Tracts 1 and 2 sold as one unit.
- Tract 3: 80.53 acres, of which 80.1 are tillable and include Sable and Ipava soils. The PI is 142. It sold for $1.0066 million ($12,500 per acre).
Total proceeds were $2.459 million, or $12,295 per acre. That’s higher than the 2015 price for excellent farmland in the area, according to the Illinois Society of Farm Managers and Rural Appraisers. Last year, the price for excellent farmland in this region averaged $11,750 per acre.
Best of the Rest
Iowa, Boone County: 113 acres west of Gilbert sold August 24. The tract has 99.06 acres of tillable land, featuring mostly Clarion, Nicollet, and Webster soils with a Corn Suitability Rating 2 of 86.1 (based on a 5-to-100 scale). It sold for $870,100 ($7,700 per acre), which is off the $100-per-CSR 2-point rule of thumb often used to earmark land prices in Iowa. Peoples Company had the sale.
Iowa, Louisa County: 117 acres west of Wapello sold August 25. Tract 1, 79.68 acres, has 77.36 tillable acres, with a CSR 2 of 85.4. The tract sold for $844,608 ($10,600 per acre). Tract 2, 40.31 acres adjacent to Tract 1, has 36.68 acres of tillable land. The balance is in older farmstead. It sold for $395,038 ($9,800 per acre). Steffes Group had the sale.