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Successful Land Sale: Logan County, Illinois, Land Averages $10,750
Strong land sales in Illinois continue to buck the trend of lower land prices. The sale listed below in Shelby County on June 17 was awfully good, but the one June 22 in Logan County was pretty fair, too.
In all, the land sold for $2.365 million, or $10,750 per acre. Farmers bought the property, says auctioener Mike Maske.
Tracts 1-3 are just north of Latham and lay adjacent to each other. Tract 1 is an east-to-west 40 acres, just north of Tracts 2 and 3, each of which is a north-to-south 80. They are nearly level properties, featuring mostly Hartsburg and Ipava silty clay loam soils. Combined, they have an average Productivity Index of 134 (based on a 61 to 147 scale).
All four tracts are leased through February 28, 2017, but the buyer receives 100% of the cash rent for 2016.
Here’s how they shook out:
- Tract 1, 40 acres, sold for $420,000 ($10,500 per acre).
- Tract 2, 80 acres. There is a small house and farmstead on this property. It brought $880,000 ($11,000 per acre).
- Tract 3, 80 acres, brought $840,000 ($10,000 per acre).
- Tract 4, 20.5 acres, is predominantly barnyard divided by Illinois State Highway 121. There is some tillable land and grass. Soils here are mostly Sable and Spaulding silty clay loam. It brought $225,000 ($11,000 per acre).
In 2015, the average value of farmland rated as excellent in Logan and surrounding counties was $12,000 per acre, according to the Illinois Society of Professional Farm Managers and Rural Appraisers. Good-quality land in the area sold for an average of $9,750 per acre.
In 2015, Logan County farmers produced a corn crop that averaged 173 bushels per acre; soybeans averaged 57 bushels per acre.
For more information, log onto maskeauction.com.
Best of the Rest
Illinois, Shelby County: 121 acres southeast of Windsor sold June 17. The land is level and has 119 acres of tillable land featuring Drummer-Flanagan soils. It is rented for 2016, but the buyer receives $300 per acre in cash rent. The property sold for $1.464 million ($12,100 per acre), which was better than auctioneer Hank Bauer, of Bauer Auction Service, expected it would bring. A local farmer bought the property.
Iowa, Cass County: 160 acres north of Cumberland sold June 22. The tract has 134.21 tillable acres, with Judson-Ackmore-Colo soils and a Corn Suitability Rating 2 of 67.2 (based on a 5 to 100 scale). The tract has an 8.8-acre pond and an 11,400-bushel grain bin. The buyer receives the second half of the 2016 cash rent. It sold for $1 million ($6,250 per acre). Peoples Company had the sale.