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Successful Land Sale: Northwest Ohio Property Averages $6,200
Lower crop prices mean that investors are getting back into farmland buying. A sale on July 14 of 292 acres in Williams County, Ohio, demonstrates that.
The sale totaled $1.935 million, or about $6,627 per acre. That is skewed a bit by tract one, which is a homestead. The rest of it sold as one unit to a farmer-investor, at a price a little bit better than the auctioneer expected. Here’s the breakdown:
- Tract 1 is a 1.75-acre tract with home and outbuildings. It sold for $135,000.
- Tracts 2 through 7 included field sizes of 10, 65.94, 36.071, 86.73, 40-, and 52.45 acres. These are all contiguous. In the six tracts, there is a total of 232.04 acres of tillable land, featuring mostly Blount loam soils. Most of the tracts are tiled. There is 3.6 acres of land enrolled in the Conservation Reserve Program, paying $795 per year through 2024. Tracts 2 through 7 sold as one unit for $1.80 million ($6,201 per acre).
A farmer-investor bought the property, according to Brent Wilson, owner of Wilson Auction Realty, which had the sale. The property had been owned by a trust that was dissolving.
Land in northwest Ohio is holding steady after a correction, he adds. “It all depends on crop yields and crop prices,” he adds. “If prices dip, it could change a few things.”
For more, log onto Wilson Auction Realty Limited.
Best of the Rest
Illinois, Effingham County: 40 acres southwest of Effingham sold July 18. The tract has 33.71 acres of tillable, with the balance in timber and old farmstead. Soil types included Bluford and Cisne silt loams. The buyer gets possession after the 2016 harvest. It sold for $320,000 ($8,000 per acre). Schmid Auction and Realty had the sale.
Iowa, Boone County: 68 acres southwest of Boxholm sold July 20. The tracts has 65.44 tillable acres, with mostly Canisteo and Harps clay loam soils and a Corn Suitablity Rating 2 of 81.4 (based on a 5 to 100 scale). The buyer receives the second half of the 2016 cash rent. It sold for $556,100 ($8,300 per acre). Peoples Company had the sale.
Kansas, Chase and Ellsworth counties: Four tracts totaling 628.7 acres of farmland and grassland sold July 14. Tract 1, 77.20 acres west of Lyons, has 68.6 acres of cropland and the rest in grass, creek, and timber. Farmland is mostly Geary silt loam. The tract rolls and has some erosion. Mineral rights transferred and there is a gas well, with five-year average revenue of $5,019 per year. Tract 1 sold for $231,600 ($3,000 per acre). Tract 2, 158.20 acres just north of Tract 1, has 125.8 acres of cropland and the rest in grass. The tract is mostly Geary silt loam. It sold for $300,580 ($1,900 per acre). Tract 3, 82.90 acres northwest of Lyons, has 57 acres of tillable land and the rest in native and tame grass. Soil types include Geary silt loam and Hobbs silt loam. It sold for $116,060 ($1,400 per acre). Tract 4, 310.7 acres 15 miles north of Lyons in Ellsworth County, is all native Bluestem and mixed grassland with average barbed wire fence and two stock ponds. It sold for $528,190 ($1,700 per acre). Total sale proceeds were $1.1764 million ($1,871 per acre). Griffin Real Estate had the sale.