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Successful Land Sale: Top Tract in Fremont County, Iowa, Brings $7,400
Southwest Iowa is known for loess hills, and rich, windblown soil left after the most recent Ice Age. On September 8, the 746 acres of Fremont County, Iowa, farmland may not have been a textbook definition of loess soils, but it’s as close as we’ve had in the Successful Land Sale. The property included five tracts, all east of Percival. Farmers National Company conducted the auction.
Here’s how the sale went:
- Tract 1: 87 acres, with 84.88 acres in cropland, 1.19 acres non-cropland and 0.93 acres in Conservation Reserve Program (paying $166 per year through 2021). Soil types include Keg silt loam and Salix silty clay loam with an average Corn Suitability Rating of 88.6 (based on a 5-to-100 scale). It sold for $643,800 ($7,400 per acre).
- Tract 2: 60 acres, including 43.87 acres in cropland, 12.06 in CRP (paying $2,603 per year through 2021), and 4.07 acres of non-cropland. The soil types are mainly Lakeport silt loam and Salix silty clay loam, with a 90.2 CSR 2. It sold for $306,000 ($5,100 per acre).
- Tract 3: 178 acres, with 162.08 acres in cropland, 5.92 acres non-crop and the rest in homestead, with four steel buildings and three smaller grain bins. Soil types include Luton silty clay and Salix silty clay loam, with a CSR 2 of 74.6. It sold for $1.086 million ($6,100 per acre).
- Tract 4: 150 acres, including 147.84 acres in cropland and the rest in non-cropland. Soil types include McPaul silt loam, Cooper silty clay loam, and Moville silt loam, with an average CSR 2 of 71.4. It sold for $1.140 million ($7,600 per acre).
- Tract 5: 231 acres, including 100.4 acres in cropland, 31.5 acres in CRP (paying $8,009 per year through 2021), and 99 acres of non-cropland. This tract includes a basin rental agreement of $18,900 through 2016, and may allow for construction of a second basin of 84 acres or less. The property’s primary soil types are Luton silt loam, Luton silty clay loam, and Woodbury silty clay, with an average CSR 2 of 58.5. It sold for $716,100 ($3,100 per acre).
- Tract 6: 40 acres, with 39.08 acres in cropland and the rest in waste. Soil types include mostly Lakeport silty clay loam, with an average CSR 2 of 79.0 It sold for $214,000 ($5,350 per acre).
Total selling price was $4.106 million, or $5,503 per acre.
The average selling price for Fremont County land in 2015 was $6,740 per acre, and cash rent is $219 per acre. The 10-year-average corn yield in the county is 160 bushels per acre; soybeans, 49 bushels per acre, according to Iowa State University.
Best of the Rest
Illinois, Hancock County: Sullivan Auctioneers conducted a sale of 220.41 acres, in five tracts south of Pontoosuc. Tract 1, 53 acres, has 51.5 tillable acres featuring Muscatine and Sable with a Crop Productivity Index of 135.3 (on a scale of 61-to-147). It sold for $583,000 ($11,000 per acre). Tract 2, 76.5 acres, has 70 acres of tillable, although some of those are in pasture. Soil types are Atterberry and Muscatine, with a PI rating of 130.5. It sold for $642,600 ($8,400 per acre). Tract 3, 41 acres, has 40.38 acres tillable, with Muscatine and Sable soils and a PI of 145. It sold for $410,000 ($10,000 per acre). Tract 4, 41 acres, has 25.5 acres tillable with the rest in timber. Tillable land features Atterberry soils and a PI of 128. It sold for $205,000 ($5,000 per acre). Tract 5 is a homestead, with two-story home and outbuildings. It sold for $37,500. Total sale proceeds were $1.923 million. The farmland averaged $8,697 per acre.
Indiana, Wells County: 100.98 acres in two tracts southeast of Bluffton sold September 13. Tract 1 has 48.8 acres of cropland, with mostly DelRay-Blount silt loam and Pewamo silty clay loam soils. Tract 2, 52.18 acres, has 28 acres tillable and 24 acres in woods, with Milford and Blount DelRay soils. It sold as one unit for $760,000 ($7,541 per acre). Halderman Real Estate and Auction had the sale.
Iowa, Linn County: 34 acres just west of Prairieburg sold September 9. The tract has 32 acres of tillable land, with the rest in farmstead with older home and a few outbuildings. Soil types include Clyde-Floyde and Ostrander, with a CSR 2 of 86.5. It sold for $353,600.00 ($10,400.00/A). Hertz Real Estate Services had the sale.
Minnesota, Pope County: 90 acres between Starbuck and Lowry sold Sept. 13. The tract is all-tillable, with mostly Langhei-Barnes and Hokans-Buse soils and a Crop Productivity Index of 80. The tract is available through an easement. Possession takes place after the 2016 crop is harvested. It sold for$365,340 ($4,028 per acre). The rule of supply and demand is ruling this area of Minnesota, says Allen Henslin, of Henslin Auction had the sale.