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Successful Land Sale: Warren County, Illinois, Land Sale Averages $9,441
In some circumstances, it is just time to sell the family farmland. That was the case for the sale of 90.46 acres in Warren County, Illinois, on November 15. The owner is two generations removed from the farm, and her parents have been deceased for a few years. She lives in the city and, with a couple of children in college, the time was right.
The land is east of Roseville in two adjacent tracts. We liked this auction as our Sale of the Week because we thought there were good buying opportunities: The tracts are small enough that they could generate a good price by themselves, or one buyer could acquire both farms and have a nice little unit.
Auctioneer Van Adkisson reports that the sale was eagerly anticipated, and investors were ready to bid. At the end of the sale, however, two neighboring farmers bought the land.
Here are more details:
- Tract 1: 42.63 acres of tillable land featuring mostly Muscatune and Osco silt loam soils, with a Crop Productivity Index of 139.6 (on a scale of 61 to 147). The tract is slightly rolling. It sold for $392,196 ($9,200 per acre).
- Tract 2: 45.28 tillable acres adjacent to Tract 1, has mostly Muscatune and Osco silt loam soils, with a 141.3 CPI. It sold for $461,856 ($10,200 per acre).
Last week, Adkisson auctioned off land in northern Warren County for $11,400 per acre, so these farms are in line with current market value. "Class A farmland is selling between $10,500 and $12,000 per acre right now," he reports.
The average CPI for Warren County is 121.4.
According to the Illinois Society of Farm Managers and Rural Appraisers, excellent quality land in this region of Illinois averaged $12,000 per acre in 2016. Corn yield in Warren County in 2015 averaged 202 bushels per acre, while soybeans averaged 57.5 bushels per acre. The county receives 37.51 inches of rainfall per year.
For more information on this tract, view the full AcreValue Report.
Best of the Rest
Indiana, Huntington County: Two tracts totaling 158.80 acres sold November 15. The land is located in adjacent tracts between Warren and Pleasant Plain. Tract 1, 85.4 acres with 81 tillable featuring mostly Blount soils, has a ditch running through the northern third. Tract 2, 73.4 acres, has 71 tillable with mostly Blount and Pewamo soils. The farms sold as one unit for $1.1 million, or $6,990 per acre. Halderman Auction and Real Estate had the sale.
Iowa, Franklin County: Two tracts totaling 240 acres just east of Popejoy sold November 15. Tract 1, 121.54 acres, is a rolling farm with mostly Clarion and Nicollet loam soils with a Corn Suitability Rating 2 of 85.0 (based on a 5 to 100 scale). This tract includes a farmstead with older home, small steel bins, and small outbuildings. It sold for $1.02 million ($8,400 per acre). Tract 2, 117.61 acres adjacent to Tract 1, has mostly Clarion and Terrill soils with a CSR 2 of 83.4. It sold for $1.017 million ($8,650 per acre). Peoples Company had the sale.
Nebraska, Clay County: 151.49 acres west of Clay Center sold November 15. The tract is mostly level with Butler and Crete silt loam soils. It has an existing gearhead, well, and pump, but the buyer will have to install a center pivot system. The tract sold for $757,450 ($5,000 per acre). Ruhter Auction and Realty had the sale.
South Dakota, Turner County: 79.51 acres (73.86 tillable) west of Hurley sold November 16. The tract has 73.86 acres tillable with mostly Clarno-Bonilla loam soils and a productivity index of 84.5 (on a scale from 0 to 100). The rest of the tract is in trees. It sold for $560,546 ($7,050 per acre). Wieman Auction had the sale.