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Western Kansas Farmland Has Strong Showing
Western Kansas farmland sells for $9.55 million
GARDEN CITY, Kan. (July 14, 2011) -- Approximately 3,754 acres of cropland in western Kansas sold for a total of $9,558,400 Tuesday, with Schrader Real Estate & Auction Company managing the sale.
The land included tracts in Kearny, Thomas and Sherman counties, 2,828 acres of which are irrigated, according to R.D. Schrader, president of the auction company. The land sold as an entirety to a group of buyers after a protracted competition between those seeking to buy individual tracts and those seeking all of the farmland.
"We had a really good competition between bidders seeking to buy all the tracts as an entirety and those seeking smaller combinations," said Schrader. "For the better quality land in the northern part of the state, we actually had some individual bids around $4,800 per acre, but in our proprietary bidding system, the land sells in the combination that brings the highest total price for the seller. In this case, the entirety bid was the highest overall."
Schrader said the results showed that demand is continuing to grow for agricultural land. "People are focused on the strong rise in prices over the last couple of years, but the reality is that investors and farmers alike understand better than ever the attractive returns of agricultural land. At the same time, the current market offers a good opportunity for owners who wish to lock in their gains to secure their families' future," he said.