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Central Indiana farmland sells for $7.9 million
Central Indiana farmland sells for $7.9 million in Schrader auction
MUNCIE, Ind. (April 10, 2014) - Tuesday's auction of approximately 833 acres of productive tillable farmland near Muncie drew a capacity crowd and resulted in the sale to an investor for $7.9 million, according to Schrader Real Estate and Auction Company, which marketed the property and conducted the sale.
The land, which was 97 percent tillable, was offered in 15 tracts but ultimately sold as an entirety for $9,482 per acre.
"We had 77 registered bidders, representing all types of prospective buyers. But as the auction progressed, it came down to those seeking to buy various combinations of tracts and those seeking the entirety. In this case, the one bidder was able to get all of the land," said R.D. Schrader, president of the auction company.
"Buyers are continuing to pay close attention to quality and bid accordingly. In this case, bidders focused on the high percentage of contiguous tillable land, the quality soils and the drainage. The price per acre reflects that. When you look at the number of bidders, the competition and the sale price, it's clear that demand for farmland of this quality remains strong," said Schrader.
Upcoming auctions will feature 489 acres in DeKalb County, Ind., 438 acres in Cherokee County, Okla., and smaller properties in Michigan, Indiana and Ohio. "Folks will want to check the web site for specific dates, but some of these upcoming auctions will be among the last opportunities to obtain tillable land for the 2014 crop season. We expect these to be of interest to farmers seeking to add land they can integrate into their existing operations," he said.
Schrader Real Estate and Auction Company, based in Columbia City, Ind., is a leading auctioneer of agricultural land throughout the United States and is a four-time USA Today/National Auctioneers Association Auction of the Year Winner, as well as a two-time winner of the Grand Champion Marketing Award of Excellence.