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Indiana, Illinois land sells for $6.57 million in auction
The auction of 1,035 acres of Indiana and Illinois farmland drew a standing-room-only crowd of approximately 250 people Tuesday, resulting in active bidding and strong prices.
Most of the tillable cropland sold to investors at prices reaching $8,373 per acre in the auction, which was managed by Schrader Real Estate and Auction Company and Murray Wise Associates.
"Farmers and investors alike were actively bidding, and during the past few months, farmers have been prevailing. But in this case, most of the cropland went to the investors," said Gene Klingaman, executive vice president of Schrader. "This exceeded our expectations and demonstrates what we've been seeing for quite a while now -- that demand for farmland remains high among investors and farmers alike," he said.
Joe Bubon, executive vice president of Murray Wise Associates, agreed. "There isn't a lot of supply of available farmland, so a property like this one that is more than 80 percent tillable is very attractive. I think we'll continue to see strong farmland prices, because there really aren't a lot of alternatives that combine the return and stability, especially with the recent volatility in stocks and bonds."
The auction was held at the Sullivan County 4-H Fair Grounds Exhibit Building.