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Indiana farmland sells for $9,450 per acre
Tuesday's auction of approximately 637 acres of farmland in Indiana's Newton County farmland drew a capacity crowd of well over 100 and resulted in a sale of $6.02 million, or $9,450 per acre.
The auction, conducted by Schrader Real Estate and Auction Company, attracted 40 registered bidders.
"For all the speculation about possible weakness down the road, we as auctioneers deal with the reality of the open market on a given day. And that reality is that there's still a good market for quality farmland. All of our 2014 auctions to date have resulted in sales," said R.D. Schrader, president of the auction company.
"Farmland is still a great long-term investment, and we're continuing to see a lot of demand from both farmers and investors," said Schrader. "The two farms we sold in Newton County went as an entirety, but before they were combined for the highest total bid, we had bids on the higher quality land reaching $9,900 per acre."
Schrader said other upcoming auctions will continue to provide clarity to the market for midwestern farmland. "In March, we'll be selling 533 acres in Illinois and another 541 acres in Sullivan County, Ind. Then in April, we have 833 acres in Delaware County, Ind. Several upcoming sales of smaller farms will also give useful indications," he said.
Individuals interested in additional information about those and other properties may call 800-451-2709 or visit schraderauction.com.