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Competition brings strong prices in three Oklahoma land auctions
Three Oklahoma properties sold at auction this week at prices that caught the attention of area bankers and landowners, with each of the properties being purchased by neighboring landowners. Schrader Real Estate and Auction Company conducted all three of the auctions.
"All three of these auctions amounted to an object lesson in the power of competitive bidding. In each case, the property sold to a neighbor, but because the neighbor had competition, the prices were considerably higher than some people had expected," said Brent Wellings, Southwest manager for the auction company.
In the first auction on Tuesday, approximately 550 acres of mostly tillable bottomland sold for $2.366 million, or $4,301 per acre, as the bidding came down to an immediate neighbor and another bidder from nearby with operations in the area. "We had feedback from bankers and appraisers that they had not anticipated a price in this range. Could the land have sold without an auction? Probably. Would it have brought this price? Probably not," said Wellings.
On Wednesday, auctions of two other properties - 170 acres in Grady County and 74 acres of recreational land in Canadian County - brought similar results. "The Grady County acreage, which was a mix of tillable and recreational land, sold for $343,200, and the Canadian County land brought $222,450. All of our feedback from others in the area suggested that these prices were on the top end of the market range," said Wellings.
Upcoming Schrader auctions include a major July 1 event in Moscow, Kansas, with more 2,752 acres of farmland offered in eight tracts. Detailed information on that and other upcoming auctions is available by visiting www.schraderauction.com or by calling 800-451-2709.