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Recent Schrader auctions of farmland and wooded land produce strong results
Saturday's auction of six Indiana farms owned by Morgan Foods attracted a crowd of approximately 140 - including 84 registered bidders - and resulted in the sale of all of the properties for a total of $7,061,000. Schrader Real Estate and Auction Company marketed the property and managed the auction.
The land, offered in 25 tracts, sold to 10 different buyers, including investors, farmers, timber companies, recreational buyers and the City of Scottsburg. The farms were located in Clark, Jackson, Jefferson, Scott and Washington counties.
"Across the board, it was a very good response, with strong bidding on the tillable land as well as the timber tracts and recreational land. It was good to see the demand on different types of tracts," said Steve Slonaker, one of the managers of the Morgan Foods auction.
R.D. Schrader, president of the auction company, noted that bidders have responded well to other recent auctions of both farmland and recreational land. "Farmland results are holding up better than many had expected, and recreational buyers are out there as well." He noted that a recent Illinois auction of 3,784 acres - mostly recreational - resulted in a strong turnout and a total of $4,323,000, "even though there were conservation easements on much of the land."
In another recent auction, 206 acres of farmland sold to a single buyers for $11,286 per acre. "Farmland prices right now vary a great deal based on the location and quality, but there are still many buyers out there," said Schrader.