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Northern Indiana farmland sells for more than $14,000 per acre in Schrader auction
A 209-acre farm in Northern Indiana sold for $2,950,000, or $14,108 per acre, Tuesday as approximately 25 bidders gathered to compete for the irrigated land. Schrader Real Estate and Auction Company marketed the land and conducted the auction.
"There's still a good market for quality land in the Midwest. Farmers and investors alike are looking beyond today's commodity prices and seek to obtain more land when the opportunity presents itself. This is a good reminder for those who may plan to sell in the near future that we're still seeing prices that are very strong by any historical standard," said R.D. Schrader, president of the auction company.
The auction attracted bidders from Indiana, Illinois, Colorado and Michigan, but at the end of the auction it was an area farmer who emerged as the high bidder, with another area farmer in the runner-up position. "Even among the local bidders, we had people from three counties. Farmers understand that you have to buy the land when it's available, so those in a position to bid and have more land to work are still willing to do so," said Gary Bailey, who managed the auction.
The farm, located in New Paris, in Elkhart County, included 205 tillable acres and storage for 70,000 bushels.