Land Sale of the Week: $11,661 per acre in Central Illinois

March 11, 2016 11:08 AM
 
crop-tour-2014-corn-soybean-field-Illinois

Mike Walsten

A March 9 auction of 775 acres in Sangamon County, Ill., brought a total of $9,037,000, or $11,661 per acre, according to Joe Bubon, president of Murray Wise Associates, LLC, Champaign, Ill., which handled the auction. "Investors and operators alike are willing to look past current commodity prices and act on the long-term value of good land," he said.

The offering consisted of nine tracts located west of Springfield, too far west to make development potential a factor. Of the total 775 acres, 740, or 95%, were tillable and extensively tiled. The average PI on the total 775 acres was 139.3 with 147 being maximum per Illinois Bulletin 811.

"We had both farmers and investors competing vigorously for this land, and ultimately, the nine tracts of land were divided among seven bidders. Interest was widespread, with a number of large investors from other areas bidding. This level of competition pushed prices higher than we've seen in a while. We had a 107-acre tract go for $13,879, and an 80-acre tract sold for $13,313 per acre," says Bubon. A tract of 109 acres sold for $12,798 per acre.

More than 200 attended the auction, notes Bubon.

If interested in seeing a copy of LandOwner, just drop me an email at landowner@profarmer.com or call 800-772-0023.

 

 

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Comments

 
Spell Check

C.K
bad axe, MI
3/14/2016 07:29 AM
 

  There was a land sale last week by ubly, MI, 75 acres ,tiled , all tillable, black loam ground , $4,125.00 per acre . Wait till after the election this fall this land is really going to come down when the fed will be forced to quite printing money.

 
 
Carrel
Turkey, TX
3/12/2016 11:24 PM
 

  Amazing how many people still think that it's only an investment if it pays to grow corn on it. If land payed for itself, I'd own ever bit of it.

 
 
Chuck
Jordan, MN
3/11/2016 12:42 PM
 

  Agweb should re-title this article, "Cherry Picked Land Sale of the Week". This farmland won't even cash flow using gross sales, let alone net. Congratulations to the seller though, God help the buyer...

 
 

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