A 209-acre farm in northern Indiana sold for $14,108 per acre Tuesday as approximately 25 bidders gathered to compete for ground. Adding to the value of the farm offering was two center pivot irrigation systems and a 70,000-bu. grain handling facility with a one-year old continuous flow dryer. The farm, which featured 205 tillable acres in Elkhart County, was located on the edge of the small town of New Paris.
"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," says R.D. Schrader, president of Schrader Real Estate and Auction Company, Inc., which handled the auction.
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.
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