Not to sound like a broken record, but we have another record for farmland sales. In Sioux County, Iowa, 73.19 acres of high-quality farmland sold for $30,000 per acre during an auction on Nov. 11. That equals a total sale cost of $2.195 million.
That’s right, there is now a $30,000-per-acre club in Iowa.
A local farmer was the buyer, and the runner-up was also a farmer, according to Jim Rothermich of Iowa Appraisal.
“I cannot explain these recent price records,” he says. “The price was negotiated in minutes. I have no explanation for the sudden lurches in these new records.”
The farm contained 72.49 tillable acres with the balance in road and ditches. It has a corn base of 38.19 acres with a PLC yield of 172 bu. per acre, and a soybean base of 38.19 acres with a PLC yield of 56 bu. per acre.
The sale was by Zomer Company Realty & Auction.
This latest high-dollar sale follows several other recent ones. On Oct. 27, around 116 acres of southeast Nebraska farmland sold for a record $27,400 per acre.
Also in October, a 55-acre far in Plymouth County, Iowa sold for $26,250 per acre. That means the total bill was $1.44 million.
Rothermich predicts auction activity will be very brisk over the next 30 days. Stay tuned to see if any top $30,000 per acre.
