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DESPITE DROUGHT, ILLINOIS FARMLAND SELLS FOR RECORD $15,600/ACRE
Aug. 20, 2012
Landowner newsletter reports:
As the drought has extended, so have worries about a collapse in the price of farmland. While we've seen softness in some auctions, we've also seen exceptionally strong sales, too.
Prime example is the sale August 9 in Christian County, Illinois. At stake were 163 acres of prime farmland located west of Assumption. The property offered 158.5 tillable acres and an average soil productivity rating of 133.1 (147 maximum).
It sold for a record $15,600 an acre. The buyer is a neighboring farmer.
Handling the offering was Bruce Huber with Schroeder/Huber LLC, Decatur. William Beck Auction and Realty, Edinburg, co-brokered the sale and "cried" the auction. Huber says there were about 145 people at the auction with 12 registered bidders. The opening bid was $10,000 and the auction was over in under 15 minutes.
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