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SOURCE Murray Wise Associates LLC
ROBINSON, Ill., Dec. 13, 2013 /PRNewswire/ -- Approximately 1,550 acres of Crawford County land – most of it contiguous cropland – sold for $8.2 million Thursday as bidders seeking smaller individual tracts outlasted those investors seeking to buy most of the land, according to Murray Wise Associates, who managed the sale.
The land – offered in eight tracts ranging from 36 acres to 373 acres – sold to seven successful bidders, almost entirely in individual tracts. The auction attracted a capacity crowd of more than 200, with 61 registered bidders who competed for an hour and 45 minutes.
"This auction was dominated primarily by the local operators, and we had a lot of them at the auction," said Kenny Schum, auction manager for Murray Wise Associates. "We had a number of local and institutional investors in attendance, but in the end, the land went to farmers who saw an opportunity to expand their operations and to hunters interested in the recreational tracts.
"When you're a farmer and you can put a piece of land to work, and you know there may not be another chance in your lifetime to buy it, you don't worry so much about what the press is saying about the direction of farmland prices. You evaluate whether it's the right thing for your business and you act on that," said Schum.
Murray Wise Associates sold the land for the Townsend Trust, which had acquired it over several decades.
"It's a healthy sign for the long term outlook that buyers are still paying close attention to the quality of the land, which is why we had prices per tillable acre ranging from $7,835 on the better land to $5,419 on the lower quality land," said Schum. "The recreational tracts also attracted strong pricing at $1,260 per acre."
Murray Wise Associates LLC, headquartered in Champaign, Ill., with additional offices in Florida and Iowa, is a leading national agricultural real estate marketing and auction company.
For more information:
Carl Carter, 205-823-3273
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