August 1, 2016
CHAMPAIGN, Illinois (August 1, 2016) – A 333-acre Delaware farm sold for $3,827,250 in an auction that attracted more than 30 registered bidders who competed vigorously for an hour and a half. Murray Wise Associates conducted the auction, in cooperation with Woltz & Associates.
“There was a lot of energy in the room, and bidding was vigorous. We had 69 bids in 17 combinations, even though the land was offered in only seven tracts,” said Joe Bubon. “When you get that kind of activity, you’re usually going to end up with a successful auction. We were very pleased, especially with the bidding on the tillable farmland.”
The 305 acres of irrigated farmland sold for $10,450 per acre.
“It helped that this is good, productive, irrigated farmland, but the price per acre was higher than some observers had expected, especially given the falling commodity prices we’ve seen over the last couple of years. It also helped that the land was in Kent County’s Growth Overlay Zone, so some bidders were viewing it as potential future development land,” said Bubon.
Ultimately, the farm was divided among four different bidders in the July 28 auction, he said.
Individuals seeking additional information may visit www.murraywiseassociates.com, or call 800-607-6888.
Murray Wise Associates LLC, headquartered in Champaign, Illinois, is a leading national agricultural real estate marketing and financial advisory firm, with additional offices in Naples, Florida and Clarion, Iowa.
Woltz & Associates, headquartered in Roanoke, Virginia, is a leading auctioneer of land, commercial and residential properties and other high-value real estate throughout the United States, with an emphasis on the Mid-Atlantic Region.
"For farmers, bankruptcy isn’t always the end – sometimes it’s a new beginning." https://bit.ly/2HRJuA1
For more articles like this, subscribe to our Wise Ag Update newsletter today: http://www.murraywiseassociates.com/About-Us/Newsletter …
Join us today for an open house 4-7pm! We will have staff on site to give tours and answer any questions you may have. This is a great opportunity to have all questions answered before the June 21st auction that's quickly approaching! http://www.murraywiseassociates.com/farmland-real-estate/auction/ItemId/122/Oklahoma/Pittsburg-County …
The financial woes of US farmers have spread from select sectors in specific regions to swathes of the industry. What will the market look like in a few years’ time? (no paywall) https://www.agriinvestor.com/after-the-bankruptcy-epidemic/ … @MWA_LLC @klazig #agriculture pic.twitter.com/KwfMkbjKR0
Prices for high quality IL land are generally holding firm, even rising in some areas of the state, while farm income has been going down. The pinch on operating income has not had a drastic effect on the value of high quality farmland.
Why is this?
http://www.murraywiseassociates.com/Blog/illinois-land-market-continues-to-show-resilience … pic.twitter.com/Z3AQmZWchx
Murray Wise Associates LLC
1605 South State Street, Suite 110
Champaign, IL 61820
800.607.6888 (Toll free)
Real Estate and Farm Management
Murray Wise Capital
Request more information